UNITED STATES Hasbrouck Mountain Hasbrouck Mountain is an open-pit development project owned by WK Mining (USA) Ltd., a subsidiary of West Vault Mining Inc. (“West Vault”). Hasbrouck Mountain is located in the northern portion of Esmeralda County, Nevada, approximately eight kilometers south of Tonopah, Nevada. ROYALTY OPERATOR West Vault Mining Inc. MINERALIZATION STYLE Carlin-Type Sediment-Hosted Au ROYALTY 1.5% NSR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 8.7 years 1 Development Update On March 8, 2023, West Vault filed a Pre-Feasibility Study (PFS) for the Hasbrouck Project, updating a September 2016 PFS for recent economic conditions. The Hasbrouck Project will utilize two separate heap leach facilities located approximately eight kilometers apart. The Three Hills Mine (not subject to Royal Gold royalty) will be constructed and operated first. The Hasbrouck Mine will be constructed after production commences at the Three Hills Mine, and it will be ready to produce when Three Hills Mine ceases production after two years as a 15,900 tonne per day heap leach operation. 1 PROJECT OUTLOOK As per its 2023 PFS, the Hasbrouck Project is forecasted to generate average annual gold production of 70,000 ounces and silver production of 319,000 ounces over its mine life. 1 Acquisition Cost US$M $0.0 2 Net Book Value US$M $0.0 Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on all metals produced from Hasbrouck Mountain. Royal Gold acquired this royalty as part of its acquisition of International Royalty Corporation, which was completed on February 22, 2010. MINERAL RESOURCES AND RESERVES As of January 11, 2023 CONTAINED Gold (koz) Silver (koz) AGEOs * (koz) Proven and Probable 578 10,504 11 Measured and Indicated 72 1,652 1 Inferred 56 986 1 * 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: West Vault Mining, 2023 Pre-Feasibility Study 2 Acquired as part of a portfolio of royalties. An acquisition cost of nil was assigned to the Hasbrouck Mountain royalty. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 135 For more information, please visit: www.westvaultmining.com