AUSTRALIA Kundip Kundip Mining Centre (KMC) is a development project that is part of the larger Ravensthorpe Gold Project (RGP) owned by Medallion Metals Limited (“Medallion”). KMC is located at the intersection of the Southern Cross greenstone belt and the Albany Fraser Orogen, in Western Australia, approximately 30 kilometers north-northeast of Hopetoun. ROYALTY OPERATOR Medallion Metals Limited MINERALIZATION STYLE Orogenic Au ROYALTY 1.0% to 1.5% GVR (gold only) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 9 years 1 Development Update Medallion completed a Pre-Feasibility Study (PFS) in October 2023. Critical work streams to advance KMC toward a final investment decision are as follows: infill drilling of Inferred resources in order to maximize metal reporting to ore reserves; ongoing metallurgical, geotechnical and hydrogeological testwork to support bankable feasibility study level assessments; and progression of environmental permitting with a focus on primary approvals at State and Federal levels. Royal Gold’s Royalty Interest Royal Gold holds a 1.0% gross value (GV) royalty on the first 250,000 ounces gold produced, and a 1.5% GV thereafter. Royal Gold’s royalty interest covers areas within KMC, including the Gem Restored and Gift deposits and portions of the Gem deposit, but excludes certain deposits as they had been defined at the time of the October 2003 royalty agreement. Royal Gold acquired this royalty interest effective July 31, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) Silver (koz) Copper (Mlb) AGEOs * (koz) Proven and Probable 220 185 11 2 Measured and Indicated 40 75 3 – Inferred 300 255 11 3 * 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. PROJECT OUTLOOK As per the 2023 PFS, Kundip is estimated to average annual production of 85,000 ounces of gold and 1,800 tonnes of copper over a 9-year mine life. 1 Acquisition Cost US$M $1.6 Net Book Value US$M $1.6 1 Source: Medallion, October 23, 2023 Prefeasibility Study ROYAL GOLD 2024 Asset Handbook 146 For more information, please visit: www.medallionmetals.com.au