AUSTRALIA Minyari Minyari is situated approximately 35 kilometers north of the Telfer gold-copper mine located in the Paterson Province of the East Pilbara region in Western Australia, and is owned by Antipa Minerals Ltd. (“Antipa”). OPERATOR Antipa Minerals Ltd. MINERALIZATION STYLE Intrusion-Related Au-Cu ROYALTY 1.0% NSR (all metals other than uranium) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 10 years (1) Development Update In October 2024, Antipa released the results of an updated Scoping Study for the Minyari Dome Gold Project. The Scoping Study considers an initial combined open-pit and underground mine and process plant with a nameplate throughput of 3 Mtpa and a 10-year mine life. Average annual LOM production is estimated to be 120,000 ounces of gold. (1) Royal Gold’s Royalty Interest Royal Gold owns a 1.0% NSR royalty on all metals other than uranium produced from Minyari. Royal Gold acquired the Minyari royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. Acquisition Cost US$M N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper MINERAL RESOURCES AND RESERVES As of May 1, 2025 Contained Gold (koz) Silver (koz) AGEOs* (koz) Proven and Probable – – – Measured and Indicated 1,670 533 20 Inferred 704 133 8 * 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. PROJECT OUTLOOK Based on the outcomes of the Updated Scoping Study, the Board of Directors of Antipa approved the progression to a PFS for the Minyari Dome Gold Project. Antipa expects to be in a position to make a final investment decision by mid-2028. (2) Since the release of the Updated Scoping Study, Antipa has continued to the grow the resource at the Minyari Dome Gold Project, to total resources containing 2.7 million ounces of gold, 700,000 ounces of silver, 90,000 tonnes of copper, and 13,000 tonnes of cobalt (up from 2.3 million ounces of gold, 661,000 ounces of silver, 84,000 tonnes of copper, and 13,000 tonnes of cobalt, at the time of the Updated Scoping Study). Antipa continues to target further mineral resource growth and additional delineation of maiden resources through 2026. (3) (1) Source: Antipa, October 2024 Scoping Study. (2) Source: Antipa, 2025 Annual Report. (3) Source: Antipa, January 28, 2026, Press Release. 182 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS