PERU Antamina Antamina is an open-pit copper-zinc mine located in the Andes mountain range of Peru, 270 kilometers north of Lima. The mine is operated by Compañía Minera Antamina S.A. (“CMA”), which is jointly owned by major stakeholders Glencore plc (33.75%), BHP Billiton plc (33.75%), Teck Resources Limited (22.5%), and Mitsubishi Corporation (10%). OPERATOR Teck Resources Ltd. MINERALIZATION STYLE Skarn MINE TYPE Open-pit METAL(S) Copper, Zinc, Molybdenum PRODUCT Concentrate ROYALTY 1.66% NPI (all metals) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine MINE LIFE 2036 (1) Operational Overview The Antamina mine is an open-pit, truck-and-shovel operation. The ore is crushed adjacent to the pit and conveyed to a coarse ore stockpile at the mill. It is then processed utilizing two SAG mills, followed by ball grinding and flotation to produce separate copper, zinc, molybdenum and lead/bismuth concentrates. The mill has the capacity to process approximately 165,000 tpd, depending on ore hardness. A 302-kilometer-long slurry concentrate pipeline transports copper and zinc concentrates to the port for shipment to smelters and refineries world-wide. 2026 OPERATOR GUIDANCE 422,000 to 467,000 tonnes of copper, 156,000 to 200,000 tonnes of zinc, and 3,100 to 4,400 tonnes of molybdenum (100% interest). (2) LONGER-TERM OPERATOR OUTLOOK As per Teck’s 2026-2028 outlook (100% interest), the Antamina mine is expected to produce 378,000 to 422,000 tonnes of copper, 155,600 to 200,000 tonnes of zinc, and 4,000 to 5,300 tonnes of molybdenum in 2027 and, 356,000 to 400,000 tonnes of copper, 200,000 to 244,000 tonnes of zinc, and 1,800 to 2,700 tonnes of molybdenum in 2028. (2) Royal Gold’s Royalty Interest Royal Gold owns a 1.66% NPI royalty on all metals produced from areas subject to our royalty interest at the Antamina mine. Royal Gold acquired the Antamina NPI royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. (1) Source: Teck Resources, 2025 Annual Information Form. (2) Source: Teck Resources, October 7, 2025 and January 20, 2026, Press Releases: The guidance for the 100% interest is estimated based on Teck's guidance of its 22.5% interest. 100 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS