DEVELOPMENTS AND POTENTIAL In June 2025, Develop initiated a growth strategy, Project DM15, aiming for a 15-year mine life at Woodlawn. The project would expand the Woodlawn ore body and drill historic mines and other regional tenements. (3) In-mine grade control and resource definition drilling continued at Woodlawn during the December 2025 quarter, with 9,772m completed. Drilling focus was on grade-control and resource definition activities within the D, I, N and M lens’, along with expansion and growth of the HWL and J lens. Assays results received during the quarter identify thick, high-grade copper-zinc-lead-silver-gold mineralization within the I, D and N lens’s, with a significant number of these hosted outside the current resource shapes. The N lens results are particularly meaningful, with this newly discovered lens expected to be able to provide an additional mining area within the next 3 to 6 months. (2) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $1.0 Historic Revenue to Royal Gold 2024: 2025: US$M $0.0 $1.0 Historic Revenue to Sandstorm Gold US$M $0.0 $1.7 Metal Deliveries to Royal Gold Since Oct. 20, 2025 15.1 koz Ag Acquisition Cost US$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 December 31, 2024 Contained Gold (koz) Silver (koz) Copper (Mlb) Lead (Mlb) Zinc (Mlb) AGEOs* (koz) Proven and Probable 83 5,585 193 175 479 5 Measured and Indicated 37 3,986 138 127 377 – Inferred 50 7,055 111 111 587 – * 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 137 For more information, please visit: www.develop.com.au INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS