| ATTRIBUTES OF | PORTFOLIO | EXPECTED PERFORMANCE | PORTFOLIO | REFERENCE | | INTRODUCTION | OUR BUSINESS | OVERVIEW | AND OUTLOOK | DETAILS | MATERIALS | | Summary of Portfolio Outlook | | The majority of the properties in Royal Gold’s portfolio are expected to continue generating revenue over the | | medium to long term. Additionally, plans are in place to realize production expansions and/or mine life extensions | | at several of these properties, and these plans are described in the Portfolio Details section of this handbook. | | This section provides a current snapshot of the operators’ production expectations for all properties in the portfolio | | that generated revenue in 2025.(1) Operator guidance and longer-term outlooks are publicly available for | | properties that contributed approximately 92% of Royal Gold’s 2025 revenue. Guidance for the remaining | | properties is either not publicly available, is not relevant for Royal Gold because of partial royalty coverage, or | | available guidance is consolidated with other properties owned by the operator where Royal Gold does not have | | an interest. Note, we have ordered the producing properties by the revenue the asset generated in 2025 and not | | necessarily the revenue to Royal Gold’s account (in the case of properties acquired through Sandstorm Gold | | and Horizon Copper). | | 2025 ACTUAL, 2026 GUIDANCE AND 5-YEAR OUTLOOK(1),(2),(3) | | Units | 2025 Actual | 2026 Guidance | 5-Year Outlook | | Gold Equivalent Ounces (all metals) | (koz) | 300 | 430-480 | | Gold | (koz) | 231 | 290-320 | | Silver | (Moz) | 3.0 | 3.0-3.5 | | Copper | (Mlb) | 16.4 | 21.0-25.0 | | Other Metals | (M) | $30 | $34-$38 | | (1) | 5 Year Outlook is based on the mid-points of operator guidance, production estimates provided by operators at steady state, and Royal Gold estimates, and are not risk-adjusted. | | (2) | 5-Year Outlook GEOs calculated at $4,000/oz Au, $55/oz Ag, $5/lb Cu, $7.30/lb Ni, $1.35/lb Zn, $0.91/lb Pb. | | (3) | 5 Year Outlook includes expected stream rate step downs at Wassa and Rainy River (silver stream only). | | OUTLOOK SUMMARY FOR PROPERTIES COMPRISING 92% OF REVENUE | | 2025 Revenue | | Producing Property | (USD Million) | 2025A | 2026E | 2027E | 2028E | 2029E | | Mount Milligan(2) | $223.7 | 148 koz Au | 140-155 koz Au | 145 koz Au | 175 koz Au | 174 koz Au | | 50 Mlb Cu | 50-60 Mlb Cu | 65 Mlb Cu | 50 Mlb Cu | 76 Mlb Cu | | LT outlook: 2025 PFS confirms a LOM extension to 2045, with the potential to | | increase the process plant throughput by ~10% in 2029 | | Pueblo Viejo (60%)(3) | $129.8 | 379 koz Au | 350-400 koz Au | | n/a | n/a | n/a | | 916 koz Ag | n/a Ag | | LT outlook: Expansion Project expected to extend mine life by 20+ years | | Andacollo(4) | $77.9 | 36 koz Au | 38-42 koz Au | Au not provided | Au not provided | | n/a | | 50.5 kt Cu | 45-55 kt Cu | 45-55 kt Cu | 35-45 kt Cu | | LT outlook: mine life expected to continue until 2038, although additional | | environmental permits will be required to extend mine life beyond 2031 | | Rainy River(5) | $70.8 | 290 koz Au | 230-275 koz Au | | 350-450 koz Ag | 280 koz Au | 243 koz Au | 241 koz Au | | (Au and Ag guidance | 577 koz Ag | 414 koz Ag | 339 koz Ag | | for 9 months only) | | LT outlook: Coeur announced a two-year mine life extension at Rainy River | | Peñasquito(6) | $70.2 | 415 koz Au | 185 koz Au | 300 koz Au | 400 koz Au | 200 koz Au | | 28 Moz Ag | 32 Moz Ag | 28 Moz Ag | 29 Moz Ag | 25 Moz Ag | | 216 Mlb Pb | 198 Mlb Pb | 205 Mlb Pb | 212 Mlb Pb | 173 Mlb Pb | | 509 Mlb Zn | 485 Mlb Zn | 413 Mlb Zn | 406 Mlb Zn | 358 Mlb Zn | | LT outlook: mine life expected to continue until 2033 | | Cortez (100%)(7) | $67.5 | 738 koz Au | 700-780 koz Au | 850 koz Au | 800 koz Au | 850 koz Au | LT outlook: Fourmile resource continues to grow, Goldrush underground extends past 2050, Robertson pilot study underway 34 Royal Gold / 2025/2026 Asset Handbook