DEVELOPMENTS AND POTENTIAL Lundin Gold is currently evaluating the integration of the FDNS, a high-grade system to the south of FDN. A development decision is expected in the first half of 2026. Combined with strong near-mine exploration success achieved to date, the operation is positioned to potentially increase its processing capacity beyond the current 5,500 tpd. To support this opportunity, a mine to mill expansion study is underway to evaluate the technical and economic parameters of increasing throughput beyond 5,500 tpd. The results of this study will inform an investment decision, which is expected to be made in the second half of 2026. Lundin Gold has also identified a large intrusive complex hosting several shallow copper gold porphyry systems within a short distance of each other, and the newest discovery extends the porphyry corridor to at least 10 kilometers in length. (2) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $3.5 Historic Revenue to Royal Gold US$M 2024: 2025: N/A $3.5 Historic Revenue to Sandstorm Gold US$M $9.9 $10.6 Acquisition Cost US$M N/A Investment Recovered % N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper MINERAL RESOURCES AND RESERVES As of December 31, 2025 Contained Gold (koz) Silver (koz) AGEOs* (koz) Proven and Probable 5,845 8,887 54 Measured and Indicated 1,634 2,833 15 Inferred 2,031 5,071 19 * 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 111 For more information, please visit: www.lundingold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS