ATTRIBUTES OF PORTFOLIO EXPECTED PERFORMANCE PORTFOLIO REFERENCE INTRODUCTION OUR BUSINESS OVERVIEW AND OUTLOOK DETAILS MATERIALS Attributable Gold Equivalent Ounces Attributable Gold Equivalent Ounces (“AGEOs”) are a • NPI royalties – include deductions of 90% of the royalty measure used to describe the portion of an operator’s rate, as NPI royalties are an interest in net profits and reported reserves or resources that we believe are significant deductions are typical. attributable to Royal Gold’s stream or royalty interest. AGEOs consider our estimate of the value of the reserves or • Stream interest AGEOs – contained metal, in either resources subject to a stream or royalty interest converted to reserves or resources, subject to Royal Gold’s stream gold equivalent ounces (“GEOs”). interest, multiplied by the net metal price (the metal price less the price paid for future metal deliveries), divided by Limitations of AGEO as a measure the gold price, which results in the GEO reserve or resource. This GEO quantity is then multiplied by the AGEOs are derived from in-situ metal and do not account for applicable stream percentage to yield AGEOs. certain factors that could affect both the future economic viability of the AGEO interest and the value of that interest to Metal prices for this calculation are based on Royal Gold’s Royal Gold. Limitations that prevent the AGEO measure internal budget pricing, which is developed using various from providing a complete understanding of Royal Gold’s inputs and is updated annually as part of the budgeting financial interest in a property include: process. Key budget prices used for the AGEO calculations in this edition of the handbook are: $4,000/oz gold, $55/oz • Metallurgical recoveries – these are not considered in the silver, $5.00/lb copper, $0.91/lb lead, $1.35/lb zinc, $7.30/lb calculation as recovery may be variable within a deposit nickel, $20/lb cobalt, and $21/lb molybdenum. depending on material type and process path. Recoveries are generally unknown for projects with resources that do Mineral Resources and Reserves related to Royal Gold’s not have processing methods identified. stream and royalty interests are reported on page 196 of • Payability factors and treatment/refining charges – these this handbook. are not considered in the calculation for NSR royalty interests as payability is specified in the offtake Portfolio AGEO Breakdown(1) agreements in place from time to time. | • | Ore resource conversion factors – these are not included | AGEOs (in Thousands) | | in the calculation. Operator estimates of mineral | Proven | Measured | | resources are subject to development risks that may | and | and | | impact the conversion of estimated mineral resources to | Property Stage | Probable | Indicated | Inferred | | mineral reserves. | Principal | 3,776 | 1,553 | 486 | | AGEO calculation methodology | Producing | 2,011 | 1,496 | 1,730 | | (Excluding Principal) | | • | Royalty interest AGEOs – contained metal, in either | Development | 1,229 | 639 | 470 | | reserves or resources, subject to Royal Gold’s royalty | Evaluation | — | 1,955 | 1,049 | | interest, multiplied by the metal price, divided by the gold | Exploration | | price, which results in the GEO reserve or resource. This | (Excluding Evaluation) | — | 2 | — | | GEO quantity is then multiplied by the applicable royalty | All Stages | 7,016 | 5,644 | 3,736 | | percentage, as modified by deductions specific to the royalty type (if applicable), to yield AGEOs. For royalty interests that are calculated on a fixed dollar per tonne or | AGEOs (in Thousands) | | Proven | Measured | | dollar per metal quantity basis, these are converted to a | and | and | | royalty percentage based on internal budget pricing and | Regions | Probable | Indicated | Inferred | | grade and treated similarly to royalty interests that are | North America | 3,673 | 2,867 | 1,643 | | determined on a percentage rate basis. | South and Central | 1,527 | 2,048 | 924 | | Deductions for the different types of royalty interests are | America | | included as follows: | Europe, Middle East, | | Africa (EMEA) | 1,632 | 412 | 864 | | • | NSR royalties – assume 100% of the royalty rate | Australia Pacific | 185 | 318 | 305 | | without deductions, as the deductions for these royalty | | All Regions | 7,016 | 5,644 | 3,736 | | types are typically not significant. | | • | NVR – include deductions in a range of 5% to 60% of | (1) | AGEO resources exclusive of reserves. | the royalty rate depending on historical deductions or estimates for each specific royalty. 12 Royal Gold / 2025/2026 Asset Handbook