DEVELOPMENTS AND POTENTIAL Copper production guidance increased by ~5,000 tonnes in 2026 to 45,000 to 50,000 tonnes and gold guidance is increased by approximately 10,000 ounces in 2027 as compared to the previous 2026 and 2027 guidance, respectively. Annual variations largely reflect mine sequencing and forecasted copper and gold grade profiles. An updated mine plan has reduced the proportion of stockpile material in mill feed from ~25% to ~10%, improving copper and gold recoveries over the three-year period. (2) The Saúva deposit is approximately 15 kilometers from the Chapada mine and represents a near mine opportunity to add approximately 15,000 to 20,000 tonnes of copper production per year and 50,000 to 60,000 ounces of gold production per year. The project would include the installation of additional grinding capacity and higher grade ore from Saúva to offset lower grade material currently being mined at Chapada. Additional drilling at Saúva will continue to further define higher grade resources that will be incorporated into an updated resource estimate later in 2026. (2),(3) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M N/A Historic Revenue to Royal Gold 2024: 2025: US$M N/A N/A Historic Revenue to Sandstorm Gold US$M $14.9 $18.6 Metal Deliveries to Royal Gold Since Oct. 20, 2025 US$M 0.0 Mlb Cu Acquisition Cost US$M N/A Investment Recovered % N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper MINERAL RESOURCES AND RESERVES As of December 31, 2025 Contained Copper (Mlb) Gold (koz) AGEOs* (koz) Proven and Probable 2,711 2,196 42 Measured and Indicated 3,742 2,796 49 Inferred 524 473 7 * 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. For more information, please visit: www.lundinmining.com Royal Gold | 2025/2026 Asset Handbook 107 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS