CANADA Marban Marban is an open-pit development project located in the western portion of the province of Quebec, Canada, approximately 15 kilometers northwest of Val-d’Or, and immediately northeast of Agnico’s Canadian Malartic property. The property lies at the junction of Dubuisson, Fournière, Malartic and Vassan townships. Marban is owned and operated by Agnico Eagle Mines Limited. Agnico acquired Marban through the acquisition of O3 Mining Inc. (“O3”) on March 18, 2025. OPERATOR Agnico Eagle Mines Limited MINERALIZATION STYLE Orogenic Au ROYALTY 0.5-0.75% (Marban Alliance claims), 1.0-1.5% (Horizon claims) Sliding- Scale NSR (gold only), 2.0% NSR (Gold Hawk) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE As early as 2033 EXPECTED MINE LIFE 12 years ( 1) The Marban property is divided into two projects: Marban Alliance, the southeast portion of the property; and Horizon, which is broader and includes all the north and west parts of the Marban property. Royal Gold’s royalty covers only a portion of the Marban Alliance and Horizon properties but includes the Marban open-pit target, which is the subject of the current technical studies. Development Update Marban Alliance has been the subject of multiple technical studies during its development, including a PEA in 2020 and a PFS in 2022. In Q4 2025, Agnico Eagle completed an internal evaluation on Marban which envisions a 14,000 to 16,000 tpd open-pit operation. (2) (1) Source: O3, September 2022 PFS. (2) Source: Agnico Eagle, February 12, 2026, Press Release. (3) Acquired as part of a portfolio of royalties. An acquisition cost of nil was assigned to the Marban royalty. PROJECT OUTLOOK Agnico Eagle considers the Marban deposit as a potential satellite open-pit to feed the Canadian Malartic mill in the medium-term as part of a “fill-the- mill” strategy. In Q4 2025, Agnico Eagle completed an internal evaluation on Marban. The technical evaluation envisions a 14,000 to 16,000 tpd open-pit operation producing between 120,000 to 150,000 ounces of gold per year over a 12 year LOM. In 2026, Agnico Eagle will integrate new drilling into an optimized pit design and assess opportunities to redeploy mobile equipment from the Barnat pit at Canadian Malartic to minimize capital expenditures for the project. The results of this evaluation, expected at the end of 2026, will support the permitting process which is expected to be completed in 2030. Project construction could begin in 2031, with the potential for initial production as early as 2033. (2) Acquisition Cost US$M $0.0 (3) Net Book Value US$M $0.0 Royal Gold | 2025/2026 Asset Handbook 147 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS