AUSTRALIA Woodlawn Woodlawn is an underground zinc-copper-lead-gold-silver mine situated in New South Wales, Australia, approximately 50 kilometers northeast of Canberra and 250 kilometers southwest of Sydney. Woodlawn is owned and operated by Tarago Operations Pty Ltd., a subsidiary of Develop Global Limited (“Develop”). OPERATOR Develop Global Limited MINERALIZATION STYLE VMS MINE TYPE Underground METAL(S) Zinc, copper, lead, gold, silver PRODUCT Concentrate CURRENT STREAM 80% of Silver Produced, A$1M per 1.0 Mt tailings ore processed CURRENT ONGOING PAYMENT N/A YEAR OF ACQUISITION 2025 TERM OF STREAM Life of Mine MINE LIFE 10 years (1) Operational Overview In April 2024, the results of a Production Restart Study was released. In December 2024, Develop’s Board of Directors made a Final Investment Decision supporting the restart of the Woodlawn mine. In April 2025, Develop reported first saleable copper concentrate produced at the Woodlawn mine. Commissioning and ramp-up of the operation remains on schedule, to put the mine on track for steady-state production (nameplate capacity of 850,000 tpa) in Q1 2026. (2) 2026 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK As per the PRS, Woodlawn is expected to produce an average of 12,000 tonnes of payable copper and 36,000 tonnes of payable zinc per year. (1) Royal Gold’s Stream Interest Royal Gold owns the right to purchase 80% of the silver produced from Woodlawn. There are no ongoing payments related to silver deliveries. Silver deliveries are capped at A$27 million. Royal Gold is also entitled to A$1 million per 1.0 million tonnes of tailings processed. Payments related to tailings ore processed are capped at A$10 million. Royal Gold acquired the Woodlawn stream effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. (1) Source: Development Global, April 3, 2024, Press Release. (2) Source: Development Global, January 28, 2026, Press Release. (3) Source: Development Global, June 25, 2025, Press Release. 136 Royal Gold | 2025/2026 Asset Handbook STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS