CHILE Caserones The Caserones mine is located in the Atacama region of Chile, about 115 kilometers southeast of the city of Copiapó. Lundin Mining Corporation (“Lundin Mining”) is the operator, holding a 75% interest in Minera Lumina Copper Chile, with JX Metals Corporation holding the remaining 25% interest. Lundin Mining acquired an initial 51% ownership position from JX Metals Corporation in 2023, which increased to 70% in 2024, and then to 75% in 2026. OPERATOR Lundin Mining Corporation MINERALIZATION STYLE Porphyry Cu-Mo MINE TYPE Open-pit METAL(S) Copper, Molybdenum PRODUCT Concentrate & Cathode ROYALTY 0.63% NSR (all metals) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine MINE LIFE 2040 (1) Operational Overview Caserones is an open-pit copper-molybdenum mine which produces high-quality copper concentrate, copper cathode and molybdenum concentrate. The Caserones processing facility has been in commercial operation since 2014. Oxide ore is treated by a conventional dump leach, with the pregnant leach solution treated at a SX-EW plant to produce copper cathodes. The sulfide ore is treated by a crusher and SAG-ball circuit followed by a flotation circuit to produce separate copper and molybdenum concentrates. 2026 OPERATOR GUIDANCE 130,000 to 140,000 tonnes of copper (100% basis). (2) LONGER-TERM OPERATOR OUTLOOK Caserones is expected to produce 115,000 to 125,000 tonnes of copper (100% basis) for each of 2027 and 2028. (2) Royal Gold’s Royalty Interest Royal Gold owns a 0.63% NSR royalty on metals produced from areas subject to our royalty interest at the Caserones mine. The royalty rate is 0.63% if copper prices are greater than $1.25 per pound and varies if copper prices are below $1.25 per pound. Royal Gold acquired the Caserones royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. (1) Source: Lundin Mining, July 2023 Technical Report. (2) Source: Lundin Mining, January 21, 2026, Press Release. 104 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS