DEVELOPMENTS AND POTENTIAL Copper production in 2026 is modestly weighted toward the first half of the year due to the planned grade profile. As part of the mine sequencing, 2027 and 2028 production profiles reflect anticipated lower copper head-grades following the completion of Phase 6 in early 2027. Over the guidance period, mill throughput is expected to rise to approximately 34 to 36 Mtpa, supported by ongoing Full Potential initiatives. Cathode production is expected to improve from optimization efforts implemented in 2025 and is forecast to be 26,000 to 28,000 tpa over the period, an improvement of 6,000 to 8,000 tpa from prior levels. (2) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $2.3 Historic Revenue to Royal Gold US$M 2024: 2025: N/A $2.3 Historic Revenue to Sandstorm Gold US$M $11.0 $9.1 Acquisition Cost US$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 December 31, 2025 Contained Copper (Mlb) Molybdenum (Mlb) AGEOs* (koz) Proven and Probable 5,223 210 71 Measured and Indicated 2,835 54 36 Inferred 330 9 4 * 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 105 For more information, please visit: www.lundinmining.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS