CANADA Voisey’s Bay Voisey’s Bay is an underground mine, located in the province of Newfoundland and Labrador, Canada, approximately 35 kilometers southwest of the town of Nain and 80 kilometers northwest of Natuashish. Voisey’s Bay is owned and operated by Vale Newfoundland & Labrador Ltd., a subsidiary of Vale S.A. (“Vale”). OPERATOR Vale S.A. MINERALIZATION STYLE Magmatic Ni-Cu MINE TYPE Open-pit & Underground METAL(S) Nickel, Cobalt, Copper PRODUCT Concentrate & Cathode ROYALTY 2.7% NVR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine MINE LIFE 2038 (1) Operational Overview Operations at the Voisey’s Bay open-pit mine began in 2005. Ore is processed at a 6,000 tpd mill facility that produces two products: nickel-cobalt-copper concentrate and copper concentrate. Nickel concentrate is processed at the Long Harbour Processing Plant hydrometallurgical processing facility in Long Harbour, Newfoundland, which began operations in 2014, and copper concentrate is produced on site and sold on the open market. 2026 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK With the Voisey’s Bay underground mine extension project (“VBME”), estimated average annual production will be around 45,000 tonnes of nickel, 20,000 tonnes of copper and 2,600 tonnes of cobalt. (1) Royal Gold’s Royalty Interest Labrador Nickel Royalty Limited Partnership (“LNRLP”) holds a 3% NVR on all metals produced from Voisey’s Bay, of which Royal Gold, Inc.’s wholly-owned indirect subsidiary, International Royalty Corporation, is the general partner and 90% owner. The remaining 10% interest in LNRLP is owned by a subsidiary of Altius Minerals Corporation. Royal Gold acquired the Voisey’s Bay royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. (1) Source: Vale, 2024 Annual Report on Form 20-F. (2) Source: Vale, December 3, 2024, Press Release. Royal Gold | 2025/2026 Asset Handbook 85 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS