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