PROJECT OUTLOOK Phase 1 production is expected to ramp up to approximately 100,000 ounces of platinum, palladium, rhodium, and gold (“3PE+Au”). The Phase 2 expansion, expected to be completed by Q4 2027, is expected to produce between 450,000 and 500,000 ounces of 3PE+Au once fully ramped up. A PEA for the Phase 3 expansion targets production between 1.0 and 1.2 million ounces of 3PE+Au once fully ramped up. (1) MINERAL RESOURCES AND RESERVES As of February 14, 2025 Contained Platinum (koz) Palladium (koz) Gold (koz) Rhodium (koz) Copper (Mlb) Nickel (Mlb) AGEOs* (koz) Proven and Probable 7,820 8,050 1,210 540 458 944 395 Measured and Indicated 10,880 10,850 1,890 458 763 1,497 5 Inferred 23,200 23,800 4,300 1,600 1,785 3,458 – * 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. Royal Gold | 2025/2026 Asset Handbook 165 For more information, please visit: www.ivanhoemines.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS