BURKINA FASO Houndé Houndé is an open-pit gold mine located in the northern part of the Houndé Greenstone Belt about 250 kilometers southwest of Ouagadougou, the capital city of Burkina Faso. Endeavour Mining plc (“Endeavour”), the operator, owns 85% of the project, and the Government of Burkina Faso owns the remaining 15%. OPERATOR Endeavour Mining plc MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine MINE LIFE 2037 (1) Operational Overview The Houndé mine, which reached commercial production in November 2017, is an open-pit operation mine with a 3.0 million tonne per year gravity circuit and CIL plant. Gold recoveries average 93%. Of the main deposits discovered at Houndé, the Vindaloo deposit was the main one leading to the construction of the mine. Most of the current resources are hosted in the Vindaloo, Kari Pump and Kari West deposits. (2) 2026 OPERATOR GUIDANCE 220,000 to 255,000 ounces of gold. (3) LONGER-TERM OPERATOR OUTLOOK The Houndé mine is one of Endeavour’s cornerstone assets, where the goal is to sustain production above 250,000 ounces per year over a LOM in excess of 10 years at an industry-leading AISC. (3) Royal Gold’s Royalty Interest Royal Gold holds a 2.0% NSR royalty on all metals produced from areas subject to our royalty interest at Houndé. Royal Gold acquired the Houndé royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. (1) Source: Endeavour Mining, Corporate Website. (2) Source: Endeavour Mining, 2024 Annual Information Form. (3) Source: Endeavour Mining, January 29, 2026 Presentation. (4) Source: Endeavour Mining, December 2, 2025, Press Release. Royal Gold | 2025/2026 Asset Handbook 121 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS