CANADA Lawyers-Ranch The Lawyers-Ranch Project is located within the Toodoggone mining district of north-central British Columbia, Canada. The project is owned and operated by Thesis Gold & Silver Inc. (“Thesis”), which acquired its interest through a merger with Benchmark Metals Inc. (“Benchmark”), the previous owner of the Lawyers Project, in 2023. Thesis is also owner of the Ranch Project located northwest of, and adjacent to, the Lawyers Project. OPERATOR Thesis Gold & Silver Inc. MINERALIZATION STYLE Low-Sulfidation Epithermal Au ROYALTY 0.5% NSR (Lawyers, all metals), 2.0% NSR (Ranch, all metals) YEAR OF ACQUISITION 2022 and 2025 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 15 years (1) Development Update On December 1, 2025, Thesis announced the results of PFS for a combined Lawyers-Ranch project. The PFS contemplates both open-pit and underground mining methods, with ore processed at a single facility. With the completed PFS, the next steps include advancing to a FS (expected in 2027) and initiation of an Environmental Assessment process (with an expected decision in 2029). (1) Royal Gold’s Royalty Interest Royal Gold holds a 0.5% NSR royalty on production from areas subject to our royalty interest at the Lawyers Project and a 2.0% NSR royalty on production from areas subject to our royalty interest at the Ranch Project. Royal Gold acquired the royalty on the Lawyers Project on March 24, 2022 and the royalty on the Ranch Project on May 16, 2025. MINERAL RESOURCES AND RESERVES As of October 27, 2025 Contained Gold (koz) Silver (koz) AGEOs* (koz) Proven and Probable 2,231 67,929 16 Measured and Indicated 869 28,830 6 Inferred 237 6,715 2 * 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: Thesis, December 1, 2025, Press Release. PROJECT OUTLOOK As per the 2025 PFS, the Lawyers-Ranch Project is expected to produce an average of 145,000 ounces of gold and 3.5 million ounces of silver per year over its LOM. (1) Acquisition Cost US$M $20.6 Net Book Value US$M $20.6 146 Royal Gold | 2025/2026 Asset Handbook ROYALTY For more information, please visit: www.thesisgold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS