Attributable Gold Equivalent Ounces Attributable Gold Equivalent Ounces (“AGEOs”) are a measure used to describe the portion of an operator’s reported reserves or resources that we believe are attributable to Royal Gold’s stream or royalty interest. AGEOs consider our estimate of the value of the reserves or resources subject to a stream or royalty interest converted to gold equivalent ounces (“GEOs”). Limitations of AGEO as a measure AGEOs are derived from in-situ metal and do not account for certain factors that could affect both the future economic viability of the AGEO interest and the value of that interest to Royal Gold. Limitations that prevent the AGEO measure from providing a complete understanding of Royal Gold’s financial interest in a property include: • Metallurgical recoveries – these are not considered in the calculation as recovery may be variable within a deposit depending on material type and process path. Recoveries are generally unknown for projects with resources that do not have processing methods identified. • Payability factors and treatment/refining charges – these are not considered in the calculation for NSR royalty interests as payability is specified in the offtake agreements in place from time to time. • Ore resource conversion factors – these are not included in the calculation. Operator estimates of mineral resources are subject to development risks that may impact the conversion of estimated mineral resources to mineral reserves. AGEO calculation methodology • Royalty interest AGEOs – contained metal, in either reserves or resources, subject to Royal Gold’s royalty interest, multiplied by the metal price, divided by the gold price, which results in the GEO reserve or resource. This GEO quantity is then multiplied by the applicable royalty percentage, as modified by deductions specific to the royalty type (if applicable), to yield AGEOs. For royalty interests that are calculated on a fixed dollar per tonne or dollar per metal quantity basis, these are converted to a royalty percentage based on internal budget pricing and grade and treated similarly to royalty interests that are determined on a percentage rate basis. Deductions for the different types of royalty interests are included as follows: • NSR royalties – assume 100% of the royalty rate without deductions, as the deductions for these royalty types are typically not significant. • NVR – include deductions in a range of 5% to 60% of the royalty rate depending on historical deductions or estimates for each specific royalty. • NPI royalties – include deductions of 90% of the royalty rate, as NPI royalties are an interest in net profits and significant deductions are typical. • Stream interest AGEOs – contained metal, in either reserves or resources, subject to Royal Gold’s stream interest, multiplied by the net metal price (the metal price less the price paid for future metal deliveries), divided by the gold price, which results in the GEO reserve or resource. This GEO quantity is then multiplied by the applicable stream percentage to yield AGEOs. Metal prices for this calculation are based on Royal Gold’s internal budget pricing, which is developed using various inputs and is updated annually as part of the budgeting process. Key budget prices used for the AGEO calculations in this edition of the handbook are: $4,000/oz gold, $55/oz silver, $5.00/lb copper, $0.91/lb lead, $1.35/lb zinc, $7.30/lb nickel, $20/lb cobalt, and $21/lb molybdenum. Mineral Resources and Reserves related to Royal Gold’s stream and royalty interests are reported on page 196 of this handbook. Portfolio AGEO Breakdown (1) AGEOs (in Thousands) Property Stage Proven and Probable Measured and Indicated Inferred Principal 3,776 1,553 486 Producing (Excluding Principal) 2,011 1,496 1,730 Development 1,229 639 470 Evaluation — 1,955 1,049 Exploration (Excluding Evaluation) — 2 — All Stages 7,016 5,644 3,736 AGEOs (in Thousands) Regions Proven and Probable Measured and Indicated Inferred North America 3,673 2,867 1,643 South and Central America 1,527 2,048 924 Europe, Middle East, Africa (EMEA) 1,632 412 864 Australia Pacific 185 318 305 All Regions 7,016 5,644 3,736 (1) AGEO resources exclusive of reserves. 12 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS