Mercedes OPERATOR Highlander Silver Corp. COUNTRY: Mexico MINE LIFE: 2033 (1) METAL(S): Gold, Silver ROYALTY: 2.0% NSR (all metals) REVENUE TO ROYAL (2025): $3.5 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $3.5 million Mercedes is an underground mine located in Sonora, Mexico, approximately 250 kilometers northeast of Hermosillo. Mercedes is owned and operated by Highlander Silver Corp.(“Highlander”). Mercedes is a fully mechanized, ramp-access underground mine. The Mercedes mill has capacity for approximately 2,000 tpd. Commercial production commenced at the Mercedes mine in 2011. Royal Gold owns an unsecured 2.0% NSR royalty on the Mercedes mine. As part of agreements to restructure equity and various debt investments in Bear Creek, Royal Gold acquired the Mercedes NSR royalty effective February 26, 2026. For more information, please visit: www.highlandersilver.com (1) Source: Bear Creek, Q3 2025 MD&A. (2) Mineral Resources and reserves details for Mercedes are provided in the Mineral Resources and Reserves section of this document, if available. Moss OPERATOR Mako Mining Corp. COUNTRY: United States MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold, Silver ROYALTY: 0.5% to 3.0% NSR (all metals) REVENUE TO ROYAL (2025): N/A INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: N/A The Moss open-pit, heap-leach gold mine is located in Mohave County in northwestern Arizona, approximately 16 kilometers from Bullhead City, Arizona, and about 145 kilometers from Las Vegas, Nevada. Commercial production at the Moss mine began in September 2018. Currently, mining activities are focused on the Moss vein system. Gold and silver is recovered through heap leaching and the Merrill-Crowe process to produce doré. A number of mineralization-rich systems and alteration zones are present on the Moss property which represent significant targets for further exploration. (1) Royal Gold owns a NSR royalty on all metals at rates of 0.5%, 1.0% and 3.0% depending on production from specific claims on the Moss mine. Royal Gold acquired the Moss royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.makominingcorp.com (1) Source: Mako Mining, Corporate Website. (2) Mineral Resources and reserves details for Moss are provided in the Mineral Resources and Reserves section of this document, if available. 96 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS