Diavik OPERATOR Rio Tinto plc COUNTRY: Canada MINE LIFE: Q1 2026 (1) COMMODITY: Diamond ROYALTY: 1.0% NVR REVENUE TO ROYAL (2025): $0.9 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $0.9 million The Diavik mine is located on a 20 square kilometer island in Lac de Gras, Northwest Territories, approximately 300 kilometers northeast of Yellowknife. The Diavik mine is owned and operated by Diavik Diamond Mines (2012) Inc., a subsidiary of Rio Tinto plc. The Diavik mine is Canada’s largest diamond mine. Four diamond bearing kimberlite pipes are located just off the eastern shore of the island and although the pipes are relatively small, each having surface expressions less than 200 meters in diameter, they are high-grade. Royal Gold owns a 1.0% NVR on diamonds produced from the Diavik mine. Royal Gold acquired the Diavik royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.riotinto.com (1) Source: Rio Tinto, Corporate Website. (2) Mineral Resources and reserves details for Diavik are provided in the Mineral Resources and Reserves section of this document, if available. Dolores OPERATOR Pan American Silver Corp. COUNTRY: Mexico MINE LIFE: 2024 (1) METAL(S): Gold, Silver ROYALTY: 3.25% NSR (gold only), 2.0% NSR (silver only) REVENUE TO ROYAL (2025): $5.3 million INVESTMENT RECOVERED: 180% REVENUE TO ROYAL GOLD SINCE INCEPTION: $100.5 million Dolores is an open-pit and underground silver-gold mine located in the State of Chihuahua, Mexico. Dolores is owned and operated by Pan American Silver Corporation. Mining concluded in July 2024 and stacking of ore on the leach pad concluded in Q1 of 2025. The mine has now transitioned into the residual leaching phase with active reclamation. In the residual leaching phase, gold production is expected to continue for two years and silver production for seven years. (2) For 2026, Dolores is expected to produce 18,000 to 20,000 ounces of gold and 0.35 to 0.45 million ounces of silver. (3) Royal Gold holds a 3.25% NSR royalty on gold and a 2.0% NSR royalty on silver produced from the Dolores mine. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. For more information, please visit: www.panamericansilver.com (1) Source: Pan American Silver, 2024 Annual Information Form. (2) Source: Pan American Silver, April 1, 2025, Modelling Workshop. (3) Source: Pan American Silver, January 20, 2026, Press Release. (4) Mineral Resources and reserves details for Dolores are provided in the Mineral Resources and Reserves section of this document, if available. 92 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS