ATTRIBUTES OF PORTFOLIO EXPECTED PERFORMANCE PORTFOLIO REFERENCE INTRODUCTION OUR BUSINESS OVERVIEW AND OUTLOOK DETAILS MATERIALS CANADA ROYALTY Berg The Berg Project is located in west-central British Columbia, approximately 80 kilometers southwest of Houston, and is owned by Surge Copper Corp. (“Surge Copper”). OPERATOR ROYALTY TERM OF ROYALTY EXPECTED MINE LIFE Surge Copper Corp. 1.0% NSR (all metals) Life of Mine 30 years(1) MINERALIZATION STYLE YEAR OF ACQUISITION EXPECTED STARTUP DATE Porphyry Cu-Au 2010 Detail not publicly disclosed by operator. Development Update In mid-2023, Surge Copper announced a PEA for Berg, PROJECT OUTLOOK | outlining a large, open-pit operation with a process plant | As per the PEA, the Berg Project is expected to | | expected to operate at 90,000 tpd nominal capacity. | produce an average of 121 million pounds of payable | | copper, 13 million pounds of payable molybdenum, | | In November 2025, Surge Copper provided an update of its | three million ounces of payable silver, and 12,000 | | ongoing PFS level work. The company indicated that it | ounces of payable gold per year over its LOM.(1) | | expects to deliver the PFS in the middle of the first half of | | 2026.(2) | | Acquisition Cost | US$M | $8.3 | | Royal Gold’s Royalty Interest | | Net Book Value | US$M | $8.3 | Royal Gold holds a 1.0% NSR royalty on all metals produced from areas subject to our royalty interest at Berg. Royal Gold acquired the Berg royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. MINERAL RESOURCES AND RESERVES As of June 7, 2023 | Copper | Molybdenum | Silver | AGEOs * | | Contained | (Mlb) | (Mlb) | (koz) | (koz) | | Proven and | | Probable | – | – | – | – | | Measured and | | Indicated | 5,088 | 633 | 150,000 | 125 | | Inferred | 2,045 | 288 | 65,000 | 52 | * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 12 for a description of AGEO calculation methodology. (1)(2) Source: Surge Copper, June 13, 2023, Press Release.Source: Surge Copper, November 30, 2025, Press Release. For more information, please visit: www.surgecopper.com Royal Gold / 2025/2026 Asset Handbook 173