and (ii) January 1, 2036. The FCF Interest will increase to 10% after the earlier of (i) the first fiscal year following the delivery of both 665,000 ounces of gold and 60,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. 5. Pueblo Viejo resources and reserves are reported under CIM and SK-1300 standards and have an effective date of 12/31/2025. Royal Gold’s stream interest is 60%, corresponding to Barrick’s 60% share of the project. Metal prices used for reserves are $1,500 Au and $20.00 Ag. Metal prices used for resources are $2,000 Au and $25.00 Ag. Specific cut-off grades are not disclosed. Our stream interest at Pueblo Viejo is 7.5% of payable gold until 990,000 ounces are delivered, 3.75% thereafter, and 75% of payable silver until 50 million ounces are delivered, 37.5% thereafter. 6. Aurizona resources and reserves are based on a Technical report filed by Equinox gold with effective date of 6/30/2021. The current operator does not publicly disclose resources and reserves. Metal prices used for reserves and resources were $1,500 and $1,350, respectively. Cutoff grades varied from 0.35 to 1.8 g/t. Average gold recovery assumptions were 90%. 7. Back River Gold District resources and reserves are reported to CIM standards with an effective date of 12/31/2025. Reserves and resources use gold prices of $1,750 and $2,500 respectively. Cut-off grades for reserves are 1.65 g/t for open-pit and 4.64 g/t for underground. Resource cut-off grades are 0.9 g/t for open pit and 2.2 g/t for resources in Goose and 1.4 for open pit and 3.1 for underground in George. Royalty revenue from the Goose Project is expected based on the following royalty rates and cumulative production thresholds: 0.7% NSR royalty rate until the receipt of C$5 million of royalty revenue, declining to 0.35% thereafter, on all gold produced from startup through to the cumulative production of 400,000 ounces; 2.5% GSR royalty rate on all gold produced after the cumulative production of 400,000 ounces up to a cumulative total of approximately 780,000 ounces; and 3.3% GSR royalty rate on all production above cumulative production of approximately 780,000 ounces. Royalty revenue from the George portion is expected based on an approximate 3.2-4.0% GSR royalty rate, which is payable after cumulative production of 800,000 ounces. 8. Bayan Khundii resources and reserves are reported under CIM standards and have an effective date of 8/1/2023. Gold prices for reserves and resources are $1816 and $2000, respectively. Average recovery assumptions is 92.7% and Cutoff grade is 0.63 g/t for reserves. 9. Bellevue resources and reserves are reported under JORC standards and have an effective date of 3/1/2025. Gold price for reserves is AUS$2,750 and the cut-off grade is 3.5 g/t Au. Gold price for resources is AUS$2,750 and cut-off grade is 2.5 g/t Au. The royalty rate varies depending on the tenement. It is 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. 10. Black Fox resources are reported under CIM standards and have an effective date of December 31, 2024. Resources use a $2,000 Au price. Cut-off grades and metallurgical recoveries vary by deposit area. 11. Bonikro resources and reserves are reported under CIM standards with an effective date of 12/31/2024. Gold prices for reserves and resources are $1,800 and $2,000 respectively. Cut off grades are 0.57-0.64 gpt Au for reserves and 0.5 gpt Au for resources. Specific metallurgical recoveries are not disclosed. 12. Canadian Malartic resources and reserves are reported under CIM standards and have an effective date of 12/31/2025. Reserves and resources use a $1,300 Au price and a cut-off grade of 0.41 g/t Au. The royalty is based on a sliding scale, which caps at 1.5% at a gold price equal to or above $350 per ounce. 13. Cerro Moro resources and reserves are reported under CIM standards with an effective date of 6/30.2025. Metal prices for reserves are $2,500 Au and $28 Ag, and for resources are $2,650 Au and $30 Ag. Specific cutoff grades and recoveries are not disclosed. 14. Coringa resources are reported under CIM standards with an effective date of 4/16/2024. Resources use a gold price of $1,950 Au and a cutoff grade of 3.16 gpt. Metallurgical recovery assumption is 97%. 15. Côté Gold resources and reserves are reported to CIM standards with an effective date of 12/31/2024. 70% of reported reserves and resources are expected to fall within the Royal Gold royalty ground. Reserves and resources use gold prices of $1,400 and $1,700, respectively. Specific cut-off grades are not disclosed by the operator. 16. Don Nicolas is a producing property, but no reserves are disclosed. Resources are disclosed under CIM standards as of 4/1/2024. A gold price of $1,550 is used for resource reporting, with cut-offs of 0.3 g/t Au for open-pit and 1.95 g/t Au for underground. 17. El Limón resources and reserves are reported under CIM standards and have an effective date of 12/31/2024. Metal prices used for reserves were $1,700 Au and $23.00 Ag and cut-off grades range from 1.09 to 1.16 g/t Au in the open-pit and 1.57 to 3.01 g/t Au in the underground. For resources, gold prices of $1,800 and silver prices of $23 are used with cut-off grades of 0.96 to 1.19 g/t Au in open-pits and 1.49 to 2.62 g/t in underground. Royal Gold | 2025/2026 Asset Handbook 211 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS