82 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Footnotes for Mineral Resources and Reserves Property-Specific Footnotes Metal prices are dollars per ounce for gold (Au) and silver (Ag) and dollars per pound for copper (Cu), lead (Pb), zinc (Zn), and nickel (Ni). GOLD 1. Andacollo resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Metal prices used for reserves determination were $1,500 Au and $3.25 Cu and the cut-off grade for reserves is 0.2% Cu. No separate metals price or cut-off information is disclosed for resources. Our stream interest covers gold only. Copper resources and reserves exist but are not presented because they are not subject to our stream. Our stream interest at Andacollo is 100% of payable gold until 900,000 ounces are delivered, 50% thereafter. 2. Cortez resources and reserves are reported under CIM and SK-1300 standard, and included in Newmont SK-1300 disclosure (with the exception of Fourmile, which is reported only under CIM standards) and have an effective date of 12/31/2023. Resource quantities are back-calculated from Barrick’s 61.5% to Royal Gold’s 100% for NGM areas. Values may differ due to rounding and significant digits effects. Metal prices used for reserves are $1,300. Cut-off grades and process recoveries vary by project area. For more details regarding our royalty interests at Cortez, please see our website. 3. Mount Milligan resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Metal prices used for reserves determination are $1,500 Au and $3.50 Cu and the cut-off grade is $8.65 NSR. Metal prices used for resources determination are $1,800 Au and $3.75 Cu and the NSR cut-off is $8.46. Specific process recoveries are not disclosed by the operator. Royal Gold also holds a life of mine free cash flow interest (“FCF Interest”), payable annually, of 5% of the cumulative free cash flow generated from Mount Milligan after the earlier of (i) the first fiscal year following delivery of both 375,000 ounces of gold and 30,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. The FCF Interest will increase to 10% after the earlier of (i) the first fiscal year following the delivery of both 665,000 ounces of gold and 60,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. 4. Peñasquito resources and reserves are reported under SK-1300 and have an effective date of 12/31/2023. Metal prices used for reserves are $1,400 Au, $20.00 Ag, $1.00 Pb and $1.20 Zn. Prices used for resources are $1,600 Au, $23.00 Ag, $1.20 Pb, and $1.45 Zn. Cut-off grade varies with level of silver, lead and zinc credits. 5. Pueblo Viejo resources and reserves are reported under CIM and SK-1300 standards and have an effective date of 12/31/2023. Royal Gold’s stream interest is 60%, corresponding to Barrick’s 60% share of the project. Metal prices used for reserves are $1,300 Au and $18.00 Ag. Metal prices used for resources are $1,700 Au and $21.00 Ag. Specific cut-off grades are not disclosed. Our stream interest at Pueblo Viejo is 7.5% of payable gold until 990,000 ounces are delivered, 3.75% thereafter, and 75% of payable silver until 50 million ounces are delivered, 37.5% thereafter. 6. Bald Mountain resources are reported to CIM standards as of 12/31/2016. Reserves use a gold price of $1,200, resources use a gold price of $1,400. Specific cut-off grades and recoveries are not disclosed. The royalty is based on a sliding scale, which caps at 2.5% at gold prices above $425 per ounce. 7. Bellevue resources and reserves are reported under JORC standards and have an effective date of 5/4/2022. Gold price for reserves is AUS$1,700 and the cut-off grade is 3.5 g/t Au. Gold price for resources is AUS$1,750 and cut-off grade is 3.5 g/t Au. The royalty rate varies depending on the tenement. It is 2.0% NSR royalty on all metals produced from the mining leases M36/25 and M36/299 and the exploration license E36/535, and a 2.0% NSR on gold and 1.5% NSR on all other metals produced from the mining lease M36/24. 8. Canadian Malartic resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Reserves and resources use a $1,300 Au price and a cut-off grade of 0.41 g/t Au. The royalty is based on a sliding scale, which caps at 1.5% at a gold price equal to or above $350 per ounce. 9. Celtic/Wonder North resources are reported to JORC standards as of 3/31/2022. Gold price assumption is AUS$2,250 and resources use a 0.5 g/t Au cut-off grade. 10. Côté Gold resources and reserves are reported to CIM standards with an effective date of 12/31/2023. 70% of reported reserves and resources are expected to fall within the Royal Gold royalty ground. Reserves and resources use gold prices of $1,400 and $1,500, respectively. Specific cut-off grades are not disclosed by the operator. 11. Dolores resources and reserves are reported under CIM standards and have an effective date of 6/30/2024. Metal prices used for reserves are $1,850 Au and $21.00 Ag. Prices for resources are $1,950 Au and $23.00 Ag. Cut-off grades and specific Au and Ag recoveries vary by material type and process.