ZAMBIA Kansanshi Kansanshi is an open-pit mine owned and operated by Kansanshi Mining PLC, which is 80% owned indirectly by First Quantum Minerals Ltd. (“First Quantum”) and 20% by ZCCM Investments Holdings PLC, a listed company that is majority- owned by the Government of the Republic of Zambia. The mine is located adjacent to the town of Solwezi, the capital of the Zambian North-Western Province. OPERATOR First Quantum Minerals Ltd. MINERALIZATION STYLE Sediment-Hosted Cu-Au MINE TYPE Open-pit METAL(S) Copper, Gold PRODUCT Concentrate & Cathode CURRENT STREAM 75 ounces of gold per million pounds of recovered copper produced CURRENT ONGOING PAYMENT 20% of spot for Gold YEAR OF ACQUISITION 2025 TERM OF STREAM Life of Mine MINE LIFE 2050 (1) Operational Overview Mining at Kansanshi is carried out in three open-pits, Main, Northwest and Southeast Dome, using conventional open-pit methods employing hydraulic and electric equipment and a fleet of haul trucks with electric trolley assist on the main ramps. Ore treatment is flexible to allow for variation in ore type either through an oxide leach circuit, a transitional ore “mixed float” circuit, or sulfide flotation circuits. The oxide and mixed circuits entail crushing, grinding and flotation. Flotation concentrates advance to the smelter for copper anode production and flotation tails are sent to atmospheric acid leaching, SX-EW to produce copper cathode. Sulfide ore undergoes crushing, grinding and flotation with the sulfide flotation concentrate sent to the smelter for copper anode production. Gold is recovered from all ore types by gravity concentrators and flotation. Gemini tables treat the gold gravity concentrates and produce a high-grade concentrate for direct smelting to gold bullion . 2026 OPERATOR GUIDANCE Kansanshi is expected to produce 175,000 to 205,000 tonnes of copper. (2) LONGER-TERM OPERATOR OUTLOOK Three-year guidance (2026-2028) includes 175,000 to 205,000 tonnes of copper for 2026, 210,000 to 240,000 tonnes of copper for 2027, and 230,000 to 260,000 tonnes of copper for 2028. The step up in copper production over the three-year guidance period is underpinned by the ramp-up and grade profile of the sulphide expansion circuit (the “S3 Expansion”). (2) (1) Source: First Quantum, 2025 Annual Information Form. (2) Source: First Quantum, January 15, 2026, Press Release. (3) Source: First Quantum, Q4 2025 MD&A. Royal Gold | 2025/2026 Asset Handbook 49 STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS