DEVELOPMENTS AND POTENTIAL For 2026, gold production is expected to decrease due to the ramp-down of mining at Penaco Phase 7 as planned. At the same time, silver production is expected to increase, while lead and zinc production is expected to decrease largely due to grades milled, including increased stockpile processing. With the current focus on stripping, higher grades are expected beginning in 2028. (2) Newmont has identified high-priority exploration targets immediately to the east and west of the mine area under alluvial cover. Peñasquito has a large resource base and prospective land package with potential to extend the mine life to 2040. (3) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $513.3 Historic Revenue to Royal Gold US$M 2024: 2025: $46.1 $70.2 Acquisition Cost US$M $99.2 Investment Recovered % 518 % Net Book Value US$M $27.7 MINERAL RESOURCES AND RESERVES As of December 31, 2025 Contained Gold (koz) Silver (koz) Lead (Mlb) Zinc (Mlb) AGEOs* (koz) Proven and Probable 3,200 230,000 1,305 3,263 155 Measured and Indicated 1,600 188,000 1,213 2,890 109 Inferred 100 7,100 41 122 5 * 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. 76 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.newmont.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS