CANADA Horne 5 The Horne 5 deposit is on the site of a past producing gold-silver-copper mine, the former Quemont mine, in Rouyn-Noranda, Quebec. Horne 5 is owned and operated by Falco Resources Ltd. (“Falco”). OPERATOR Falco Resources Ltd. MINERALIZATION STYLE VMS ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 15 years (1) Development Update In March 2021, Falco announced the results of an updated FS outlining an underground mine and process plant with a throughput capacity of 15,500 tpd. In December 2025, Falco announced that it had initiated an update of the FS and anticipates that he updated study will be completed in Q2 2026. (2) PROJECT OUTLOOK As per its FS, the Horne 5 Project is expected to average annual production of 220,300 payable ounces of gold. (1) Acquisition Cost US$M N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper Royal Gold’s Royalty Interest Royal Gold holds a 2.0% NSR royalty on all metals produced from the Horne 5 Project. Royal Gold acquired the Horne 5 royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. MINERAL RESOURCES AND RESERVES As of February 24, 2021 Contained Gold (koz) Silver (koz) AGEOs* (koz) Proven and Probable 3,745 36,362 102 Measured and Indicated 1,147 12,248 32 Inferred 1,055 16,727 41 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 12 for a description of AGEO calculation methodology. (1) Source: Falco Resources, 2021 FS. (2) Source: Falco Resources, December 10, 2025, Press Release. Royal Gold | 2025/2026 Asset Handbook 145 ROYALTY For more information, please visit: www.falcores.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS