CANADA Troilus The Troilus Project is located in central Quebec, Canada, approximately 120 kilometers north of the city of Chibougamau. A former producing mine, the Troilus Project is owned and operated by Troilus Mining Corp. (“Troilus”). OPERATOR Troilus Mining Corp. MINERALIZATION STYLE Precambrian Porphyry Au-Cu ROYALTY 1.0% NSR (all metals) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Commissioning & Pre- production (2028/2029) EXPECTED MINE LIFE 22 years (1) Development Update In May 2024, Troilus announced the results of a FS outlining a long-life, large scale, 50,000 tpd open-pit mining operation. Troilus filed the Environmental and Social Impact Assessment for the Troilus Project in June 2025. Troilus is targeting a construction decision in 2026. (1),(2),(3) Royal Gold’s Royalty Interest Royal Gold holds a 1.0% NSR royalty on all metals produced from the Troilus Project. Royal Gold acquired the Troilus royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. Acquisition Cost US$M N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper MINERAL RESOURCES AND RESERVES As of January 15, 2024 Contained Copper (Mlb) Gold (koz) Silver (koz) AGEOs* (koz) Proven and Probable 484 6,020 12,150 68 Measured and Indicated 299 3,381 5,613 38 Inferred 108 1,478 3,811 17 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 12 for a description of AGEO calculation methodology. PROJECT OUTLOOK As per its FS, the Troilus Project is expected to average annual production of 244,600 ounces of payable gold, 17.3 million pounds of copper, and 446,700 ounces of silver. (1) (1) Source: Troilus, May 2024 FS. (2) Source: Troilus, January 8, 2026, Press Release. (3) Source, Troilus, January 2026 Corporate Presentation. Royal Gold | 2025/2026 Asset Handbook 149 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS