Copper Mountain OPERATOR Hudbay Minerals Inc. COUNTRY: Canada MINE LIFE: 2043 (1) METAL(S): Copper, Gold, Silver ROYALTY: 5.0% NSR (copper), 2.5% NSR (all other metals) REVENUE TO ROYAL (2025): $0.1 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $0.1 million Copper Mountain is located south of Princeton, British Columbia, 180 kilometers east of Vancouver, and 100% owned by Hudbay Minerals Inc. 2026 guidance includes 25,000 to 35,000 tonnes of copper. Mining activities are focused on continuing to execute the three-year accelerated stripping program to bring higher grade ore into the mine plan by 2027. Copper Mountain is expected to produce 50,000 to 70,000 tonnes of copper in 2027. (2) Royal Gold owns a 5.0% NSR royalty on copper and a 2.5% NSR royalty on all other metals produced from areas subject to our royalty interests at Copper Mountain, including part of the Alabama and Virginia deposits. May 2, 2024 onward, royalty proceeds (including those received by Sandstorm Gold, prior to its acquisition) are capped at $10 million. Royal Gold acquired the Copper Mountain royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.hudbayminerals.com (1) Source: Hudbay Minerals, December 2023 Technical Report. (2) Source: Hudbay Minerals, February 2026 Corporate Presentation. (3) Mineral resources and reserves details for Copper Mountain are provided in the Mineral Resources and Reserves section of this document, if available. Cosalá OPERATOR Americas Gold and Silver Corporation COUNTRY: Mexico MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Copper, Lead, Zinc ROYALTY: 0.2% NSR (all metals) REVENUE TO ROYAL (2025): $0.1 million INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $0.1 million Cosalá is located in Sinaloa, Mexico, near the town of Cosalá, which is located approximately 240 kilometers from the city of Mazatlán. Cosalá is owned and operated by Americas Gold and Silver Corporation. The Cosalá property consists of the San Rafael mine, the Los Braceros processing plant and tailings storage facility, the EC120 project, and the past producing Nuestra Señora mine. In 2025, the Cosalá operation transitioned from the San Rafael mine to higher-grade, silver-copper ore in the EC120 zone. The EC120 mine achieved commercial production on January 1, 2026. (1) Royal Gold owns a 0.2% NSR royalty on metals produced from Cosalá. The 0.2% royalty covering Cosalá and Galena may be eliminated with a buyout payment of $1.9 million. Royal Gold acquired the Cosalá royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.americas-gold.com (1) Source: Americas Gold and Silver, January 21, 2026, Press Release. (2) Mineral Resources and reserves details for Cosalá are provided in the Mineral Resources and Reserves section of this document, if available. Royal Gold | 2025/2026 Asset Handbook 91 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS