46. Williams resources and reserves are reported to CIM standards with an effective date of 12/31/2024. For reserves, a gold price of $1,400 was used, with cut-off grades of 0.43 g/t for open-pit and 2.43 g/t for underground. For resources, a gold price of $1,900 was used, with cut-off grades of 0.36 g/t for open-pit and 1.95 g/t for underground. 47. Wonder resources are reported to JORC standards as of 3/31/2022. Gold price assumption is AUS$2,250 and resources use a 0.5 g/t Au cut-off grade. 48. Woodlawn resources and reserves are reported to JORC standards and have an effective date of 3/22/2024. Metal prices for reserves are $24 Ag, $4.40 Cu, and $1.31 Ag. Cut off grades for are $AUS 120/t for reserves and $AUS 100 for resources. Our interest is capped at AUS $40 million, so only a portion of the reserves will be attributable to Royal Gold. 49. Xavantina reports resource and reserves to CIM standards as of 6/30/2025. Resources and reserves use a gold price of $1,650/oz, and cut-off grade is $72/t. 50. Bachelor-Moroy resources are disclosed under CIM standards with an effective date of 8/5/2021. A gold price of $1,600 was used, with cutoff grades of 1.0 gpt for open pit and 2.6 gpt for underground. 51. Barry-Gladiator resources are disclosed under CIM standards with an effective date of 2/18/2026. A gold price of $2,850 was used, and cutoff grades of 0.3 gpt for open pit and 2.0 gpt for underground. 52. Bateman Gold resources and reserves are reported to JORC standards with an effective date of 12/31/2023. Royal gold royalty covers 80% of the McFinley resource area of the Red Lake property according to Evolution Mining. Gold price used for reserves is AUS$1,800 and the cut-off grade is 3.5 g/t Au. Gold price used for resources is AUS$2,500 with a cut-off grade of 2.5 g/t Au. 53. Bogoso and Prestea resources and reserves are reported under SK-1300 standards with an effective date of 4/1/2024. Gold prices used for reserves and resources were $1,950. Cut-off grades are 0.7 g/t for open pit and 5.2 g/t for underground. 54. Castelo de Sonhos resources and reserves are reported to CIM standards with an effective date of 12/31/2024. Resources and reserves use a gold price of $1,550 and an NSR cut-off of $12.00 per tonne. Royal Gold also holds an option to purchase an additional 1.0% NSR royalty for a further investment of $5.0 million to $8.0 million to be determined by reference to mineralized material at Castelo de Sonhos when the option is exercised. 55. Don Mario resources and reserves are reported to CIM standards and have an effective date of 9/30/2023. Metal prices used for reserves were $1,600 Au, $18.00 Ag, and $3.00 Cu. Resource prices are $1,700 Au, $3.25 Cu. Cut-off grade is 0.3 g/t Au. 56. Hasbrouck Mountain resources and reserves are reported to CIM standards with an effective date of 1/11/2023. Metal prices used for reserves are $1,790 for Au and $21.50 for Ag. For resources, $1,850 Au and $22.75 Ag are used. Cut-off grade is 0.007 opt Au. 57. Hod Maden reserves and resources are reported to SK 1300 standards with an effective date of 8/31.2025. Metal prices for reserves are $1,700 Au and $3.50 Cu. Metal prices for resources are $2,000 and $4. Cut off grade for resources is $99 per tonne. Reserves cutoffs are variable by mining method. Recoveries average 87% for Au and 97% for Cu. 58. Horne 5 Resources and reserves are reported to CIM standards in a study with an effective date of 3/18/2021. Metal prices for reserves are $1,300 Au, $18.50 Ag, $2.15 Cu and $1 Zn. Metals prices for resources are $1,550 Au, $20 Ag, $3 Cu and $1.15 Zn. Cutoff grade for resources is $55 NSR. Specific metallurgical recoveries are not stated. 59. Karma resources and reserves standards for reporting are not clearly stated, nor is the effective date disclosed. Metals prices used, cutoff grades and metallurgical recoveries are not disclosed. 60. Kizrali resources and reserves are reported to CIM standards with an effective date of 12/31/2024. Gold prices used for reserves and resources are $1,250 and $1.400 respectively. Gold Recoveries average 81%. Specific cutoff grades are not disclosed for reserves. Resource cutoff grade is 0.2 gpt Au. 61. Kundip resources and reserves are reported to JORC standards with an effective date of 12/31/2023. The Royal Gold royalty area covers only certain deposit areas. Metal prices used are AUS$2,946 Au, AUS$42.00 Ag and AUS$7.57 and cut-off grade is 0.5 g/t AuEq for open pit and 2.0 g/t AuEq for underground. The royalty pays at a rate of 1.0% on the first 250,000 ounces of gold produced, 1.5% thereafter. 62. Kutcho Creek resources and reserves are reported to CIM standards with an effective date of 7/30/2021. Royal Gold royalty area covers approximately 35% of the reported resources, including 100% of Esso area and 25% of Main area. Sumac is outside the Royal Gold royalty area. Metal prices used for both reserves and reserves are $1,600 Au, $20.00 Ag, $3.50 Cu and $1.15 Zn. NSR cut-off grades for reserves are C$38.40 for oxide open-pit, C$55.00 for sulfide open-pit, 214 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS