DEVELOPMENTS AND POTENTIAL In February 2025, i-80 announced the results of a Preliminary Economic Assessment (PEA) for the Archimedes Underground Project. The PEA outlined a high-grade underground gold mine, generating average annual gold production of approximately 100,000 ounces of gold following ramp-up, with a life of mine of 10 years. i-80 is currently advancing infrastructure to access underground zones in preparation for the start of underground development in Q2 2025, while continuing exploration. i-80 is also working to finalize the first phase of permitting that will allow for mining through June 2027. A Feasibility Study with an updated mineral resource estimate is expected to be completed in 2028. 1 Also, in February 2025, i-80 announced the results of a PEA for the Mineral Point Project. The PEA envisions a large open- pit heap leach gold mine, expected to produce approximately 280,000 ounces of gold equivalent per year following ramp up, with a life of mine of 16.5 years. i-80 believes this PEA demonstrates that Mineral Point has the potential to become the flagship asset within i-80’s gold portfolio. Activity In 2025 includes baseline studies to facilitate permit application and a 6,000 metre drill program to collect samples for metallurgical and geotechnical testwork. A further 50,000 metre drill program is planned for an updated resource estimate and feasibility study in 2029. i-80 is targeting construction in 2030 and first production in 2031. 2 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $8.6 2023: 2024: Historic Revenue to Royal Gold US$M $0.4 $0.2 Acquisition Cost US$M $37.9 Investment Recovered % 23% Net Book Value US$M $12.0 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable – – – Measured and Indicated 3,812 104,423 151 Inferred 3,105 91,759 126 * 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. ROYAL GOLD 2024 Asset Handbook 84 For more information, please visit: www.i80gold.com