Cerro Prieto OPERATOR Goldgroup Mining Inc. COUNTRY: Mexico MINE LIFE: 2031 (1) METAL(S): Gold, Silver ROYALTY: 2.0% NSR (all metals) REVENUE TO ROYAL (2025): N/A INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: N/A Cerro Prieto is an open-pit heap-leach gold mine located approximately 50 kilometers southeast of the town Magdalena de Kino and 150 kilometers northeast of the city of Hermosillo in Sonora, Mexico, and is 100% owned by Goldgroup Mining Inc. (“Goldgroup”). The mine has been in continuous production since 2013. As part of Goldgroup’s strategy to double production, exploration will target several high-potential areas, including the Nueva Esperanza Zone, the Reyna Zone, and along a 2.5 kilometer trend south-southeast from the Centro Pit. (2) Royal Gold owns a 2.0% NSR royalty on metals produced from areas subject to our royalty interest at Cerro Prieto. Royal Gold acquired the Cerro Prieto royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.goldgroupmining.com (1) Source: Goldgroup, November 2025 Corporate Presentation. (2) Source: Goldgroup, Corporate Website. (3) Mineral resources and reserves details for Cerro Prieto are provided in the Mineral Resources and Reserves section of this document, if available. CEZinc OPERATOR Glencore plc COUNTRY: Canada MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Zinc STREAM: 1% of Payable Zinc REVENUE TO ROYAL (2025): $2.0 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $2.0 million The Canadian Electrolytic Zinc Limited (“CEZinc”) smelter is located in Quebec, Canada. CEZinc is situated on the St. Lawrence Seaway along major transportation networks which provide a connection to end markets in the United States and Canada. CEZinc is a wholly owned subsidiary of Glencore Canada Corporation. Established in 1963, the CEZinc refinery has grown steadily, quadrupling its production of refined zinc to become a world leader in the industry. CEZinc is the largest primary zinc processing facility in eastern North America and produces between 260,000 and 270,000 tonnes of zinc products per year. (1) Royal Gold owns the right to purchase 1% of zinc produced from CEZinc, until the later of June 30, 2030 or until 68 million pounds of zinc are delivered. Royal Gold will make ongoing payments for each pound of zinc delivered equal to 20% of the spot price of zinc. Royal Gold acquired the CEZinc zinc stream effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.glencore.com (1) Source: Glencore plc, Corporate Website. 90 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS