Ilovica OPERATOR Euromax Resources Ltd. COUNTRY: North Macedonia MINE LIFE: 20 years (1) METAL(S): Gold STREAM: See below for conditions to be satisfied. EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. Ilovica is a porphyry copper-gold deposit, owned by Euromax Resources DOO Skopje, a wholly-owned subsidiary of Euromax Resources Ltd. (“Euromax”). Ilovica is located in southeast North Macedonia, within the municipality of Bosilovo. Euromax completed a FS for Ilovica in January 2016 which estimated average annual payable production of 83,000 ounces of gold and 16,000 tonnes of copper over its mine life. (1) Euromax is currently working with the North Macedonian authorities to advance permitting approval. In 2014, Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, announced a $175 million gold stream transaction with Euromax to finance the construction of Ilovica. Upon completion of the investment, Royal Gold is entitled to 25% of the payable gold until 525,000 ounces of payable gold have been delivered, and 12.5% thereafter. The purchase price for gold ounces delivered is 25% of the spot gold price. To date, Royal Gold paid two advance deposit payments totaling $15 million. A third payment of $160 million remains subject to certain conditions. Early termination provisions allow the return of Royal Gold’s $15 million investment under certain circumstances or, alternatively, allow Royal Gold to retain a gold stream calculated as 2.0% of Ilovica’s gold production for the life of the project with no further investment beyond the first $15 million. For more information, please visit: www.euromaxresources.com (1) Source: Euromax Resources, 2016 FS. (2) Mineral Resources and reserves details for Ilovica are provided in the Mineral Resources and Reserves section of this document, if available. Karma OPERATOR Néré Mining COUNTRY: Burkina Faso MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold STREAM: 1.625% of Payable Gold EXPECTED STARTUP DATE: N/A The Karma mine is located in north-central Burkina Faso, near the city of Ouahigouya, approximately 185 kilometers north-west of Ouagadougou, the capital city of Burkina Faso. Karma is owned 90% by Néré Mining, a Burkina Faso-based consortium, and 10% by the Government of Burkina Faso. Royal Gold owns the right to purchase 1.625% of payable gold from Karma. Royal Gold will make ongoing payments for each ounce of gold delivered equal to 20% of the spot price per ounce of gold. Royal Gold acquired the Karma gold stream effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.nere-mining.bf (1) Mineral Resources and reserves details for Bogoso and Prestea are provided in the Mineral Resources and Reserves section of this document, if available. Royal Gold | 2025/2026 Asset Handbook 167 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS