Royal Gold has the most diversified and least concentrated portfolio of mining assets in the royalty and streaming sector, with 81 assets currently producing revenue. This diversification reduces our exposure to single-asset risk and Royal Gold's overall portfolio risk.” William H. Heissenbuttel President and Chief Executive Officer 54 Royal Gold / 2025/2026 Asset Handbook Mount Milligan, British Columbia, Canada ATTRIBUTES OF PORTFOLIO EXPECTED PERFORMANCE INTRODUCTION OUR BUSINESS OVERVIEW AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS