DEVELOPMENTS AND POTENTIAL In fiscal year 2026, the operational focus is on establishing higher grade mining areas, including Deacon, Viago and Deacon North, that will allow for harvesting of high grade mineralization in fiscal year 2027. Bellevue Gold is targeting approximately 12 months of grade control drilling ahead of production by the end of fiscal year 2026 to support mine planning and design. (3) With the Bellevue mine now largely ramped up and grade control drilling advanced, Bellevue Gold will be in a position to recommence evaluating exploration and resource development drilling from the underground drilling platforms later in fiscal FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $15.6 Historic Revenue to Royal Gold 2024: 2025: US$M $7.0 $8.6 Acquisition Cost US$M $0.1 Investment Recovered % 13472% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of March 1, 2025 Contained Gold (koz) AGEOs* (koz) Proven and Probable 1,290 26 Measured and Indicated 710 14 Inferred 1,100 22 * 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 129 For more information, please visit: www.bellevuegold.com.au INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS