DEVELOPMENTS AND POTENTIAL On September 11, 2025, Centerra delivered the results of a PFS, which includes the construction of a second tailings storage facility that is expected to provide the potential for future raises that could add multiple decades of storage capacity beyond the 2045 LOM, and ball mill motor upgrades and flotation cells in 2028 to increase process plant throughput by about 10% (to 66,300 tpd) and increase recovery by approximately 1%. (3) For 2026, Centerra expects to continue to explore the western extension of the Mount Milligan deposit and perform infill drilling to upgrade inferred resources to the indicated category. Approximately 20% of Centerra’s total exploration expenditures are allocated to drilling programs at Mount Milligan to upgrade the inferred resources between Goldmark and North Slope and to expand resources at Saddle West and South Boundary areas. Ongoing exploration continues to highlight the potential to further expand mineral resources and extend mine life beyond the updated 2025 PFS mine plan. (2) After including the effect of the Cost Support Agreement, the combined effect of the cash payments for gold and copper deliveries is as follows: Period: Jan. 1, 2024, through ~2029 ~2030 through ~2035 ~2036 and Beyond Au Cu Au Cu Au Cu Delivery Thresholds (i) defining triggers for cost support payments: (from Jan. 1, 2024) Pre-Threshold (ii) (if Au<=$1,600/oz and Cu<=$3.50/lb) First Threshold (after the earlier delivery of either 375,000 oz Au or 30,000 t Cu) Second Threshold (for Au, after the delivery of 665,000 oz; for Cu, after the delivery of 60,000 t) Combined Effective Payments (iii) : If Au<=$1,600/oz and Cu<= $3.50/lb: Lower of $850/oz, or 66% of spot Au 50% of spot Cu Lower of $850/oz, or 50% of spot Au (iv) 50% of spot Cu Lower of $1,050/oz, or 66% of spot Au (iv) 66% of spot Cu All other metal prices: $435/oz 15% of spot Cu Metal deliveries to Royal Gold typically occur up to five months after production at Mount Milligan due to the time required to ship concentrate from the mine site to the smelter and the payment provisions of the offtake contract. (i) Delivery Thresholds are defined by metal deliveries under the Existing Stream Agreement, which is independent from the Cost Support Agreement, and is used only as a reference for metal deliveries. (ii) Pre-Threshold Support payments prior to the First Threshold are at Centerra’s option and are recoverable from any cost support provided after the First Threshold is reached at metal prices above $1,600 per ounce of gold and $3.50 per pound of copper. (iii) Includes the total amount payable per ounce of gold or pound of copper when the effect of the Cost Support Agreement is considered with the Existing Stream Agreement. (iv) Given the relevant calculations, the cost support payments are only payable above a spot gold price of $870/oz after the First Threshold, and $660/oz after the Second Threshold. 42 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS