Emigrant-Rain OPERATOR Barrick Mining Corporation COUNTRY: United States MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold ROYALTY: 1.5% NSR (all metals), 5.0% NSR (all metals) capped at $2.5M REVENUE TO ROYAL (2025): $0.1 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $0.1 million Emigrant-Rain is held within the Barrick-operated Nevada Gold Mines joint venture owned by Barrick Mining (61.5%) and Newmont Corporation (38.5%). Emigrant-Rain is located at the south end of the Carlin Trend, a major regional gold belt in Nevada, United States. Royal Gold owns a 1.5% NSR royalty on all metals produced from Emigrant-Rain. Additionally, Royal Gold owns a 5.0% NSR royalty on all metals produced from Emigrant-Rain which is capped at $2.5 million. Royal Gold acquired the Emigrant royalties effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.barrick.com (1) Mineral resources and reserves details for Emigrant are provided in the Mineral Resources and Reserves section of this document, if available. Galena OPERATOR Americas Gold and Silver Corporation COUNTRY: United States MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Silver, Copper, Antimony ROYALTY: 0.2% NSR (all metals) REVENUE TO ROYAL (2025): -$0.1 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: -$0.1 million The Galena Complex is located in Idaho, United States, in the eastern part of the Coeur d’Alene Mining district, and is owned 100% by Americas Gold and Silver Corporation (“Americas”). A multi-year optimization of the Galena Complex is currently underway, focused on infrastructure upgrades to support increased underground mining rates to better utilize available plant capacity. Additionally, Americas is working to unlock value from its antimony production. Royal Gold owns a 0.2% NSR royalty on metals produced from Galena. The 0.2% royalty covering Cosalá and Galena may be eliminated with a buyout payment of $1.9 million. Royal Gold acquired the Galena royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.americas-gold.com (1) Mineral Resources and reserves details for Galena are provided in the Mineral Resources and Reserves section of this document, if available. Royal Gold | 2025/2026 Asset Handbook 93 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS