ATTRIBUTES OF PORTFOLIO EXPECTED PERFORMANCE PORTFOLIO REFERENCE INTRODUCTION OUR BUSINESS OVERVIEW AND OUTLOOK DETAILS MATERIALS Timing Differences Related to the Production, Delivery and Sale of Metal Under our streaming agreements, Royal Gold purchases metals in an amount that is generally determined by reference to production at a mining operation, at a price determined by the purchase agreement. Receipt of metal under stream agreements follows a process that includes three key events: mine site production, metal delivery and metal sale. Mine Site Production In terms of Royal Gold’s portfolio, the streaming agreements with the most significant timing difference from mine site Raw ore is processed into intermediate products, typically production to metal delivery are Mount Milligan and either a doré or concentrate, under the control of the mine Andacollo (each of which typically lag of approximately five site operator. This production is generally reported to Royal months from production). Gold by the operator, as per the applicable streaming agreement. Metal Sale Metal Delivery Once refined metal has been delivered to Royal Gold from a particular counterparty, it is generally sold steadily over the Generally, metal is delivered to Royal Gold under its stream period that ends when we expect to receive the next delivery agreements after final settlement between the mine site from that operator. This means that we generally do not have operator and the smelter and/or refiner. any metal in inventory from that counterparty when we After production of doré or concentrate at the mine site, the receive the next shipment from that same counterparty. operator will arrange for processing of the intermediate Selling deliveries steadily over a period allows us to realize product with a smelter and/or refiner to produce pricing that is similar to average metal prices over that | refined metal. | period, and we do not actively manage metal sales with the | | Movement of doré tends to be quicker than concentrates, as | goal of achieving metal price gains by timing the market. | | doré can be transported efficiently in small shipments by | | road and air. Concentrates are bulk products and are | | typically transported in large shipments by road, rail and | | ship. Timing differences for the shipment of concentrates can | | vary considerably from operation to operation, with the | | shipping distance (from mine to smelter) being a key | | variable, along with container sizing and shipping | | route logistics. | | Stream Delivery and Sales Sequence | | Approximate total | | time from mine | | site production | | Mine Site | Shipping | Smelting/ | Delivery to | Sales | to Royal Gold | | Production | Refining | Royal Gold | revenue | | Mount Milligan | ~5 months | By shipment | ~1 month | ~6 months | | Andacollo | ~5 months | Monthly | ~1 month | ~6 months | | Pueblo Viejo | ~3 months | Quarterly | ~3 months | ~6 months | | Kansanshi | ~2 months | Monthly | ~1 month | ~3 months | | All Other Streams | ~1-4 months | Various | ~1 month | ~2-5 months | 10 Royal Gold / 2025/2026 Asset Handbook