CANADA Kerr-Sulphurets-Mitchell The Kerr-Sulphurets-Mitchell (“KSM”) Project is a gold, copper, silver and molybdenum project located 65 kilometers northwest of Stewart, in the mineral- rich area commonly referred to as the Golden Triangle of British Columbia. KSM is owned by Seabridge Gold (“Seabridge”). The KSM Project is one of the world’s largest undeveloped gold/copper projects by gold and copper resources. OPERATOR Seabridge Gold Inc. MINERALIZATION STYLE Porphyry Cu-Au ROYALTY Option to acquire either 1.25% NSR (gold and silver) or 2.0% NSR (gold and silver) YEAR OF ACQUISITION TBD TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 72 years (1) Development Update In 2022, Seabridge completed a PFS considering only open- pit reserves (from Mitchell, East Mitchell and Sulphurets). Furthermore, also in 2022, Seabridge completed a PEA based on mining copper-rich block caves at the Kerr and Iron Cap deposits (not included in the PFS). Seabridge has also received social approvals from a number of local First Nations groups (Impact Benefits Agreements signed with the Nisga’a and Tahltan Nations, letters of support received from the Terrace, Smithers and Gitxsan Nations, and a non- opposition agreement with the Gitanyow Nation). Environmental approvals include the B.C. Environmental Assessment (“EA”) certificate (issued July 2014) and the Federal Environmental approval (received December 2014). To extend the EA approvals for the life of the project, KSM must be “substantially started” by July 2026. On July 26, 2024, Seabridge announced it had received its “substantially started” designation from the BC government. (2) Royal Gold’s Royalty Interest Royal Gold holds an option to acquire either a 1.25% NSR royalty or a 2.0% NSR royalty on all gold and silver produced from the KSM Project. The exercise price to acquire a 1.25% NSR royalty is C$100 million and a 2.0% NSR royalty is C$160 million. Royal Gold does not expect to consider exercising the royalty purchase option until the project achieves certain permitting and financing requirements and a decision to construct has occurred. The options to purchase the NSR royalty will remain exercisable for 60 days following Royal Gold’s satisfaction that the project has received all material approvals and permits, has sufficient committed funding for construction and certain other conditions have been met. (1) Source: Seabridge, January 2024 Corporate Presentation: 2022 PFS demonstrates 33-year open-pit only mine plan while 2022 PEA shows potential of an additional 39 years of mine life from block caves at Kerr and Iron Cap deposits. (2) Source: Seabridge, July 26, 2024, Press Release. (3) C$18 million was paid for an option to acquire a royalty. 176 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS