DEVELOPMENTS AND POTENTIAL In late 2025, KGHM expected a 12-year mine life to approximately 2037, with the potential to extend to 2039 depending on metal prices and operating profitability. (1) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $223.7 Historic Revenue to Royal Gold US$M 2024: 2025: $16.6 $18.5 Acquisition Cost US$M $17.8 Investment Recovered % 1259 % Net Book Value US$M $0.2 MINERAL RESOURCES AND RESERVES Contained Copper (Mlb) Gold (koz) Molybdenum (Mlb) AGEOs* (koz) Proven and Probable Current Mineral Resources and Reserves are Unavailable Measured and Indicated Inferred * 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. 82 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.kghm.com/en INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS