UNITED STATES Cactus The Cactus Project is a brownfield copper development project owned by Arizona Sonoran Copper Company Inc. (“ASCU”) near the city of Casa Grande, Arizona. The Cactus Project encompasses an extensive land package of approximately 5,720 acres, which includes the Parks/Salyer deposit and the Cactus East and Cactus West deposits. The Project is located on private land and is close to significant infrastructure including paved roads, railways and grid power. OPERATOR Arizona Sonoran Copper Company Inc. MINERALIZATION STYLE Porphyry Cu ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2024 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE 2029 (1) EXPECTED MINE LIFE 22 years (2) Development Update On November 19, 2025, ASCU announced the results of a PFS for the Cactus Project. The PFS outlines a conventional copper operation utilizing open-pit mining from the Cactus and Parks/Salyer deposits and heap leach SX-EW processing to produce LME Grade A copper cathode onsite. In terms of next steps, ASCU is planning to deliver a FS (expected H2 2026), and is advancing the project to a final investment decision as early as Q4 2026 with targeted first cathode production in 2029. (2) PROJECT OUTLOOK As per the November 2025 PFS, the Cactus Project is expected to produce an average of 198 million pounds of copper per year over its LOM, including an average of 226 million pounds of copper per year over the first 10 years. (2) Acquisition Cost US$M $55.0 Net Book Value US$M $48.1 (1) Source: ASCU, February 2025 Corporate Presentation. (2) Source: ASCU, November 2025 PFS. Royal Gold’s Royalty Interest Royal Gold holds a 2.0% NSR royalty that covers 100% of the Cactus East and Cactus West deposits, as well as 50-60% of the Parks/Salyer deposit. Royal Gold acquired this royalty interest on December 31, 2024, from a private seller. MINERAL RESOURCES AND RESERVES As of October 20, 2025 Contained Copper (Mlb) AGEOs* (koz) Proven and Probable 3,106 78 Measured and Indicated 4,480 112 Inferred 1,558 39 * 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 143 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS