INVESTOR DAY 2026 Khoemaca u 49 1) Source: MMG. Stream deliveries to Royal Gold are net of a 90% payability factor applied to silver production. 2) Expansion expected to produce 4-4.5M oz/year. Royal Gold’s exposure includes silver produced from the Zone 5 and Mango NE deposits, which is approximately 60% of the total. Producing MMG LIMITED Expansion expected to increase production Increase copper production to 130,000 t/year by 2028 — with potential for 200,000 t/year over time Includes new 4.5 Mtpa processing plant — increasing total capacity to over 8.0 Mtpa $900M capital cost First concentrate expected H1 2028 1.4 Moz 1.45–1.55 Moz 1.8–2.0 Moz 2.4–2.7 Moz 2 2025A 2026 Guidance LOM Average Pre-Expansion Post-Expansion Average to Royal Gold Annual Silver Production 1 34% increase Deep drilling program confirmed continuity of mineralization to 1,800m depth, from previous 1,300m Area of interest runs 22km along Zone 5 strike with a width of 8km