CANADA Mount Milligan (Cont’d) Royal Gold’s Royalty Interest Royal Gold also holds a life of mine free cash flow interest (“FCF Interest”), payable annually, of 5% of the cumulative free cash flow generated from Mount Milligan after the earlier of (i) the first fiscal year following delivery of both 375,000 ounces of gold and 30,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. The FCF Interest will increase to 10% after the earlier of (i) the first fiscal year following the delivery of both 665,000 ounces of gold and 60,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. Free cash flow is defined as gross revenue less total costs including treatment and refining costs, operating costs, exploration costs, capital costs and the net stream costs. FCF Interest payments will not be payable if the free cash flow is negative in a given calendar year, and Centerra is entitled to recover any negative free cash flow before FCF Interest payments resume. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $1,526.7 Historic Revenue to Royal Gold 2023: 2024: US$M $158.2 $186.0 Metal Deliveries to Royal Gold Since Inception 791.2 koz Au 95.4 Mlb Cu Advance Payment US$M $781.50 Investment Recovered % 143% Net Book Value US$M $328.7 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 2,826 1,150 935 Measured and Indicated 1,566 732 400 Inferred 395 74 89 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 11 for a description of AGEO calculation methodology. ROYAL GOLD 2024 Asset Handbook 38 For more information, please visit: www.centerragold.com