AUSTRALIA Wonder Wonder is an underground mine owned and operated by Northern Star Resources Limited (“Northern Star”) and is located in the Northeastern Goldfields of Western Australia, approximately 60 kilometers north of Leonora. Wonder is part of the larger Thunderbox Operations (“TBO”), approximately 25 kilometers south of the Thunderbox plant. TBO is located within Northern Star’s Yandal Production Center. ROYALTY OPERATOR Northern Star Resources Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré ROYALTY 1.5% NSR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE N/A Operational Overview The Wonder underground mine is a supplementary source of high-grade underground ore feed for the Thunderbox Operations. A maiden underground reserve was declared in May 2023, mining began in November 2023 and production stoping started in the third calendar quarter of 2024. The ore body is accessed by conventional jumbo lateral development with ore production coming from long-hole, open-stoping methods. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on all metals produced from Wonder. Royal Gold acquired this royalty as part of its acquisition of International Royalty Corporation, which was completed on February 22, 2010. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 121