IRON ORE RESOURCES (EXCLUSIVE OF RESERVES) (M) + (I) Inferred Metallurgical Tonnes Grade Tonnes Grade Recovery Property Category (Mt) (% Fe) (Mt) (% Fe) (%) Vale Northern System (145) Producing Serra Norte 1,293 66.40 425 66.40 97 % Serra Sul 897 65.60 116 64.60 100 % Serra Leste 464 53.80 54 48.50 100 % Serra do Rabo 509 66.10 70 65.60 100 % Vale Southeastern System (145) Producing Marina 5,656 40.50 2,655 39.60 90 % Itabira 480 48.20 258 41.90 56 % Minas Centrais 1,681 41.60 1,137 39.60 71 % 208 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS