AUSTRALIA Bellevue Bellevue is an underground gold project owned by Golden Spur Resources Pty Ltd., a wholly- owned subsidiary of Bellevue Gold Limited (“Bellevue Gold”). Bellevue is located in Northeastern Goldfields, Western Australia, approximately 430 kilometers north of Kalgoorlie and 160 kilometers north of Leonora. ROYALTY OPERATOR Bellevue Gold Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré ROYALTY 2.0% NSR (all metals), 2.0% NSR (gold), 1.5% NSR (all other metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2033 1 Operational Overview The Bellevue mine achieved production on time and on budget with its first gold pour on October 25, 2023. Underground mining at Bellevue utilizes long-hole open-stoping. The Bellevue processing facility is a nameplate 1.0 million tonnes per annum (Mtpa) conventional carbon-in-leach (CIL) and gravity plant. Ore will be predominantly derived from underground extraction with five separate work areas in the underground reflecting the new lode discoveries: Tribune, Deacon, Viago, Marceline and Armand. 2025 OPERATOR GUIDANCE Fiscal year 2025 (June 30th ending) guidance is 129,000 to 134,000 ounces. 2 LONGER-TERM OPERATOR OUTLOOK Fiscal year 2026 production outlook is anticipated to be ~150,000 ounces. The de-risked production outlook from fiscal year 2027 to 2029 is targeting ~190,000 ounces per year and underpinned by >90% indicated resources. 2 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from the mining leases M36/25 and M36/299 and the exploration license E36/535, and a 2.0% NSR on gold and 1.5% NSR on all other metals produced from the mining lease M36/24. Royal Gold acquired these royalty interests effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. 1 Source: Bellevue Gold, June 10, 2022, Press Release 2 Source: Bellevue Gold, April 14, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 107