BRAZIL Xavantina The Xavantina Operations (formerly known as the NX Gold Mine) is an underground mine operated by a subsidiary of Ero Copper Corp. (“Ero”), located in southeastern State of Mato Grosso, Brazil, approximately 670 kilometers east of the capital city of Cuiabá. It is accessible all-year round by road from the town of Nova Xavantina, located 18 kilometers to the east, and the site is connected to the national electrical grid. The total Xavantina Operations claim area currently covers approximately 135,000 hectares. STREAM OPERATOR Ero Copper Corp. MINERALIZATION STYLE Orogenic Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré CURRENT STREAM 25.0% of Gold Produced CURRENT ONGOING PAYMENT 20% of spot for Gold YEAR OF ACQUISITION 2021 TERM OF STREAM Life of Mine MINE LIFE 2031 1 Operational Overview The Xavantina Operations consist of fully integrated underground mining and processing facilities. The high-grade, shear-zone hosted, quartz vein system is accessed via declines. Handheld and mechanized room-and-pillar and drift-and-fill mining methods are used. Ore is processed using a conventional three-stage crushing circuit, milling, and a combination of gravity concentration and intensive leaching, and flotation followed by carbon-in-leach (CIL) processing. The Xavantina Operations processing facilities have the capacity to process approximately 300,000 tonnes of ore per year; the plant is currently operating below capacity and utilization of this excess capacity could significantly increase production volumes in the future. 2025 OPERATOR GUIDANCE 50,000 to 60,000 ounces of gold. 2 LONGER-TERM OPERATOR OUTLOOK The Xavantina Operations are expected to sustain annual gold production levels of 50,000 to 60,000 ounces through 2027. 2 Royal Gold’s Stream Interest Royal Gold’s wholly-owned subsidiary, RGLD Gold AG, entered into a stream agreement on June 30, 2021, with a subsidiary of Ero, and the transaction closed on August 6, 2021. On March 31, 2025, RGLD Gold AG entered into an additional stream and, also, expanded the area of interest covered by the original and incremental streams. Royal Gold is entitled to receive 25% of the gold produced from the Xavantina Operations until the delivery of 160,000 ounces, and 10% thereafter. The cash purchase price for gold is 20% of the spot gold price for each ounce delivered until the delivery of 49,000 ounces, and 40% of the spot gold price thereafter. Royal Gold will also contribute $5 per ounce of gold delivered under the stream agreement towards Ero’s environmental, social and governance (ESG) commitments within the area of influence of the Xavantina Operations. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 99 1 Source: Ero, based on updated reserves as disclosed in December 3, 2024, Press Release, and a production run-rate of 55 koz/year 2 Source: Ero, February 11, 2025, Press Release 3 Source: Ero, 2023 Annual Information Form 4 Source: Ero, March 11, 2025, Investor Presentation