Wassa (8) $51.8 ~162 koz Au 155-175 koz Au 116-226 koz Au 32-207 koz Au 0-210 koz Au LT outlook: reserve LOM plan expected to continue through 2028, resource conversion potential could extend mining of Southern Extension to 2049 Khoemacau (9) $46.6 1.4 Moz Ag 42 kt Cu 1.45-1.55 Moz Ag 48-53 kt Cu Ag not provided 60 kt Cu >4 Moz Ag 130 kt Cu >4 Moz Ag 130 kt Cu LT outlook: Zone 5 mine life expected to continue through 2041; expansion to 130,000t Cu approved, with further expansion potential to 200,000t Cu Kansanshi (10) $32.3 181 kt Cu 175-205 kt Cu 210-240 kt Cu 230-260 kt Cu 242 kt Cu LT outlook: step up in copper production, from 2026 to 2028, underpinned by the ramp-up and grade profile of S3 feed Xavantina (11) $29.5 37 koz Au 40-50 koz Au 50-60 koz Au 50-60 koz Au 66 koz Au LT outlook: Ero expects to continue sale of gold in gold concentrate through mid-2027 (not included in guidance/outlook) Antamina (100%) (12) $8.6 382 kt Cu 455 kt Zn 2.7 kt Mo 422-467 kt Cu 156-200 kt Zn 3-4 kt Mo 378-422 kt Cu 156-200 kt Zn 4-5 kt Mo 356-400 kt Cu 200-244 kt Zn 2-3 kt Mo n/a LT outlook: LOM expected to extend through 2036, preliminary studies advancing to assess potential mine life extensions beyond 2036 Manh Choh (100%) (13) $21.4 193 koz Au 133-150 koz Au 250-267 koz Au 14 koz Au n/a LT outlook: mining is expected to be completed in mid-2027, with stockpiled ore processed at Fort Knox until 2029 Fruta del Norte (14) $3.5 498 koz Au 475-525 koz Au 475-525 koz Au 475-525 koz Au 478 koz Au LT outlook: mine to mill expansion study underway to evaluate potential to increase throughput beyond 5,500 tpd El Limón (15) $13.1 40 koz Au (June 17- December 31, 2025) 86 koz Au 21 koz Ag 68 koz Au 24 koz Ag 83 koz Au 46 koz Ag 1 koz Au 4 koz Ag LT outlook: n/a Voisey's Bay (16) $12.0 18.6 kt Cu 33.2 kt Ni n/a Co n/a 45 kt Ni 20 kt Cu 2.6 kt Co 45 kt Ni 20 kt Cu 2.6 kt Co 45 kt Ni 20 kt Cu 2.6 kt Co LT outlook: production ramping-up to full capacity by H2 2026 Caserones (100%) (17) $2.3 133 kt Cu 130-140 kt Cu 115-125 kt Cu 115-125 kt Cu n/a LT outlook: mill throughput is expected to rise to approximately 34-36 Mtpa over the period 2026-2028 LaRonde Zone 5 (18) $10.7 90 koz Au 95 koz Au 90 koz Au 94 koz Au 65 koz Au LT outlook: production from LaRonde Zone 5 expected to continue through 2036 Marigold (19) $10.4 154 koz Au 170-200 koz Au 240-270 koz Au 220-250 koz Au 305 koz Au LT outlook: resource development and technical work advancing with the goal of extending production beyond the current 7-year reserve life Houndé (20) $2.1 257 koz Au 220-255 koz Au 245 koz Au 237 koz Au 138 koz Au LT outlook: goal to delineate sufficient additional resources to sustain production >250 koz/year over a +10 year LOM Bellevue (21) $8.6 126 koz Au (YE June 30, 2025) 130-150 koz Au (YE June 30, 2026) 175-195 koz Au (YE June 30, 2027) n/a n/a LT outlook: Bellevue is looking ahead to production growth through FY2026 and FY2027 Côté Gold (22) $8.5 400 koz Au 360-400 koz Au 495 koz Au 495 koz Au 495 koz Au LT outlook: mine life expected to continue to 2041 with average annual production of 365,000 oz/year (excluding Gosselin deposit) Bonikro (23) $5.2 101 koz Au 105-110 koz Au 100 koz Au n/a n/a LT outlook: actively advancing exploration and optimizations, to increase mine life to at least 10 years Producing Property 2025 Revenue (USD Million) 2025A 2026E 2027E 2028E 2029E Royal Gold | 2025/2026 Asset Handbook 35 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS