Bachelor-Moroy OPERATOR Bonterra Resources Inc. COUNTRY: Canada MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold ROYALTY: Varying 3.9% to 4.9% NSR (all metals) EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. Bachelor-Moroy is located 225 kilometers northeast of Val d’Or, Quebec, Canada. The Bachelor mine reached commercial production in 2013 as a long-hole underground operation and the mined ore is processed at the Urban-Barry mill. The Moroy deposit is a recent discovery near the Bachelor Mill with access via the Bachelor mine underground infrastructure. The Bachelor mine and Moroy deposit is currently on long-term care and maintenance. (1) Royal Gold holds a varying 3.9% to 4.9% NSR royalty on all metals produced from areas subject to our royalty interest at Bachelor-Moroy. Royal Gold acquired the Bachelor-Moroy royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.btrgold.com (1) Source: Bonterra, Q3 2025 MD&A. (2) Mineral Resources and reserves details for Bachelor-Moroy are provided in the Mineral Resources and Reserves section of this document, if available. Barry-Gladiator OPERATOR Bonterra Resources Inc. COUNTRY: Canada MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold ROYALTY: Varying 3.9% to 4.9% NSR (Barry), 1.0% NSR (Gladiator) (all metals) EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. Barry-Gladiator is located 110 kilometers east from the town of Lebel-sur-Quévillon of Val d’Or, Quebec, Canada. On June 13, 2022, the results of a PEA were released for the Barry open-pit project with average annual gold production of 30,000 ounces per year LOM. The Gladiator deposit is located 12 km east of the Barry deposit. (1) Royal Gold holds a varying 3.9% to 4.9% NSR royalty on all metals produced from areas subject to our royalty interest at the Barry deposit and a 1.0% NSR on all metals produced from areas subject to our royalty interest at the Gladiator deposit. Royal Gold acquired the Barry-Gladiator royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.btrgold.com (1) Source: Bonterra, Q3 2025 MD&A. (2) Mineral Resources and reserves details for Moroy / Bachelor are provided in the Mineral Resources and Reserves section of this document, if available. Royal Gold | 2025/2026 Asset Handbook 151 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS