CANADA Mount Milligan Mount Milligan is a large-scale, open-pit copper and gold mine operated by Thompson Creek Metals Company Inc. (“Thompson Creek”), an indirect subsidiary of Centerra Gold Inc. (“Centerra”). The mine is located within the Omenica Mining Division in north-central British Columbia, Canada. STREAM OPERATOR Centerra Gold Inc. MINERALIZATION STYLE Porphyry Cu-Au MINE TYPE Open-pit METAL(S) Copper, Gold PRODUCT Concentrate CURRENT STREAM 35% of Payable Gold, 18.75% of Payable Copper CURRENT ONGOING PAYMENT $435/oz for Gold, 15% of spot for Copper, + Cost Support Payments 1 YEAR OF ACQUISITION 2010-2012 TERM OF STREAM Life of Mine MINE LIFE 2036 2 Operational Overview Construction of the Mount Milligan mine began in June 2010, with commissioning of the mine beginning in August 2013 and the achievement of commercial production in February 2014. The mining operation uses a conventional truck-and-shovel fleet, with ore processed through a 60,000 tonne per day flotation processing plant, to produce a concentrate containing copper, gold, and silver. The concentrate is trucked to the rail loadout facility in Mackenzie and railed to North Vancouver where it is loaded onto ships and sent to purchasers located around the Pacific Rim. Royal Gold’s Stream Interest Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, owns the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from Mount Milligan (the “Existing Stream Agreement”). Payable gold is calculated as 97% of contained gold in concentrate. Payable copper is calculated as the greater of 95% or actual percentage paid to Centerra. The cash purchase price for gold is equal to the lesser of $435 per ounce, with no inflation adjustment, or the prevailing market price when purchased. The cash purchase price for copper is 15% of the spot price. In February 2024, Royal Gold announced an additional agreement with Centerra to provide cost support to incentivize investment that may provide a basis for an extension of the Mount Milligan mine life beyond 2035 (the “Cost Support Agreement”). This agreement provides for additional cash purchase prices for gold and copper deliveries in three periods, which are defined by gold and copper deliveries. 2025 OPERATOR GUIDANCE 165,000 to 185,000 ounces of gold and 50 to 60 million pounds of copper. 2 LONGER-TERM OPERATOR OUTLOOK Reserves at year-end 2024 support a mine life to 2036, and results of the Prefeasibility Study (PFS), exploration drilling and site optimization program currently underway will define the long-term outlook for Mount Milligan. 2 1 Refer to table on next page 2 Source: Centerra Gold, February 20, 2025, Press Release ROYAL GOLD 2024 Asset Handbook 36