CANADA Mount Milligan (Cont’d) Royal Gold’s Royalty Interest Royal Gold also holds a LOM free cash flow interest (“FCF Interest”), payable annually, of 5% of the cumulative free cash flow generated from Mount Milligan after the earlier of (i) the first fiscal year following delivery of both 375,000 ounces of gold and 30,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. The FCF Interest will increase to 10% after the earlier of (i) the first fiscal year following the delivery of both 665,000 ounces of gold and 60,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. Free cash flow is defined as gross revenue less total costs including treatment and refining costs, operating costs, exploration costs, capital costs and the net stream costs. FCF Interest payments will not be payable if the free cash flow is negative in a given calendar year, and Centerra is entitled to recover any negative free cash flow before FCF Interest payments resume. FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $1,750.4 Historic Revenue to Royal Gold 2024: 2025: US$M $186.0 $223.7 Metal Deliveries to Royal Gold Since Inception 843.8 koz Au 105.9 Mlb Cu Advance Payment US$M $781.50 Investment Recovered % 168% Net Book Value US$M $307.4 MINERAL RESOURCES AND RESERVES As of December 31, 2025 Contained Gold (koz) Copper (Mlb) AGEOs* (koz) Proven and Probable 4,295 1,716 1,407 Measured and Indicated 1,967 694 563 Inferred 334 50 90 * 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. Royal Gold | 2025/2026 Asset Handbook 43 For more information, please visit: www.centerragold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS