MONGOLIA Oyu Tolgoi The Oyu Tolgoi mining complex is located in the South Gobi Desert of Mongolia, approximately 570 kilometers south of the capital city of Ulaanbaatar and 80 kilometers north of the border with China. The Hugo North Extension and Heruga deposits are part of the Oyu Tolgoi mining complex and are managed by Oyu Tolgoi LLC (“OTLLC”), a subsidiary of Rio Tinto PLC (the project manager) and the Government of Mongolia. Entrée Resources Ltd. (“Entrée”) retains a 20% interest in the Hugo North Extension and Heruga deposits. OPERATOR Rio Tinto plc MINERALIZATION STYLE Porphyry Cu-Au CURRENT STREAM 5.62% of gold and silver produced and 0.42% of copper produced (Hugo), 4.26% of gold and silver produced and 0.42% of copper produced (Heruga) CURRENT ONGOING PAYMENT $220 per ounce of gold,$5 per ounce of silver, $0.50 per pound of copper YEAR OF ACQUISITION 2025 TERM OF STREAM Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 2056 ( 1) Development Update Four deposits have been identified in the mineral resources at Oyu Tolgoi: Oyut, Hugo North, Hugo South, and Heruga. In the initial years of production, the main source of ore has been from the Oyut open-pit and while the pit is being mined, underground infrastructure and block cave mine development is ongoing at Hugo North. Conventional crushing, grinding, and flotation circuits process the ore and the concentrates produced are sent to smelters in China. In 2021, Entrée completed an updated FS on its interest in the Entrée/Oyu Tolgoi joint venture (“JV”) property on Hugo North Extension Lift 1 and, also, reported the results of a PEA on Hugo North Extension Lift 2. (1) Production from Oyu Tolgoi Lift 1 Panel 0 commenced in March 2023. The Hugo North Extension deposit at the Entrée/Oyu Tolgoi JV is located at the northern portion of Panel 1. In October 2024, Entrée announced first Oyu Tolgoi Lift 1 Panel 1 underground development on the Entrée/Oyu Tolgoi JV property commenced. In February 2025, the joint venture agreement between Entrée and OTLLC was formally executed, a necessary step to initiate the transfer of joint venture licenses (the Shivee Tolgoi and Javkhlant mining licenses) to the OTLLC. In June 2025, Lift 1 Panel 1 underground lateral development work on the Shivee Tolgoi mining license was paused as the transfer of joint venture licenses remained outstanding. (2) Royal Gold’s Stream Interest Royal Gold has a precious metals stream with Entrée to purchase an amount equal to 5.62% of the gold and silver produced from the Hugo North Extension and Heruga deposits for per ounce cash payments equal to the lesser of $220 per ounce of gold and $5 per ounce of silver and the then-prevailing market price of gold and silver, respectively. Additionally, Royal Gold has a copper stream to purchase an amount equal to 0.42% of the copper produced from Hugo North Extension and Heruga for cash payments equal to the lesser of $0.50 per pound of copper and the then-prevailing market price of copper. The agreement includes provisions that would adjust the extent of the stream if a Mongolian Government acquisition occurs. Royal Gold acquired the Hugo North Extension and Heruga streams effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. Acquisition Cost US$M N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper (1) Source: Entrée Resources, 2021 Technical Report. (2) Source: Entrée Resources, June 6, 2025, Press Release. Royal Gold | 2025/2026 Asset Handbook 169 STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS