Stream and royalty interests are defined as follows: ROYALTY A royalty is the right to receive a percentage or other denomination of mineral production from a mining operation, after deducting specific costs (if any). STREAM A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. For additional information on stream and royalty interests please refer to our Annual Report on Form 10-K. Stream and royalty interests can be acquired by Royal Gold either directly from an Operator, from a third party or through a merger or acquisition transaction. In the case of new streams or royalties that are sold to Royal Gold by an Operator to raise capital, the financing provided by Royal Gold is typically directed by Operators toward three broad uses: 1 Investing directly in mining assets (e.g., mine development and construction, mine expansion, funding exploration work) 2 Providing liquidity to strengthen Operator balance sheets 3 Funding merger and acquisition activity Royalty Versus Stream Purchase Price ROYAL GOLD ENTITY SELLER Transfer of Contractual Rights Royalty Revenue OPERATOR Advance payment to purchase percentage of metal production + delivery payment (per unit delivered) RGLD GOLD AG/ IRC STREAM OPERATOR Physical metal delivery PHASE OF PROJECT Royal Gold interests may include the right to finance future and/ or further project development Typical interest size Exploration Proceeds generally used toward exploration or early project development Development Proceeds generally used toward project development Production Proceeds generally used toward production expansion, development of new projects, or other corporate purpose ~$5M-$15M ~$50M-$300M ~$200M-$1B+ Operators ROYALTY ROYALTY STREAM STREAM Third parties ROYALTY ROYALTY ROYALTY Royal Gold’s business model is designed to provide shareholders with long-term exposure to production and exploration upside and metal price optionality for the entire life of a mining project. Resource growth and mine life extensions can significantly enhance our returns over time; accordingly, how Operators manage sustainability matters associated with their assets and business operations is fundamental to our long-term success. Royal Gold integrates sustainability considerations into our corporate practices, our investment decisions and our relationships with the Operators. INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 9