DEVELOPMENTS AND POTENTIAL In February 2025, i-80 announced the results of a PEA for the Archimedes Underground Project. The PEA outlined a high-grade underground gold mine, generating average annual gold production of approximately 100,000 ounces of gold following ramp-up, with a LOM of 10 years. (1) Permitting for mining above the 5100-foot level at the Archimedes Underground is complete. Construction is progressing and approximately 304 feet of development has been completed as of the end of Q3 2025. A FS is expected to be completed in Q1 2027. The timeframe for first gold is approximately 14 months from the onset of portal construction, which commenced in Q3 2025. (4) Also, in February 2025, i-80 announced the results of a PEA for the Mineral Point Project. The PEA envisions a large open-pit heap leach gold mine, expected to produce approximately 280,000 GEOs per year following ramp up, with a LOM of 16.5 years. i-80 is targeting construction in 2030 and first production in 2031. (2) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $9.0 Historic Revenue to Royal Gold US$M 2024: 2025: $0.2 $0.3 Acquisition Cost US$M $37.9 Investment Recovered % 24% Net Book Value US$M $11.7 MINERAL RESOURCES AND RESERVES As of December 31, 2024 Contained Gold (koz) Silver (koz) AGEOs* (koz) Proven and Probable – – – Measured and Indicated 3,812 104,423 157 Inferred 3,105 91,759 131 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 12 for a description of AGEO calculation methodology. 84 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.i80gold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS