DEVELOPMENTS AND POTENTIAL Gunnison, with Nuton LLC, a Rio Tinto venture, is in the process of restarting operations of JCM open pits, incorporating sulfide leaching technology to improve recoveries. Construction completion and first copper production from the restarted operations at JCM are expected to occur in the second half of 2025. 2 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $0.3 Historic Revenue to Royal Gold 2023: 2024: US$M $0.1 $0.0 Acquisition Cost US$M $4.7 Investment Recovered % 5% Net Book Value US$M $4.4 MINERAL RESOURCES AND RESERVES As of February 21, 2022 CONTAINED Copper (Mlb) AGEOs * (koz) Proven and Probable – – Measured and Indicated – – Inferred 472 9 * 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. 74 ROYAL GOLD 2024 Asset Handbook For more information, please visit: www.gunnisoncopper.com