DEVELOPMENTS AND POTENTIAL At the Black Fox Property, a new discovery at the Froome Mine, called Froome West, approximately 200 meters West of the Froome Mine, shows potential to extend mine life. McEwen plans to publish an updated resource estimate for Froome West at the end of February 2026. (3) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $1.6 Historic Revenue to Royal Gold 2024: 2025: US$M N/A $1.6 Historic Revenue to Sandstorm Gold US$M $6.8 $4.6 Metal Deliveries to Royal Gold Oct. 20, 2025 0.4 koz Au Acquisition Cost US$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, 2024 Contained Gold (koz) AGEOs* (koz) Proven and Probable – – Measured and Indicated 99 7 Inferred 47 3 * 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. 60 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.mcewenmining.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS