DEVELOPMENTS AND POTENTIAL Underground production is planned to ramp up as new mining zones are accessed at the underground Main Zone. Total stoping and development ore production is expected to achieve an average capacity of approximately 6,100 tpd from 2027 to 2035. (1) Exploration potential exists within the Rainy River deposit area and surrounding property. Within the mine, exploration potential includes the down-plunge extension of multiple mineralized lenses within the Main Zone. Beyond the mine, multiple early-stage prospects occur throughout the Rainy River Greenstone Belt, including VMS-style mineralization in the Off Lake area, soil and till anomalies throughout the property, and EM anomalies southeast of the mine. (1) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $299.0 Historic Revenue to Royal Gold US$M 2024: 2025: $45.8 $70.8 Metal Deliveries to Royal Gold Since Inception 125.7 koz Au 2,013.3 koz Ag Advance Payment US$M $175.0 Investment Recovered % 129 % Net Book Value US$M $77.1 MINERAL RESOURCES AND RESERVES As of December 31, 2025 Contained Gold (koz) Silver (koz) AGEOs* (koz) Proven and Probable 2,226 5,572 125 Measured and Indicated 1,631 6,460 60 Inferred 418 1,003 13 * 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. 78 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.newgold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS