DEVELOPMENTS AND POTENTIAL The Kansanshi S3 Expansion successfully transitioned from commissioning into early operation, with first ore introduced in July and first concentrate produced in August. As a result of sustained operational stability, the S3 Expansion was declared to be in commercial production as of December 1, 2025. (2) In addition and alongside S3 Expansion, the smelter expansion works are complete, while acid plant 5 is currently in the hot commissioning stage. Ongoing project capital works on Tailings Storage Facility 2 are expected to complete in the second quarter of 2026. (3) Royal Gold’s Stream Interest On August 5, 2025, Royal Gold’s wholly-owned subsidiary, RGLD Gold AG, entered into a precious metals purchase agreement for gold deliveries referenced to copper production from Kansanshi. RGLD Gold AG made an advance payment of $1 billion (the “Advance”) for the gold stream. Deliveries under the precious metals purchase agreement are indexed to the production of recovered copper to reduce exposure to metallurgy and processing variability, and the stream rate will vary based on gold delivery thresholds: • 75 ounces of gold per million pounds of recovered copper produced until the delivery of 425,000 ounces; • 55 ounces of gold per million pounds of recovered copper produced between the delivery of 425,001 ounces and 650,000 ounces; and • 45 ounces of gold per million pounds of recovered copper produced thereafter. Recovered copper is produced in both concentrate and cathode form and the stream economics are not dependent on downstream smelter recoveries or gold production at the site. Royal Gold provided two options to First Quantum to accelerate gold stream deliveries: • Acceleration Option 1: From the earlier of the achievement by First Quantum of a minimum ‘BB’ or equivalent senior unsecured debt rating from a rating agency, or a Net Debt/TTM EBITDA ratio of 2.25x or less over three consecutive quarters starting from March 31, 2026, it will have a one-year period to exercise the option and deliver gold worth up to $200 million over a 14-month period from the date of option exercise and, ratably, reduce the stream rates and delivery thresholds by up to 20%. • Acceleration Option 2: If First Quantum achieves either a minimum ‘BBB-’ or equivalent senior unsecured debt rating from a rating agency, or shows a Net Debt/TTM EBITDA ratio of 1.25x or less over four consecutive quarters, and achieves certain operational conditions, it will have a one-year period to exercise the option and deliver gold worth up to $100 million over a 7-month period from the date of option exercise and, ratably, reduce the stream rates and delivery thresholds by up to a further 10%. Royal Gold pays 20% of the spot gold price for each ounce delivered. Should either one of the conditions in Acceleration Option 1 be met, Royal Gold will pay 35% of the spot gold price for each ounce delivered. 50 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS