3. Mount Milligan, Centerra Gold BRITISH COLUMBIA, CANADA | 2025 REVENUE: $223,713,000 Mount Milligan is a large-scale, open-pit copper and gold mine operated by Centerra Gold Inc. (“Centerra”). The mine is located within the Omenica Mining Division in north-central British Columbia, Canada. Construction of the Mount Milligan mine began in June 2010, with commissioning of the mine beginning in August 2013 and the achievement of commercial production in February 2014. The mining operation uses a conventional truck-and-shovel fleet, with ore processed through a 60,000-tonne per day flotation processing plant, to produce a concentrate containing copper, gold and silver. The concentrate is trucked to the rail loadout facility in Mackenzie and railed to North Vancouver, where it is loaded onto ships and sent to purchasers located around the Pacific Rim. Mount Milligan received an amended environmental assessment and all related permits to allow for the continuation of operations through 2035. Annual Stewardship Performance JURISDICTION AND COMPANY REPUTATION - 2026 RepRisk ESG country risk rating Low RepRisk ESG company reputational risk rating Low Corruption Perception Index quartile ranking 1st Quartile WATER - 2024 Water stress rating by Aqueduct™ Water Risk Atlas Low Water consumption intensity (m 3 /GEO) quartile ranking 1 4th Water consumption intensity (m 3 /tonne ore processed) quartile ranking 1 1st SAFE OPERATION - 2025 Number of fatal accidents 0 Tailing management disclosure Yes ENERGY AND CLIMATE - 2024 Corporate emission reduction targets No GHG emissions intensity (tCO 2 e/GEO) quartile ranking 1 1st Total energy intensity (GJ/GEO) quartile ranking 1 4th BIODIVERSITY - 2026 IUCN Red List species, critically endangered and endangered (located in a 10 km radius of the project center) 1 Designated protected area or KBA covering all or part of the project area None COMMUNITY AND HUMAN RIGHTS - 2026 Human Rights Policy Yes Modern Slavery Disclosure Report Grievance Mechanism Yes 1. Based on Skarn Associates Gold Industry ranking curves for 2024. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 15