CANADA Back River Gold District The Back River Gold District (“Back River”) is located in southwestern Nunavut, Canada, approximately 520 kilometers northeast of Yellowknife, Northwest Territories and 75 kilometers southwest of Bathurst Inlet. Back River is owned by B2Gold Corp. (“B2Gold”). B2Gold acquired Sabina Gold & Silver Corp., which previously held the asset, on April 19, 2023. The currently known gold deposits at Back River include Umwelt, Llama and Goose (all on the Goose property), and the George deposit approximately 50 kilometers to the north of the Goose property. OPERATOR B2Gold Corp. MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré ROYALTY 3.3% approx. blended GSR on Goose and 3.2-4.0% GSR on George (all metals) YEAR OF ACQUISITION 2008 and 2024 TERM OF ROYALTY Life of Mine MINE LIFE 2033 (1) Operational Overview The Goose mine is a combined open-pit and underground operation. First ore was introduced to the Goose mine processing facilities on June 24, 2025. On October 2, 2025, the Goose mine achieved commercial production. (2) 2026 OPERATOR GUIDANCE The Goose mine is expected to produce between 170,000 and 230,000 ounces of gold. (2) LONGER-TERM OPERATOR OUTLOOK B2Gold expects crushing capacity will be increased to 4,000 tpd in the first half of 2027, upon which annual gold production is expected to exceed 300,000 ounces per year and continue over the medium-term. (2) (1) Source: B2Gold, March 2025 Technical Report. (2) Source: B2Gold, February 18, 2026, Press Release. Royal Gold’s Royalty Interest Royal Gold holds multiple royalties that cover all reserves, resources and potential extensions thereof on Back River. Royalty revenue from the Goose Project is expected based on the following royalty rates and cumulative production thresholds: • 0.7% NSR royalty rate until the receipt of C$5 million of royalty revenue, declining to 0.35% thereafter, on all gold produced from startup through to the cumulative production of 400,000 ounces; • 2.5% GSR royalty rate on all gold produced after the cumulative production of 400,000 ounces up to a cumulative total of approximately 780,000 ounces; and, • 3.3% GSR royalty rate on all production above cumulative production of approximately 780,000 ounces. Based on the current mine plan, the two thresholds are expected to be reached in 2026 and 2028, respectively, although royalty rates and production thresholds are approximate due to assumptions related to the gold price and the timing and applicability of certain deductions and adjustments. Royalty revenue from the George portion of the Back River is expected based on an approximate 3.2% to 4.0% GSR royalty rate, which is payable after cumulative production of 800,000 ounces. Royal Gold acquired these royalty interests in two acquisitions: the first was in 2008, as part of the acquisition of a royalty portfolio from Barrick, and the second was in 2024 with the acquisition of two other royalty interests from third party sellers. Royal Gold | 2025/2026 Asset Handbook 55 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS