CANADA Bateman Gold The Bateman Gold Project is an underground development project owned and operated by Evolution Mining Limited (“Evolution”). The Bateman Gold Project is located in the southwestern part of Bateman Township within the Red Lake mining district of northwestern Ontario, Canada, approximately 150 kilometers northwest of Dryden, Ontario. ROYALTY OPERATOR Evolution Mining Limited MINERALIZATION STYLE Orogenic Au ROYALTY 1.0% NSR (all metals) YEAR OF ACQUISITION 2016 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 7 years 1 Development Update The Bateman Gold Project consists of the high-grade F2 Gold Deposit. Completed infrastructure includes a commissioned shaft and significant underground development, a 1,250 tonne per day mill facility, a tailings management facility, electric power supply and substation and a 200-person camp. On May 20, 2021, Evolution completed the acquisition of Battle North Gold Corporation, which owned the Bateman Gold Project, expanding its existing footprint in the Red Lake region. 2 Royal Gold’s Royalty Interest Royal Gold holds a 1.0% net smelter return (NSR) royalty on all metals produced from the Bateman Gold Project. Royal Gold acquired this royalty interest on December 20, 2016. Acquisition Cost US$M $0.9 Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 62 1 Measured and Indicated 254 3 Inferred 176 2 * 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. PROJECT OUTLOOK As per its 2020 Feasibility Study, the Bateman Gold Project is expected to average annual production of 79,300 ounces of gold per year. 1 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 127 1 Source: Battle North Corporation, 2020 Feasibility Study (excludes 1.2 years of pre- commercial production) 2 Source: Evolution, May 20, 2021, Press Release For more information, please visit: www.evolutionmining.com