DEVELOPMENTS AND POTENTIAL For 2026, mine sequencing is expected to remain in higher-grade zones, as previously indicated, benefiting from mine development completed in 2025. Processing circuit optimization continues, with a focus on enhancing gravity recovery, circuit efficiency, and slurry control. Power reliability also improved, contributing to greater plant stability. Compared to 2025, waste stripping at Bonikro will be lower, providing increased flexibility for ore mining. This lower strip ratio is expected to be maintained through 2026 and 2027. (3) Allied is actively advancing exploration and optimizations, to increase the mine life to at least 10 years. (4) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $5.2 Historic Revenue to Royal Gold 2024: 2025: US$M N/A $5.2 Historic Revenue to Sandstorm Gold US$M $16.9 $14.8 Metal Deliveries to Royal Gold Since Oct. 20, 2025 1.2 koz Au Acquisition Cost US$M N/A Investment Recovered % 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 December 31, 2024 Contained Gold (koz) AGEOs* (koz) Proven and Probable 444 16 Measured and Indicated 1,237 22 Inferred 474 9 * 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. 120 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.alliedgold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS