DEVELOPMENTS AND POTENTIAL Khoemacau copper production for 2026 is expected to range between 48,000 and 53,000 tonnes. Higher ore grades are anticipated as mining operations access Zone 5 North. Enhanced development work has been scheduled in the year to expand mining fronts, improve operational flexibility and secure access to higher-grade ore zones. Additionally, construction of a paste fill plant is progressing, with commissioning expected in March 2026. The paste fill project is designed to reduce stope dilution and improve ore grades in the future. MMG plans to expand total production capacity at Khoemacau to 130,000 tonnes of copper in concentrate per year with associated silver output ranging from 4.0 to 4.5 million ounces per year by building a new 4.5 Mtpa process plant, increasing Zone 5 output, and developing additional deposits. A FS for the expansion was completed and approved by the Board of Directors of MMG. Construction of the expansion officially began on February 6, 2026, and first concentrate production expected in the first half of 2028. Looking ahead, MMG has identified a further expansion potential of up to 200,000 tonnes of copper in copper concentrate per year, supported by ongoing exploration activities. A PFS for the next expansion phase is scheduled to begin in 2026. (3) Royal Gold’s exposure to the expansion includes any expanded production from the Zone 5 and Mango NE deposits, which are both located within the area of interest covered by Royal Gold’s silver stream. Royal Gold’s Stream Interest Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, holds a LOM purchase and sale agreement for 100% of the silver produced from Zone 5 at Khoemacau. RGLD Gold AG provided stream financing to KCM, the original owner and project developer, during the construction of Khoemacau, and on January 6, 2021, RGLD Gold AG completed a total advance payment of $212 million in return for a base stream of 80% of payable silver. Subsequently, KCM elected to access an option for up to an additional $53 million in advance payments from RGLD Gold AG for up to the remaining 20% of the silver produced, and as of March 14, 2022, KCM drew fully on this additional advance payment, increasing RGLD Gold AG’s interest to 100% of payable silver. The stream rate will drop by to 50% of the payable silver upon the delivery to RGLD Gold AG of 40 million ounces of payable silver. RGLD Gold AG will pay 20% of the spot price of silver for each ounce delivered. Depending on the achievement by KCM of mill expansion throughput levels above 13,000 tpd, which is 30% above the current mill design capacity, RGLD Gold AG will pay higher ongoing cash payments for ounces delivered in excess of specific annual thresholds. Metal deliveries to RGLD Gold AG typically occur up to a month after production at Khoemacau due to the time required to ship concentrate from the mine site to the smelter and the payment provisions of the offtake contract. FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $138.7 Historic Revenue to Royal Gold 2024: 2025: US$M $33.6 $46.6 Metal Deliveries to Royal Gold Since Inception 5,124.6 koz Ag Advance Payment US$M $265.0 Investment Recovered % 42% Net Book Value US$M $192.8 MINERAL RESOURCES AND RESERVES ** As of June 30, 2025 Contained Silver (koz) Copper (Mlb) AGEOs* (koz) Proven and Probable 21,700 1,472 239 Measured and Indicated 8,314 598 91 Inferred 47,262 2,915 520 * 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. ** Reflects Zone 5 and Mango deposits only. 124 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.mmg.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS