3. Technical Risks IMPACT The technical risks associated with developing and/or operating the mining operations in which we invest can have an impact on our near-term and long-term cash flows and may result in impairments and/or a loss of reputation regarding our ability to conduct due diligence. MITIGATION AND COMMENTARY We seek to mitigate these risks with an experienced in- house technical team and through the maintenance of a diversified portfolio of revenue-producing properties, completion of technical due diligence prior to an investment and active monitoring of our portfolio. SUMMARY As part of our ongoing diligence and portfolio monitoring efforts, we conducted 10 site visits to our properties during 2025. A key risk in the portfolio that we continue to monitor is the low silver recovery at Pueblo Viejo, driven by a lime supply constraint. A significant portion of silver is recovered by dissolving jarosite in a lime boil step following pressure oxidation and upstream of the CIL circuit, but this process has been limited by lime availability. The high proportion of stockpile material currently being processed generates elevated acid loads, and most of the site's lime production is being diverted to circuit neutralization rather than silver liberation. We expect silver recoveries to remain below threshold levels for an extended period until Barrick Gold completes construction of an additional lime kiln. We achieved record financial results in 2025, generating $1.0 billion in revenue, an approximate 40% increase over 2024. Our portfolio expanded significantly through both corporate and single-asset transactions. By year-end, we held interests in 81 producing assets—double the number held at the end of 2024—as well as 29 development assets and more than 250 additional assets at various stages of evaluation. Royal Gold now has the most diversified portfolio in the industry, with no single asset representing more than approximately 15% of total portfolio net asset value. During the year, we also received full repayment of advance stream deposits related to the Rainy River, Pueblo Viejo, and Andacollo mines. Going forward, we will only pay the contracted percentage of the spot price for any metal delivered from these properties. We were encouraged by several positive developments across our Principal Properties including a mine life extension at Mount Milligan, the release of a preliminary PEA for Barrick Gold’s Fourmile project within the Cortez complex, approval of the Khoemacau expansion project, and the achievement of commercial production at the Kansanshi S3 expansion project. 1. Based on consensus NAV as of March 12, 2026. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 23 🟇 Mt. Milligan 🟇 Pueblo Viejo 🟇 Kansanshi 🟇 Cortez 🟇 Andacollo 🟇 Khoemacau 🟇 Platreef 🟇 Hod Maden 🟇 Antamina 🟇 MARA NAV BY ASSET 1 70% Top 10 Assets 🟇 Centerra Gold Inc. 🟇 Barrick 🟇 Teck Resources 🟇 First Quantum 🟇 Nevada Gold Mines 🟇 MMG Limited 🟇 Glencore 🟇 Other NAV BY COUNTERPARTY 1