Depletion, Depreciation and Amortization of Stream and Royalty Interests Stream and royalty interests include stream and royalty interests in producing, development, evaluation and exploration stage properties, with book values moving between categories based on property reserve and resource classifications. The costs of stream and royalty interests are capitalized as tangible assets as such interests do not meet the definition of a financial asset. Producing stage stream and royalty interests are depleted using the units of production method over the life of the mineral property (as stream sales occur or royalty payments are recognized), which is estimated using proven and probable mineral reserves as provided by the operator. Development stage mineral properties, which are not yet in production, are not depleted until the property begins production. Evaluation and exploration stage mineral properties, where there are no proven and probable mineral reserves, are not depleted. Properties Acquired from Sandstorm Gold and Horizon Copper Royal Gold has not included book values for properties acquired through the Sandstorm Gold and Horizon Copper transaction in the 2025/2026 Asset Handbook. Book values are based on preliminary information and are subject to change within the measurement period (up to one year from the acquisition date) as additional information concerning the mineral property valuation is obtained. Please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026 for additional information on the acquisition of Sandstorm Gold and Horizon Copper. Tax Treatment of Streams and Royalties The following is a high-level discussion on tax applicable to our two segments, streams and royalties. Our stream contracts are owned and managed in Switzerland and Canada. Revenue from the streaming business generates active business income subject to Swiss or Canadian income tax at statutory rates. The U.S. Global Intangible Low-Taxed Income (“GILTI”) regime, renamed as Net CFC Tested Income (“NCTI”) under the One Big Beautiful Bill Act, effectively imposes a worldwide minimum tax on stream earnings at an estimated tax rate of approximately 14%. Separately, Switzerland has implemented the OECD/Pillar Two Global Minimum Tax (“GMT”), which generally imposes a 15% minimum tax. The acquisition of Sandstorm Gold resulted in the GMT becoming effective in 2026. Currently, our Swiss streaming business has an effective tax rate of approximately 15% after the application of these two regimes. However, cash tax outcomes may vary year-to-year and may deviate from the headline 15% rate, sometimes significantly, due to the technical mechanics of the rules and inefficiencies in interactions between the GMT, NCTI and U.S. foreign tax credit regimes. Our Canadian streaming business is subject to a statutory tax rate of 27%, while cash taxes may vary significantly year- to-year based on certain factors, including but not limited to, the timing and utilization of Canadian tax deductions. Royalties are primarily owned and managed by our U.S. and Canadian companies. Royalties are non-operating interests and, as such, generate passive income. Income from royalties is generally taxed at the higher of foreign or U.S. corporate income tax rates. When allowable, foreign tax credits are claimed to minimize double taxation in the U.S. Our royalty business is subject to a minimum U.S. and state corporate statutory tax rate of 22%, with higher rates on income payable from certain foreign jurisdictions. Royal Gold | 2025/2026 Asset Handbook 9 Mount Milligan , British Columbia, Canada INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS