BRAZIL Chapada Chapada is an open-pit copper-gold mine located 270 kilometers northwest of Brasília in Goiás state, Brazil. The operation is wholly-owned and operated by Mineração Maracá Indústria e Comércio S/A, a subsidiary of Lundin Mining Corporation, which was acquired from Yamana Gold Inc. in July 2019. OPERATOR Lundin Mining Corporation MINERALIZATION STYLE Porphyry Cu-Au MINE TYPE Open-pit METAL(S) Copper, Gold PRODUCT Concentrate CURRENT STREAM 4.2% of Payable Copper CURRENT ONGOING PAYMENT 30% of spot for Copper YEAR OF ACQUISITION 2025 TERM OF STREAM Life of Mine MINE LIFE 2051 (1) Operational Overview The Chapada mine reached commercial production in 2007 and is an open-pit truck and shovel operation, with ore being treated through a flotation plant with capacity of 24 Mtpa. The Chapada mine plan has three open-pit mining areas in close proximity including Corpo and Corpo Sul, which are currently being mined, and the Suruca deposit that holds future development potential. 2026 OPERATOR GUIDANCE 45,000 to 50,000 tonnes of copper. (2) LONGER-TERM OPERATOR OUTLOOK 43,000 to 48,000 tonnes of copper in 2027 and 40,000 to 45,000 tonnes of copper in 2028. (2) Royal Gold’s Stream Interest Royal Gold owns the right to purchase 4.2% of payable copper from Chapada, up to a maximum of 3.9 million pounds of copper annually, until 39 million pounds of copper have been delivered; then, 3.0% of payable copper until 50 million cumulative pounds of copper have been delivered; and then 1.5% of payable copper thereafter. Royal Gold will make ongoing payments for each pound of copper delivered equal to 30% of the spot price of copper. Cumulative deliveries as of December 31, 2025 since inception total 37.4 million pounds of copper. Royal Gold owns a 2.0% NSR royalty on metals produced from the Suruca deposit located 6 kilometers from the Chapada mine. Royal Gold acquired the Chapada copper stream and royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. (1) Source: Lundin Mining, February 2025 Technical Report. (2) Source: Lundin Mining, January 22, 2026, Press Release. (3) Source: Lundin Mining, Q4 2025 MD&A. 106 Royal Gold | 2025/2026 Asset Handbook STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS