UNITED STATES Wharf Wharf is an open-pit heap leach operation, owned and operated by Wharf Resources (U.S.A.), Inc., a wholly-owned subsidiary of Coeur Mining, Inc. (“Coeur”). Wharf is located in the northern Black Hills, Lawrence County, South Dakota, approximately 10 kilometers south and west of the city of Lead. The Wharf Operation consists of the American Eagle, Green Mountain, Golden Reward, and Portland Ridgeline pits. ROYALTY OPERATOR Coeur Mining, Inc. MINERALIZATION STYLE Intrusive and Sediment- Hosted Disseminated Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 0.0% to 2.0% Sliding-Scale GSR (gold only) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2030 1 Operational Overview Wharf operates as a conventional truck-and-loader heap leach gold mine. The mine has been in continuous operation since 1983. Several historic pits that were partially backfilled are being re- mined. The backfilled material is considered rehandle and does not require blasting. Mined ore is either placed in a stockpile or directly into the primary crusher and then conveyed to a final product stockpile. Crushed ore is picked up by loaders and placed in trucks to be dumped in 20-foot lifts on one of five heap leach pads. After leaching, ore is neutralized and de-nitrified. 2025 OPERATOR GUIDANCE 90,000 to 100,000 ounces of gold. 2 LONGER-TERM OPERATOR OUTLOOK As per its 2022 Technical Report, at Wharf, the amount of gold placed on the leach pad is expected to be relatively consistent, year-on-year. 1 Royal Gold’s Royalty Interest Royal Gold holds a 0.0% to 2.0% sliding-scale gross smelter return (GSR) royalty on gold production from areas subject to our royalty interest at Wharf. The royalty is based on a sliding scale, which caps at 2.0% at gold prices above $500 per ounce; gold prices have exceeded $1,000 per ounce for over a decade. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. 1 Source: Coeur Mining, December 31, 2022, Technical Report 2 Source: Coeur Mining, February 19, 2025, Press Release 3 Source: Coeur Mining, March 17, 2025, Investor Presentation Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 89