DEVELOPMENTS AND POTENTIAL Stage 1 of the processing plant expansion at KOTH is scheduled to be commissioned at the end of the March 2026 quarter, delivering increased crushing capacity and reliability. Stage 2 is on schedule for commissioning in second quarter of fiscal year 2027 and will provide a ~50% increase in throughput capacity of 7.5 to 8.0 Mtpa. (4) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $24.6 Historic Revenue to Royal Gold 2024: 2025: US$M $5.3 $6.5 Acquisition Cost US$M $0.0 5 Investment Recovered % N/M Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of June 30, 2025 Contained Gold (koz) AGEOs* (koz) Proven and Probable 2,582 39 Measured and Indicated 1,005 15 Inferred 677 10 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 12 for a description of AGEO calculation methodology. Royal Gold | 2025/2026 Asset Handbook 133 For more information, please visit: www.vaultminerals.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS