Evaluation/Exploration Properties EVALUATION (1) (LISTED ALPHABETICALLY BY COUNTRY, AS OF DECEMBER 31, 2025) Property Location Ownership Royalty Rate MARA Argentina Glencore plc 0.25% NSR Balcooma Australia Aurora Metals Limited 1.5% NSR Bell Creek Australia Australian Mines Limited A$1.00 to A$2.00/tonne (2) Burnakura Australia Monument Mining Limited 1.5% to 2.5% NSR (Au) (3) Buttercup Bore Australia Horizon Gold Limited 2.0% GV (Au) Gum Creek (Howards & Onion) Australia Horizon Gold Limited A$10/oz (Au) (4) Jaguar Australia Aeris Resources Limited 1.5% NSR Minyari Australia Antipa Minerals Ltd. 1.0% NSR Mt. Fisher Australia High-Tech Metals Limited A$5.00/oz (Au) (5) Paddington Australia Zijin Mining Group Co. 1.75% NSR (Au) Pinnacles Australia Nexus Minerals Limited/ Northern Star Resources Limited 1.5% NSR Quinns Austin Australia CNN Investments Pty Ltd 1.5% NSR Red October Australia Matsa Resources Limited 1.5% NSR Saints Australia Ore Resources Limited 2.5% NSR (Cu, Pt, Ni) Temora Australia XavierLinQ Pty. Ltd. 12.5% NPI Van Uden Australia TG Metals Limited/ Shandong Tianye Group 1.5% NSR Wallbrook Australia Nexus Minerals Limited 1.5% NSR Westmoreland Australia Laramide Resources Ltd. 1.0% NSR Yundamindra Australia Arika Resources Limited/Nex Metals Explorations Limited 1.5% NSR Gcwihaba Botswana Tsodilo Resources Ltd. 1.0% NSR Inata Burkina Faso Balaji Group 2.5% GSR 3Ts Canada Independence Gold Corp. 2.0% NSR Angilak Canada Atha Energy Corp. 1.0% NSR Belcourt Canada Conuma Resources Ltd. 0.103% GV (coal) Berg Canada Surge Copper Corp. 1.0% NSR Blende Canada Blende Silver Corp. 2.0% NSR (6) Bronson Slope Canada Seabridge Gold Inc. 1.0% NSR (7) Caber Canada Nuvau Minerals Inc. 1.0% NSR (8) Cadillac Break Canada Agnico Eagle Mines Limited 1.0% NSR Follansbee Canada Evolution Mining Limited/ Equinox Gold Corp. 2.0% NSR (9) (1) Royal Gold considers and categorizes an exploration stage property to be an “evaluation stage” property if mineralized material has been identified on the property but reserves have yet to be identified. The U.S. Securities and Exchange Commission does not recognize the term “mineralized material”. Investors are cautioned not to assume that any part or all of the mineralized material identified on these properties will ever be converted into reserves. (2) The royalty is A$1.00 per tonne on the first 5 million tonnes of production; A$2.00 per tonne thereafter. (3) The 1.5% to 2.5% NSR sliding-scale royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12 month period and at a rate of 2.5% on production above 75,000 ounces during that 12 month period. (4) The A$10/oz royalty is payable on Howards after 30koz produced and on Orion after 30koz produced. (5) Royalty is capped at 500,000 ounces. (6) Operator has the option to purchase 1.0% of the 2.0% for $1 million. (7) Royalty shall be greater of (a) 1.0% NSR; and (b) 8.25% Net Operating Profits. (8) Operator has the option to purchase 0.5% of the 1.0% NSR for $500,000. (9) Operator has the option to purchase 1.0% of the 2.0% NSR on the basis of $500,000 for each 0.5% of the NSR acquired. Royal Gold | 2025/2026 Asset Handbook 185 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS