PROPERTIES COMPRISING 8% OF 2025 REVENUE Robinson (36) $18.5 N/A Guidance not provided by Operator South Laverton $12.0 N/A Guidance not provided by Operator Leeville $10.3 N/A Guidance not broken out by Operator; partial royalty coverage Other (37) $40.0 Royal Gold $1,030.0 Producing Property 2025 Revenue (USD Million) 2025A 2026E 2027E 2028E 2029E LT outlook - “Long-term outlook” (1) The production expectations are based on information publicly disclosed by the operators. We can provide no assurance regarding the reasonableness of the assumptions underlying the production expectations, and we refer readers to the publicly available reports of the operators for additional information regarding such assumptions. (2) 2025 actual. 2026 guidance from Centerra Press Release, February 19, 2026. 2027-2029 estimates from Centerra Technical Report, effective date June 30, 2025. LT Outlook from Centerra Press Release, September 11, 2025. (3) 2025 actual. 2026 Au guidance from Barrick Press Release, February 5, 2026. 2027-2029 estimates unavailable. LT Outlook from Barrick Corporate Presentation, September 2025. (4) 2025 actual. 2026 Au guidance provided by Teck. 2027-2028 Cu guidance from Teck Press Release, February 18, 2026. Royal Gold does not have a Cu stream at Andacollo, but Au grades tend to be positively correlated with Cu grades. LT Outlook from Teck 2025 Annual Information Form. (5) 2025 actual. 2026 guidance (9 months only) from Coeur Mining Press Release, March 23, 2026. 2027-2029 estimates from Coeur Mining Technical Reported, effective date December 31, 2025. LT Outlook from Coeur Mining Press Release, March 23, 2026. (6) 2025 actual. 2026 guidance from Newmont Press Release, February 19, 2026. 2027-2029 estimates from Newmont Technical Report Summary, effective date December 31, 2023. LT Outlook from Newmont Corporate Presentation, February 19, 2026. (7) 2025 actual. 2026 guidance from Barrick Press Release, February 5, 2026. 2027-2029 estimates from Barrick’s Nevada Site Visit Presentation, September 18, 2025, approximated from graph which does not include Fourmile. LT Outlook from Barrick Press Release, February 5, 2026 and Corporate Presentation, February 26, 2026. (8) 2025 actual calculated based on metal purchases by Royal Gold. 2026 guidance provided by Chifeng. 2027-2029 estimates from Chifeng Independent Competent Person’s Report, effective date March 31, 2024; production ranges consider Ore Reserves LOM for the low end of the ranges, and a LOM plan that includes the Ore Reserves LOM Plan and conversion of Inferred Mineral Resources for the high end of the ranges. (9) 2025 actual. 2026 Ag guidance provided by MMG. 2026-2028 Cu estimates from MMG Press Release, January 23, 2025, with timing for ramp-up to higher production levels to be assessed during completion of the expansion FS. Royal Gold does not have a copper stream at Khoemacau, but Ag and Cu grades have been relatively well correlated and Ag production has tended to track Cu production. Not all expanded production will be subject to Royal Gold's stream. LT Outlook from MMG Press Release, January 22, 2026. (10) 2025 actual. 2026-2028 guidance from First Quantum Press Release, February 10, 2026. 2029 estimate from Technical Report, effective date December 31, 2023. LT Outlook from First Quantum Press Release, January 15, 2026. (11) 2025 actual. 2026-2028 guidance from Ero Copper Press Release, February 5, 2026. 2029 estimate from Technical Report, effective date June 30, 2025. LT Outlook from Ero Copper Press Release, February 5, 2026. (12) 2025 actual. 2026-2028 guidance from Teck Press Release, February 18, 2026. LT Outlook from Teck 2025 Annual Information Form. (13) 2025 actual. 2026-2027 guidance from Contango Ore, 2025 10-K. 2028 estimates from Contango Ore Technical Report Summary, dated May 12, 2023. LT Outlook from Kinross 2024 Annual Information Form. (14) 2025 actual. 2026-2028 guidance from Lundin Gold, December 8, 2025. 2029 estimate from Technical Report, effective date December 31, 2022. LT Outlook from Lundin Gold Press Release, December 8, 2025. (15) 2025 actual is Au produced from the El Limon mill for the period June 17 to December 31, 2025 (Equinox acquired Calibre on June 17 2025). 2026-2029 estimates from Technical Report, effective date December 31, 2020. (16) 2025 actual. 2026 guidance not provided, and estimated average production to reach full production capacity of 45 kt Ni, 20 kt Cu, and 2.6 kt Co by H2 2026. (17) 2025 actual. 2026-2028 guidance from Lundin Mining Press Release, January 21, 2026. LT Outlook from Lundin Mining Press Release, January 21, 2026. (18) 2025 actual. 2026-2029 estimates from Agnico Eagle Technical Report, effective date December 31, 2022. LT Outlook from Agnico Eagle Q4 2025 MD&A. (19) 2025 actual. 2026 guidance from SSR Mining Press Release, February 17, 2026. 2027-2028 estimates from multi-year guidance issued February 13, 2024. 2029 estimate from SSR Mining Technical Report, effective date September 30, 2023. Royal Gold does not have 100% royalty coverage of all mining areas. (20) 2025 actual. 2026 guidance from Endeavour Mining Press Release, January 29, 2026. 2027-2029 estimates from 2021 Prospectus. LT Outlook from Endeavour Mining Corporate Presentation, February 2026. (21) 2025 actual. 2026-2027 guidance from Bellevue Gold Press Release, August 1, 2025. (22) 2025 actual. 2026 guidance from IAMGOLD Press Release, February 17, 2026. 2027-2029 guidance based on average 495 koz/year Au production for years 1-6 per NI 43-101 report, effective date June 30, 2022. LT Outlook from IAMGOLD 2024 Annual Information Form. (23) 2025 actual. 2026 guidance from January 18, 2026 Press Release. 2027 estimate from January 20, 2025 Press Release. LT Outlook from Allied Gold, Corporate Website. (24) 2025 actual. 2026 guidance from Coeur Mining Press Release, February 18, 2026. 2027-2029 estimates from Coeur Mining Technical Report, effective date December 31, 2025. LT Outlook from Coeur Mining Corporation Presentation, February 24, 2026. (25) 2025 actual. 2026 guidance from Equinox Gold Press Release, February 18, 2026. 2027-2029 estimates from Equinox Gold Technical Report, effective date June 30, 2024. LT Outlook from Equinox Gold Corporate Presentation, February 2026. (26) 2025 actual. 2026 guidance from Vault Minerals Press Release, January 21, 2026. LT outlook from Silver Lake Resources Scheme Booklet, April 26, 2024. (27) 2025 actual. 2026-2028 guidance from Lundin Mining Press Release, January 21, 2026. LT Outlook from Lundin Mining Q4 2025 MD&A. (28) 2025 actual. 2026-2029 estimates from Genesis Minerals Press Release, March 21, 2024 (Five-Year Strategic Plan). LT Outlook from Genesis Minerals Conference Call Transcript, September 16, 2024. (29) 2025 actual. 2026 guidance from Pan American Press Release, January 20, 2026. LT Outlook from Pan American’s Modelling Workshop, April 1, 2025. (30) 2025 actual. 2026 guidance from i-80 Press Release, February 19, 2026. 2027-2029 estimates from i-80 Corporate Presentation, February 2026, and include mining from underground only. LT Outlook from i-80 Corporate Presentation, February 2026. (31) 2025 actual. 2026 guidance from Imperial Metals Press Release, February 19, 2025. LT Outlook from Newmont 10-K. (32) 2025 actual. 2026 guidance from Hochschild Press Release, January 21, 2026. 2027-2029 estimates from Corporate Presentation, February 22-25, 2026. LT Outlook from Hochschild’s Corporate Presentation, February 22-25, 2026. (33) 2025 actual, inclusive of pre-commercial production. 2026 guidance from B2Gold Press Release, February 18, 2026. 2027-2029 estimates from B2Gold Corporate Presentation, February 2026. LT Outlook from B2Gold Press Release, February 18, 2026. (34) 2025 actual. 2026 guidance from Cerrado Press Release, January 21, 2026. 2027-2029 estimates from 2024 Technical Report, September 19, 2024. LT Outlook from Cerrado Corporate Presentation, January 2026. (35) 2024 actual. 2025-2028 estimates from i-80 Technical Report, effective date December 31, 2024, and include production from Archimedes only. (36) KGHM does not provide guidance. (37) Includes 33 producing properties. Royal Gold | 2025/2026 Asset Handbook 37 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS