(12) The NSR royalty covers all metals produced from within the “RGLD Gold Expanded AOI” at an initial rate of 0.30%. The royalty rate will increase by 0.0375% per year until the earlier to occur of the first delivery under the gold stream agreement or May 21, 2033, to a maximum of 0.60%, subject to certain scenarios. See Warintza property page for scenario and AOI map details. (13) 75 ounces of gold per million pounds of recovered copper produced until the delivery of 425,000 ounces; 55 ounces of gold per million pounds of recovered copper produced between the delivery of 425,001 ounces and 650,000 ounces; and 45 ounces of gold per million pounds of recovered copper produced thereafter. First Quantum will have two options to accelerate stream deliveries and reduce the outstanding advance payment of $1 billion. See Kansanshi property page for details. (14) Royal Gold acquired 100% of the issued and outstanding common shares of Sandstorm Gold in exchange for Royal Gold common stock at an exchange ratio of 0.0625 shares of Royal Gold common stock for each common share of Sandstorm Gold outstanding. Royal Gold acquired 100% of the issued and outstanding common shares of Horizon Copper (other than the Horizon Copper common shares held by Sandstorm Gold) in exchange for cash of C$2.00 per share. (15) As of December 31, 2025. Our evaluation of the property interests acquired through the acquisitions of Sandstorm Gold and Horizon Copper was still ongoing, including ongoing mineral title work. Readers are cautioned that the summary property information in this handbook may change as a result of our ongoing evaluation, which changes may be material. Royal Gold | 2025/2026 Asset Handbook 25 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS