Assets with Growth Potential Drive Returns Over Time Early conviction in assets has driven higher returns as value is daylighted 26 Source: Scotia Capital Research, included are 6 largest individual (ie. non-portfolio) acquisitions through 2025. 1) Refers to 2022 transactions for Rio Tinto Royalty ($525M) and for Idaho Royalty ($204M). 3.4% 7.1% 6.3% 14.4% 6.3% 11.7% 6.4% 11.5% 6.6% 12.2% 0.3% 4.6% Kansanshi Khoemaca u Andacollo Pueblo Viejo Mount Milligan Cortez IRR at January 2026 IRR at Deal Date <1yrs Time in Portfolio 6yrs Time in Portfolio 11yrs Time in Portfolio 11yrs Time in Portfolio 16yrs Time in Portfolio 4yrs 1 Time in Portfolio 2022 Transactions — Rio Tinto Royalty — Idaho Royalty