AUSTRALIA Bellevue Bellevue is an underground gold project located in Northeastern Goldfields, Western Australia, approximately 430 kilometers north of Kalgoorlie and 160 kilometers north of Leonora. Bellevue is owned and operated by Golden Spur Resources Pty Ltd., a wholly-owned subsidiary of Bellevue Gold Limited (“Bellevue Gold”). OPERATOR Bellevue Gold Limited MINERALIZATION STYLE Orogenic Au MINE TYPE Underground METAL(S) Gold PRODUCT Doré ROYALTY 2.0% NSR (all metals), 2.0% NSR (gold), 1.5% NSR (all other metals) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2033 (1) Operational Overview The Bellevue mine achieved production on time and on budget with its first gold pour on October 25, 2023. Underground mining at Bellevue utilizes long-hole open- stoping. The Bellevue processing facility is a nameplate 1.0 Mtpa conventional CIL and gravity plant. Ore will be predominantly derived from underground extraction with five separate work areas in the underground reflecting the new lode discoveries: Tribune, Deacon, Viago, Marceline and Armand. 2026 OPERATOR GUIDANCE Fiscal year 2026 (June 30th ending) guidance is 130,000 to 150,000 ounces. (2) LONGER-TERM OPERATOR OUTLOOK Bellevue is targeting production of 175,000 to 195,000 ounces in fiscal year 2027. (2) Royal Gold’s Royalty Interest Royal Gold holds a 2.0% NSR royalty on all metals produced from the mining leases M36/25 and M36/299 and the exploration license E36/535, and a 2.0% NSR on gold and 1.5% NSR on all other metals produced from the mining lease M36/24. Royal Gold acquired these royalty interests effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Mining Corporation. (1) Source: Bellevue Gold, June 10, 2022, Press Release. (2) Source: Bellevue Gold, August 1, 2025, Press Release. (3) Source: Bellevue Gold, October 23, 2025, Press Release. (4) Source: Bellevue Gold, January 20, 2026, Press Release. 128 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS