Timing Differences Related to the Production, Delivery and Sale of Metal Under our streaming agreements, Royal Gold purchases metals in an amount that is generally determined by reference to production at a mining operation, at a price determined by the purchase agreement. Receipt of metal under stream agreements follows a process that includes three key events: mine site production, metal delivery and metal sale. Mine Site Production Raw ore is processed into intermediate products, typically either a doré or concentrate, under the control of the mine site operator. This production is generally reported to Royal Gold by the operator, as per the applicable streaming agreement. Metal Delivery Generally, metal is delivered to Royal Gold under its stream agreements after final settlement between the mine site operator and the smelter and/or refiner. After production of doré or concentrate at the mine site, the operator will arrange for processing of the intermediate product with a smelter and/or refiner to produce refined metal. Movement of doré tends to be quicker than concentrates, as doré can be transported efficiently in small shipments by road and air. Concentrates are bulk products and are typically transported in large shipments by road, rail and ship. Timing differences for the shipment of concentrates can vary considerably from operation to operation, with the shipping distance (from mine to smelter) being a key variable, along with container sizing and shipping route logistics. In terms of Royal Gold’s portfolio, the streaming agreements with the most significant timing difference from mine site production to metal delivery are Mount Milligan and Andacollo (each of which typically lag of approximately five months from production). Metal Sale Once refined metal has been delivered to Royal Gold from a particular counterparty, it is generally sold steadily over the period that ends when we expect to receive the next delivery from that operator. This means that we generally do not have any metal in inventory from that counterparty when we receive the next shipment from that same counterparty. Selling deliveries steadily over a period allows us to realize pricing that is similar to average metal prices over that period, and we do not actively manage metal sales with the goal of achieving metal price gains by timing the market. Stream Delivery and Sales Sequence Approximate total time from mine site production to Royal Gold revenue Mine Site Production Shipping Smelting/ Refining Delivery to Royal Gold Sales Mount Milligan ~5 months By shipment ~1 month ~6 months Andacollo ~5 months Monthly ~1 month ~6 months Pueblo Viejo ~3 months Quarterly ~3 months ~6 months Kansanshi ~2 months Monthly ~1 month ~3 months All Other Streams ~1-4 months Various ~1 month ~2-5 months 10 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS