Blyvoor OPERATOR Aurous Resources COUNTRY: South Africa MINE LIFE: 2058 (1) METAL(S): Gold STREAM: 10% of Payable Gold REVENUE TO ROYAL (2025): $1.5 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $1.5 million Blyvoor is an underground gold mine located on the Witwatersrand gold belt, South Africa, approximately 14 kilometers southwest from the town of Carletonville, Gauteng Province, and about 80 kilometers southwest from Johannesburg. Blyvoor is owned and operated by Aurous Resources. Royal Gold owns the right to purchase 10% of payable gold from Blyvoor on the first 16,000 ounces delivered during a calendar year, and 5% for the remaining calendar year, until cumulative 300,000 ounces are delivered; then, 0.5% of payable gold on the first 100,000 ounces per year until cumulative 10,320,000 ounces have been produced. Royal Gold will make ongoing payments of $572 per ounce for each ounce of gold delivered. Royal Gold acquired the Blyvoor gold stream effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.aurousresources.com (1) Source: Aurous Resources, February 2024 Technical Report. (2) Mineral Resources and reserves details for Blyvoor are provided in the Mineral Resources and Reserves section of this document, if available. Mine Waste Solutions OPERATOR Harmony Gold Mining Company COUNTRY: South Africa MINE LIFE: Early 2026 (1) METAL(S): Gold, Uranium ROYALTY: 1.0% NSR REVENUE TO ROYAL (2025): $0.1 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $0.1 million The Mine Waste Solutions (“MWS”) project is located near Stilfontein, South Africa within the Witwatersrand Basin. MWS is a gold and uranium tailings reprocessing operation that processes slurry material, reclaimed hydraulically from various tailings storage facilities through three processing plants. The gold plants have the capacity to treat approximately 26 Mtpa and the uranium plant has a design capacity of 1.2 Mtpa. The facilities also include a modern tailings storage facility approximately 15 kilometers from the gold plant modules where residues from the treatment plants are deposited. Royal Gold owns a 1.0% NSR royalty on gold produced from the MWS project. Royal Gold acquired the MWS royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.harmony.co.za (1) Source: Harmony, November 2025 Investor Brief. (2) Mineral Resources and reserves details for Mine Waste Solutions are provided in the Mineral Resources and Reserves section of this document, if available. Royal Gold | 2025/2026 Asset Handbook 127 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS