DEVELOPMENTS AND POTENTIAL First development ore was mined from the underground Main Zone in October 2024, ahead of schedule. The Main Zone project is on track to commence stoping in the first half of 2025, and the underground production rate is expected to ramp up to approximately 5,800 tonnes per day by 2027. 3 Exploration at Rainy River will focus on increasing high- tonnage open-pit ore to keep the processing plant operating at full capacity beyond 2029. Near-surface exploration is continuing in 2025, building on recent exploration success at Phase 5 and NW Trend. Additionally, New Gold is reviewing the viability of additional pushbacks to the open-pit which could extend mine life. The exploration strategy also considers increasing feed grade to enhance the production profile, including conversion of inferred resources within the ODM core, following up on high-grade intervals down- plunge of existing ore zones, and growing strike-extents at Intrepid to increase the ounces per vertical meter. 2 New Gold is also planning to explore for untested targets on the property beyond the existing operational footprint. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $228.2 2023: 2024: Historic Revenue to Royal Gold US$M $38.8 $45.8 Metal Deliveries to Royal Gold Since Inception 108.6 koz Au 1,745.4 koz Ag Advance Payment US$M $175.0 Investment Recovered % 98% Net Book Value US$M $89.4 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 2,126 5,535 128 Measured and Indicated 1,294 4,573 44 Inferred 398 907 12 ROYAL GOLD 2024 Asset Handbook 58 * 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. For more information, please visit: www.newgold.com