Highlighted Evaluation Properties 172 Royal Gold | 2025/2026 Asset Handbook North America Berg 173 Great Bear 174 Kerr-Sulphurets-Mitchell 176 South and Central America MARA 178 Omai 180 Australia Pacific Minyari 182 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS