DEVELOPMENTS AND POTENTIAL In 2024, Antamina received approval for the Modification of Environmental Impact Assessment (“MEIA”) which allows for an investment of approximately $2 billion to extend operations at Antamina through to 2036. The MEIA allows Antamina to optimize mining activities within its current infrastructure while expanding the footprint of the open-pit and improving tailings management facilities. The MEIA also contemplates an increase in processing capacity to up to 208,000 tpd, which is an approximate 40% boost from current levels. Additional mineral resource conversion is expected as Antamina advances Pre-Feasibility level studies focused on long-term tailings storage solutions. (1) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $8.6 Historic Revenue to Royal Gold US$M 2024: 2025: N/A $8.6 Historic Revenue to Sandstorm Gold US$M $8.1 $8.5 Historic Revenue to Horizon Copper US$M $12.8 $15.5 Acquisition Cost US$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, 2025 Contained Silver (koz) Copper (Mlb) Zinc (Mlb) Molybdenum (Mlb) AGEOs* (koz) Proven and Probable 196,923 10,621 6,873 282 90 Measured and Indicated 117,125 5,829 2,666 129 57 Inferred 424,711 26,711 12,441 524 253 * 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. Royal Gold | 2025/2026 Asset Handbook 101 For more information, please visit: www.teck.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS