BOTSWANA Khoemacau Khoemacau is a copper-silver mine located in the Kalahari copper belt in northwestern Botswana in the Kalahari Desert and is operated by a subsidiary of MMG Limited (“MMG”). MMG completed the acquisition of Khoemacau Copper Mining (Pty.) Limited, effective March 22, 2024. OPERATOR MMG Limited MINERALIZATION STYLE Sediment-Hosted Cu-Ag MINE TYPE Underground METAL(S) Copper, Silver PRODUCT Concentrate CURRENT STREAM 100% of Payable Silver CURRENT ONGOING PAYMENT 20% of spot for Silver YEAR OF ACQUISITION 2019 TERM OF STREAM Life of Mine MINE LIFE +2040 (1) Operational Overview The Khoemacau operation consists of three mechanized underground mines producing from the Zone 5 orebody and a sulfide ore flotation plant producing a copper-silver concentrate product at Boseto. The project completed construction in the second half of 2021 and ramp-up of mining and processing operations was achieved in December of 2022. Three decline systems access the Zone 5 orebody from surface. A mechanized longhole open stoping mining method is utilized. The upper levels of the mine incorporate stabilizing pillars between long-hole stopes and paste backfill will be used as depth increases to improve overall mineral resource recovery. 2026 OPERATOR GUIDANCE 1.45 to 1.55 million ounces of silver. (2) LONGER-TERM OPERATOR OUTLOOK MMG expects production of 4.0 to 4.5 million ounces of silver per year after completion of the expansion in 2028. Royal Gold expects approximately 60% of this production to be applicable to the silver stream. (1) Source: MMG, November 21, 2023, Acquisition Announcement: MMG disclosed an initial mine life of 27 years. (2) Source: Production estimate received from MMG. (3) Source: MMG, January 22, 2026, Press Release. Royal Gold | 2025/2026 Asset Handbook 123 STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS