DEVELOPMENTS AND POTENTIAL A PFS Study was released in September 2021 for an expansion to the Aurizona mine through the development of an underground mine, which could be operated concurrently with the existing open-pit mine and is subject to Royal Gold’s 3%–5% sliding scale NSR royalty. The assessment outlines total production of 1.5 million ounces of gold over an 11-year mine life with an expected average annual production of 137,000 ounces.(2),(3) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $3.4 Historic Revenue to Royal Gold US$M 2024: 2025: N/A $3.4 Historic Revenue to Sandstorm Gold US$M $8.6 $9.5 Acquisition Cost US$M N/A Investment Recovered % 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 September 20, 2021 Contained Gold (koz) AGEOs* (koz) Proven and Probable 1,660 83 Measured and Indicated 867 43 Inferred 895 45 * 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. Royal Gold | 2025/2026 Asset Handbook 103 For more information, please visit: www.en.cmoc.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS