SOUTH AFRICA Platreef The Platreef Project is located in northeast South Africa, within the northern limb of the Bushveld Igneous Complex, the world’s largest source of platinum group metals (PGMs), approximately 8 kilometers from Mokopane in the Limpopo Province. The project is owned by Ivanhoe Mines Ltd. (“Ivanhoe”) (64%), a Japanese consortium of Itochu, JOGMEC and Japan Gas Corporation (10%), and a group of local communities organized through the Broad-Based Black Economic Empowerment Initiative (26%). OPERATOR Ivanhoe Mines Ltd. MINERALIZATION STYLE Wits-Type Paleoplacer CURRENT STREAM 37.5% of Payable Gold CURRENT ONGOING PAYMENT $100/oz YEAR OF ACQUISITION 2025 TERM OF STREAM Life of Mine EXPECTED STARTUP DATE November 18, 2025 EXPECTED MINE LIFE 35 years (1) Development Update Underground operations will be accessed via three surface shafts. Mining will primarily use Longhole Stoping and Drift - and - Fill methods. The production ramp - up is planned as follows: Phase 1: Initial throughput of 0.77 Mtpa using the first concentrator. Phase 2: Expansion to 4.1 Mtpa by Q4 2027 through the addition of a second, larger 3.3 Mtpa concentrator module. Phase 3: Further growth to 10.7 Mtpa by approximately 2030–2032 with the installation of two additional 3.3 Mtpa modules. The Phase 1 concentrator commenced the final stages of hot commissioning on October 29, 2025 with the first feed of platinum-palladium-nickel-gold-rhodium-copper ore. The first production of concentrate was achieved on November 18, 2025. (2) Lower-grade development ore will continue to be fed into the concentrator during the initial ramp-up stages until Shaft #3 is read to hoist in early Q2 2026, at which point feed will be increasingly replaced by production ore. From early Q2 2026, the concentrator is expected to steadily ramp-up, consistently achieving 80% of nameplate capacity by mid-year. (3) Royal Gold’s Stream Interest Royal Gold owns the right to purchase 37.5% of payable gold, until 131,250 ounces of gold have been delivered; then, 30% of payable gold until 256,980 cumulative ounces have been delivered; then, if 256,980 cumulative ounces have not been delivered by December 7, 2061, 1.875% of payable gold thereafter. The gold stream is based on all recovered gold produced from Platreef, subject to a fixed payability of 80%. Royal Gold will make ongoing payments of $100 per ounce for each ounce of gold delivered until 256,980 ounces have been delivered, and then 80% of the spot price of gold for each ounce delivered thereafter. Royal Gold acquired the Platreef gold stream effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. Acquisition Cost US$M N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper (1) Source: Ivanhoe Mines, February 18, 2025, Press Release. (2) Source: Ivanhoe Mines, November 19, 2025, Press Release. (3) Source: Ivanhoe Mines, January 12, 2026, Press Release. 164 Royal Gold | 2025/2026 Asset Handbook STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS