Overlapping Royalties at Cortez Create High Royalty Rates 1) Approximate equivalent royalty after blending the detailed royalty rates for the Cortez Complex production forecast for 2026-2035. Assumes total deduction to the Rio Tinto Royalty of 4%, and a 65% conversion from NVR to GSR rates for the Legacy royalties. 2) Legacy Royalties are those royalties held by Royal Gold prior to August 2, 2022, and consist of overlapping royalties on the Pipeline and Crossroads deposits, with additional royalties covering a portion of the Goldrush deposit and other exploration areas. Additional royalty interests were acquired at NVR1 and NVR1C in September, 2025. 3) The overlapping royalties in the Legacy Zone are equivalent to an approximate 8% GSR royalty on production subject to this interest. 4) GSR1 and GSR2 are sliding-scale gross value royalties that vary from a rate of 0.4% at gold prices less than $210/oz to 5.0% at gold prices greater than $470/oz. 5) A small portion of the Crossroads deposit has a royalty rate of 4.94%. 6) NVR2 covers the south-east extension of the Goldrush Project on the Flying T Ranch. 7) The Rio Tinto Royalty is a sliding-scale gross value royalty that varies from a rate of 0.0% at gold prices less than $400/oz to 3.0% at gold prices greater than $900/oz on 40% of the production from the undivided Cortez Complex, excluding the existing Robertson deposits. Deductions from the royalty payment are limited to third party royalties that existed prior to January 1, 2008, which include the Legacy Royalties and the Idaho Royalty. For details of the Rio Tinto Royalty calculation see the January 5, 2023, press release Royal Gold Announces Acquisition of Additional Royalty Interests on the World-Class Cortez Gold Complex in Nevada and Outlines Simplified Approach to Describing Royal Gold’s Multiple Royalty Interests at Cortez 8) Idaho Royalty rates are rounded. 9) 1.0-2.25% sliding scale NSR royalty acquired with the acquisition of Sandstorm Gold on October 20, 2025. 48 Rio Tinto Royalty Idaho Royalty Sandstorm Royalty Royalty Rate Approximate Blended Rate 3 GSR1, GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1 4.94% NVR GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1C 4.55% NVR 5 Cortez Hills Underground Oxide mill, roaster, autoclave Cortez Pits Open Pit Oxide mill, heap leach, roaster Fourmile Underground Roaster, autoclave Goldrush Underground Roaster, autoclave Goldrush SE Underground Roaster, autoclave 2.3% NVR2 1.0% NVR 6 Robertson Open Pit Oxide mill, heap leach 2.6% 2.25% NSR 9.0% 1.6% Development 0.24% GSR Royalty Rate 9 Simplified Royalty Rates Legacy Zone CC Zone Approximate Blended GSR Rate 1 0.45% GSR 1.2% GVR 7 Royalty Rate Royalty Rate Royalty Rate 8 Mine/Deposit/Area Mine Type Ore Process Detailed Royal Gold Royalty Coverage and Rates Legacy Royalties 2 Royalty Applicable Producing Pipeline Open Pit Heap leach, oxide mill, roaster, autoclave 8% GSR Heap leach, oxide mill, roaster Open Pit Crossroads