PROJECT OUTLOOK Glencore outlined a plan to restart the past-producing Alumbrera mine to de-risk Agua Rica through early plant recommissioning and stabilize the Alumbrera pit for future tailings use. First production from the Alumbrera restart is expected H1 2028. The Alumbrera restart will precede the start up of Agua Rica, which is expected in H2 2031. Glencore outlined average annual production from Agua Rica of 156,000 tonnes of copper and 108,000 ounces of gold over the life of the mine. (1) MINERAL RESOURCES AND RESERVES As of December 31, 2025 Contained Copper (Mlb) Gold (koz) Silver (koz) Molybdenum (Mlb) AGEOs* (koz) Proven and Probable – – – – – Measured and Indicated 15,052 7,700 129,285 798 81 Inferred 703 318 6,720 73 4 * 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 179 For more information, please visit: www.glencore.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS