CANADA Pine Cove Pine Cove is an open-pit gold mine, part of the larger Point Rousse Project, owned and operated by Maritime Resources Corp. (“Maritime”). Pine Cove is located within the Baie Verte Mining District, in north-central Newfoundland, in the Province of Newfoundland and Labrador, Canada. The Pine Cove deposit was discovered in June 1987. ROYALTY OPERATOR Maritime Resources Corp. MINERALIZATION STYLE VMS ROYALTY 7.5% NPI (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update In October 2024, Maritime announced it had initiated a re- commissioning program at the Pine Cove mill. Maritime has identified approximately 85,000 to 115,000 tonnes of stockpiled and tailings material grading approximately 1.1 g/t gold for approximately 3,000 to 4,000 ounces of contained gold which is expected to be processed during the re-commissioning. In December 2024, Maritime commenced crushing of above- mentioned mineralized stockpiles at the Pine Cove mill as part of the recommissioning of the mill. 1 Royal Gold’s Royalty Interest Royal Gold holds a 7.5% net profits interest (NPI) royalty on all metals produced from the Pine Cove mine, calculated as the gross receipts generated from the claims less all cumulative development and operating expenses. The operation is currently in production; however, the payback of capital, a requisite to royalty payments, has not occurred to date. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. PROJECT OUTLOOK Detail not publicly disclosed by operator. Acquisition Cost US$M $0.0 2 Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of September 1, 2021 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 11 – Measured and Indicated – – Inferred – – * 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. 1 Source: Maritime, December 11, 2024, Press Release 2 Acquired as part of a portfolio of royalties. An acquisition cost of nil was assigned to the Pine Cove royalty. 132 ROYAL GOLD 2024 Asset Handbook For more information, please visit: www.maritimeresourcescorp.com