BOLIVIA Don Mario Don Mario is an open-pit copper-gold-silver mine located within the San Juan Canton, Chiquitos Province, Santa Cruz Department in eastern Bolivia, approximately 380 kilometers east of Santa Cruz de la Sierra and 76 kilometers from San Juan de Chiquitos. Don Mario is owned by Empresa Paititi S.A., a subsidiary of Orvana Minerals Corp. (“Orvana”). OPERATOR Orvana Minerals Corp. MINERALIZATION STYLE VMS ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE FY 2026 (1) EXPECTED MINE LIFE Oxide Stockpile Project (OSP) and Tailings Reprocessing Project (TRP) have potential to add 6-7 years of mine life (2) Development Update The Don Mario OSP involves a plant expansion to treat ore stockpiled from previous years of mining activity. On December 17, 2025, Orvana announced the initiation of a phased restart of its Don Mario processing plant. Orvana is currently working to enhance the desorption and smelting processes for gold and silver. Subject to completion of these detailed works in the Au-Ag circuit, legacy ore from the Las Tojas area (not part of the oxide stockpiles) is expected to be processed beginning in February into mid-March 2026, with initial doré production to commence in February 2026. Processing of oxide stockpiles ore is expected to begin during April 2026. The OSP is projected to operate for 35 months. (1) Royal Gold’s Royalty Interest Royal Gold holds a 3.0% NSR royalty on all metals produced from the Don Mario Project. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. MINERAL RESOURCES AND RESERVES As of September 30, 2024 Contained Gold (koz) Silver (koz) Copper (Mlb) AGEOs* (koz) Proven and Probable 121 3,221 86 8 Measured and Indicated 71 927 54 5 Inferred 24 190 14 1 * 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: Orvana, January 16, 2026, Press Release. (2) Source: Orvana, November 2025 Corporate Presentation. PROJECT OUTLOOK Detail not publicly disclosed by operator. Acquisition Cost US$M $10.5 Net Book Value US$M $0.0 Historical Revenue US$M $15.4 156 Royal Gold | 2025/2026 Asset Handbook ROYALTY For more information, please visit: www.orvana.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS