DEVELOPMENTS AND POTENTIAL Greenstone production is planned to increase during 2026 as improvements in mining and milling rates and practices are expected to enhance reliability and overall operational performance. Equinox is targeting design capacity at Greenstone by mid-2026. (2),(4) Exploration at Greenstone during 2026 will focus primarily on target delineation, regional resource opportunities and depth extension at the main Greenstone property. FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $3.8 Historic Revenue to Royal Gold US$M 2024: 2025: N/A $3.8 Historic Revenue to Sandstorm Gold US$M $5.0 $13.1 Metal Deliveries to Royal Gold Since Oct. 20, 2025 0.9 koz Au Acquisition Cost US$M N/A Investment Recovered % N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper MINERAL RESOURCES AND RESERVES As of June 30, 2024 Contained Gold (koz) AGEOs* (koz) Proven and Probable 5,700 108 Measured and Indicated 2,218 28 Inferred 2,763 35 * 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. 66 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.equinoxgold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS