| ATTRIBUTES OF | PORTFOLIO | EXPECTED PERFORMANCE | PORTFOLIO | REFERENCE | | INTRODUCTION | OUR BUSINESS | OVERVIEW | AND OUTLOOK | DETAILS | MATERIALS | | Evaluation/Exploration Properties | | EVALUATION(1) (LISTED ALPHABETICALLY BY COUNTRY, AS OF DECEMBER 31, 2025) | | Property | Location | Ownership | Royalty Rate | | MARA | Argentina | Glencore plc | 0.25% NSR | | Balcooma | Australia | Aurora Metals Limited | 1.5% NSR | | Bell Creek | Australia | Australian Mines Limited | A$1.00 to A$2.00/tonne(2) | | Burnakura | Australia | Monument Mining Limited | 1.5% to 2.5% NSR (Au)(3) | | Buttercup Bore | Australia | Horizon Gold Limited | 2.0% GV (Au) | | Gum Creek (Howards & | Australia | Horizon Gold Limited | A$10/oz (Au)(4) | | Onion) | | Jaguar | Australia | Aeris Resources Limited | 1.5% NSR | | Minyari | Australia | Antipa Minerals Ltd. | 1.0% NSR | | Mt. Fisher | Australia | High-Tech Metals Limited | A$5.00/oz (Au)(5) | | Paddington | Australia | Zijin Mining Group Co. | 1.75% NSR (Au) | | Pinnacles | Australia | Nexus Minerals Limited/ | 1.5% NSR | | Northern Star Resources Limited | | Quinns Austin | Australia | CNN Investments Pty Ltd | 1.5% NSR | | Red October | Australia | Matsa Resources Limited | 1.5% NSR | | Saints | Australia | Ore Resources Limited | 2.5% NSR (Cu, Pt, Ni) | | Temora | Australia | XavierLinQ Pty. Ltd. | 12.5% NPI | | Van Uden | Australia | TG Metals Limited/ | 1.5% NSR | | Shandong Tianye Group | | Wallbrook | Australia | Nexus Minerals Limited | 1.5% NSR | | Westmoreland | Australia | Laramide Resources Ltd. | 1.0% NSR | | Yundamindra | Australia | Arika Resources Limited/Nex Metals | 1.5% NSR | | Explorations Limited | | Gcwihaba | Botswana | Tsodilo Resources Ltd. | 1.0% NSR | | Inata | Burkina Faso | Balaji Group | 2.5% GSR | | 3Ts | Canada | Independence Gold Corp. | 2.0% NSR | | Angilak | Canada | Atha Energy Corp. | 1.0% NSR | Belcourt Canada Conuma Resources Ltd. 0.103% GV (coal) Berg Canada Surge Copper Corp. 1.0% NSR Blende Canada Blende Silver Corp. 2.0% NSR(6) Bronson Slope Canada Seabridge Gold Inc. 1.0% NSR(7) Caber Canada Nuvau Minerals Inc. 1.0% NSR(8) Cadillac Break Canada Agnico Eagle Mines Limited 1.0% NSR Follansbee Canada Evolution Mining Limited/ 2.0% NSR(9) Equinox Gold Corp. (1) Royal Gold considers and categorizes an exploration stage property to be an “evaluation stage” property if mineralized material has been identified on the property but reserves have yet to be identified. The U.S. Securities and Exchange Commission does not recognize the term “mineralized material”. Investors are cautioned not to assume that any part or all of the mineralized material identified on these properties will ever be converted into reserves. (2) The royalty is A$1.00 per tonne on the first 5 million tonnes of production; A$2.00 per tonne thereafter. (3) The 1.5% to 2.5% NSR sliding-scale royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12 month period and at a rate of 2.5% on production above 75,000 (4) ounces during that 12 month period.The A$10/oz royalty is payable on Howards after 30koz produced and on Orion after 30koz produced. (5) Royalty is capped at 500,000 ounces. (6) Operator has the option to purchase 1.0% of the 2.0% for $1 million. (7) Royalty shall be greater of (a) 1.0% NSR; and (b) 8.25% Net Operating Profits. (8) Operator has the option to purchase 0.5% of the 1.0% NSR for $500,000. (9) Operator has the option to purchase 1.0% of the 2.0% NSR on the basis of $500,000 for each 0.5% of the NSR acquired. Royal Gold / 2025/2026 Asset Handbook 185