TÜRKİYE Hod Maden The Hod Maden Project is an advanced high-grade gold-copper project located in northeastern Türkiye within the Eastern Pontides metallogenic belt. On May 8, 2023, SSR Mining Inc. acquired a 10% ownership interest and operatorship in the Hod Maden project. SSR Mining has the option to acquire an additional 30% of Hod Maden (currently held by Lidya Mines) connected to the completion of project construction spending milestones. Royal Gold owns a direct 30% non- operating interest in Hod Maden in addition to a royalty. OPERATOR SSR Mining Inc. MINERALIZATION STYLE High-Sulfidation Epithermal Au ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 10 years (1) Development Update Engineering studies and site preparation activities continue as SSR mining advances the Hod Maden Project through to a construction decision, which SSR Mining expects in 2026. PROJECT OUTLOOK A FS on the Hod Maden Project was released in 2026 which considered an underground mine with a processing rate of 800,000 tpa. The FS outlined a mine life of 10 years with average annual production of 159,000 ounces of gold per year at an average grade of 7.6 g/t Au and 21 million pounds of copper per year at an average grade of 1.3%. The average recovery is expected to be 87% for gold and 97% for copper. Capital costs are estimated at approximately $910 million. (1) The regional land package is relatively underexplored, offering significant exploration potential across the property, including numerous untested soil geochemistry targets and a geological setting conducive to further exploration targeting through geophysical surveying. Royal Gold’s Royalty Interest Royal Gold owns a 30% non-operating joint venture interest in the Hod Maden Project. Royal Gold is required to fund its 30% share of project costs. Additionally, Royal Gold owns a 2.0% NSR royalty on all metals produced from areas subject to our royalty interest at the Hod Maden Project. Royal Gold acquired the Hod Maden royalty and joint venture interest effective October 20, 2025, with the acquisition of Sandstorm Gold and Horizon Copper. Acquisition Cost US$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 August 31, 2025 Contained Gold (koz) Copper (Mlb) AGEOs* (koz) Proven and Probable 1,900 220 44 Measured and Indicated 660 66 15 Inferred 280 26 6 * 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. (1) Source: SSR Mining Inc., January 2026 Technical Report. 162 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS