Cerro Moro OPERATOR Pan American Silver Corporation COUNTRY: Argentina MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold, Silver STREAM: 9% of Silver Produced REVENUE TO ROYAL (2025): N/A INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: N/A The Cerro Moro silver-gold mine is an open-pit and underground mine located within the Deseado Massif approximately 70 kilometers southwest of the coastal port city of Puerto Deseado in the Santa Cruz province of Argentina. Cerro Moro is owned and operated by Estelar Resources S.A., a wholly-owned subsidiary of Pan American Silver Corp. In 2026, Cerro Moro is expected to produce 2.8 to 3.0 million ounces of silver. (1) Royal Gold owns the right to purchase 9% of silver produced from Cerro Moro. Royal Gold will make ongoing payments for each ounce of silver delivered equal to 30% of the spot price of silver. Cumulative deliveries as of December 31, 2025 since inception total 7.1 million ounces of silver. Royal Gold acquired the Cerro Moro silver stream effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.panamericansilver.com (1) Source: Pan American Silver, January 21, 2026, Press Release. (2) Mineral Resources and reserves details for Cerro Moro are provided in the Mineral Resources and Reserves section of this document, if available. Coringa OPERATOR Serabi Gold plc COUNTRY: Brazil MINE LIFE: 2034 (1) METAL(S): Gold ROYALTY: 2.5% NSR (all metals) REVENUE TO ROYAL (2025): $0.1 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $0.1 million The Coringa mine is an underground mine located in the Tapajós Gold Province in Para State, Brazil approximately 70 kilometers southeast of the city of Novo Progresso. The Coringa mine is owned and operated by Chapleau Exploração Mineral Ltda., a subsidiary of Serabi Gold plc. (“Serabi”). The Coringa mine is expected to produce an average 36,000 ounces per year between 2026 and 2031 with an 11-year mine life until 2034. (1) Royal Gold owns a 2.5% NSR royalty on all metals produced from Coringa. Royal Gold acquired the Coringa royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.serabigold.com (1) Source: Serabi Gold, October 2024 PEA. (2) Mineral Resources and reserves details for Coringa are provided in the Mineral Resources and Reserves section of this document, if available. 116 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS