Brief History of Portfolio Additions – Last 10 Years (Cont’d) Producing Development Evaluation 2024 MOUNT MILLIGAN United States OPERATOR Centerra Gold Inc. ACQUISITION COST Consideration paid to Royal Gold, Inc. (5) TERM Life of mine ADDITIONAL AGREEMENT Long-term cost support (5) BACK RIVER GOLD DISTRICT Canada OPERATOR B2Gold Corp. ACQUISITION COST $51 million TERM Life of mine ROYALTY INTERESTS The Hill Royalty, a 0.7% NSR royalty and the KM Royalty, a 26.25% interest in a 5% GSR royalty (6) CACTUS United States OPERATOR Arizona Sonoran Copper Company Inc. ACQUISITION COST $48 million (7) TERM Life of mine ROYALTY INTEREST 2.0% NSR royalty (7) (5) See Mount Milligan property page for details. (6) See Back River Gold District property page for details. (7) The Cactus Royalty covers the Cactus East and Cactus West deposits as well as portions of the Parks/Salyer deposit. Original transaction was a 2.5% NSR royalty for $55 million; ASCU bought back 0.5% of the aggregate 2.5% royalty for $7 million in June 2025. Royal Gold | 2025/2026 Asset Handbook 23 2024 2024 2024 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS