MEXICO Peñasquito Peñasquito is an open-pit mine with two main deposits, Peñasco and Chile Colorado, which host gold, silver, lead and zinc reserves. Peñasquito is situated in the western half of the Concepción Del Oro district in the northeast corner of the State of Zacatecas, Mexico. Peñasquito is operated by Minera Peñasquito S.A. de C.V., a subsidiary of Newmont Corporation. OPERATOR Newmont Corporation MINERALIZATION STYLE Breccia-Hosted Pb-Zn-Au- Ag MINE TYPE Open-pit METAL(S) Gold, Silver, Lead, Zinc PRODUCT Concentrate ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine MINE LIFE 2033 (2) Operational Overview Open-pit mining commenced in 2010 and full production was achieved in 2011. Mining is undertaken using a conventional truck-and-shovel fleet. Processing of sulfide ore to produce zinc and lead concentrates uses a conventional crushing, milling and flotation facility with a design capacity of 130,000 tpd. Currently, the Peñasco and Chile Colorado open-pits are being mined. The Peñasco pit has three remaining stages (Phases 7 to 9) and will be excavated to a total depth of 780 m. The Chile Colorado pit has one remaining stage (Phase 2) and will reach 375 meter ultimate depth. An ore stockpiling strategy is practiced. (1) 2026 OPERATOR GUIDANCE 185,000 ounces of gold, 32 million ounces of silver, 198 million pounds of lead and 485 million pounds of zinc. (2) LONGER-TERM OPERATOR OUTLOOK Newmont has forecast average annual production of approximately 300, 000 ounces of gold, 27 million ounces of silver, 197 million pounds of lead and 392 million pounds of zinc for 2027 through 2029. (1) Peñasquito has a large resource base and prospective land package with potential to extend mine life to 2040. (3) Royal Gold’s Royalty Interest Royal Gold owns a 2.0% NSR royalty on all metals produced from areas subject to our royalty interest at the Peñasquito mine. Royal Gold acquired the Peñasquito royalty in January 2007 from Minera Kennecott S.A. de C.V. (1) Source: Newmont, December 31, 2023, Technical Report. (2) Source: Newmont, February 19, 2026, Corporate Presentation. (3) Source: Newmont, November 2021, Corporate Presentation. Royal Gold | 2025/2026 Asset Handbook 75 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS