| ATTRIBUTES OF | PORTFOLIO | EXPECTED PERFORMANCE | PORTFOLIO | REFERENCE | | INTRODUCTION | OUR BUSINESS | OVERVIEW | AND OUTLOOK | DETAILS | MATERIALS | | Progress to Stream Changes for Properties | | Acquired from Sandstorm Gold | | CURRENT AS OF DECEMBER 31, 2025 | | Cumulative | | Stream | Metal | Deliveries | Key change | Terms in detail | | Bonikro | Gold | 35,104 oz | Stream step-down | Royal Gold owns the right to purchase 6% of gold produced | | from the Bonikro mine until the cumulative delivery of 39,000 | | ounces, upon which the stream percentage will decrease to | | 3.5% of gold until both (i) 1,300,000 ounces of refined gold have | | been out-turned; and (ii) 61,750 ounces of refined gold have | | been delivered, upon which the stream percentage will | | decrease to 2% for the remaining LOM. | | Blyvoor | Gold | 9,490 oz | Stream step-down | Royal Gold owns the right to purchase 10% of the gold | | produced from Blyvoor, until 16,000 ounces are delivered; then, | | 5% of gold produced until cumulative 300,000 ounces are | | delivered; then, 0.5% of gold produced on the first 100,000 | | ounces per year until cumulative 10,320,000 ounces have been | | produced. | | CEZinc | Zinc | 25.7 Mlbs | Stream step-down | Royal Gold owns the right to purchase 1% of zinc produced | | from CEZinc, until the later of June 30, 2030 or until 68 million | | pounds of zinc are delivered. | | Chapada | Copper | 37.4 Mlbs | Stream step-down | Royal Gold owns the right to purchase 4.2% of payable copper | | from Chapada, up to a maximum of 3.9 million pounds of | | copper annually, until 39 million pounds of copper have been | | delivered; then, 3.0% of payable copper until 50 million | | cumulative pounds of copper have been delivered; and, 1.5% of | | payable copper thereafter. | | Greenstone | Gold | 6,857 oz | Stream step-down | Royal Gold owns the right to purchase 2.375% of the gold | | produced, until 120,333 ounces of gold have been delivered; | | then 1.583% of the gold produced thereafter. | | Platreef | Gold | — | Stream step-down | Royal Gold owns the right to purchase 37.5% of payable gold, | until 131,250 ounces of gold have been delivered; then, 30% of payable gold until 256,980 cumulative ounces have been delivered; then, if 256,980 cumulative ounces have not been delivered by December 7, 2061, 1.875% of payable gold thereafter. Woodlawn Silver $3.9 million Stream cap Royal Gold owns the right to purchase 80% of the silver (silver) produced from Woodlawn. There are no ongoing payments $0 million related to silver deliveries. Silver deliveries are capped at A$27 (tailings) million. Royal Gold is also entitled to A$1 million per 1.0 million tonnes of tailings processed. Payments related to tailings ore processed are capped at A$10 million. 184 Royal Gold / 2025/2026 Asset Handbook