CANADA Greenstone The Greenstone gold mine is located approximately 275 kilometers northeast of the city of Thunder Bay and 4 kilometers south of the town of Geraldton, Ontario. On May 13, 2024, Equinox Gold Corp. (“Equinox”) acquired Orion Mine Finance’s 40% interest to consolidate 100% ownership of the mine. OPERATOR Equinox Gold Corp. MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré CURRENT STREAM 2.375% of Payable Gold CURRENT ONGOING PAYMENT 20% of spot for Gold YEAR OF ACQUISITION 2025 TERM OF STREAM Life of Mine MINE LIFE 2039 (1) Operational Overview Greenstone is centered on the historic Hardrock Gold Mine and consolidates four historic underground gold mines into one open-pit mine development. Construction of a 27,000 tpd leach/CIP processing facility began at Greenstone in October 2021 and was completed in 2024. On May 22, 2024, the Greenstone mine poured first gold, and on November 6, 2024, the Greenstone mine announced commercial production. 2026 OPERATOR GUIDANCE 250,000 to 300,000 ounces of gold. (2) LONGER-TERM OPERATOR OUTLOOK It is expected that gold production during the first five years will average more than 390,000 ounces of gold per year, with LOM production averaging more than 330,000 ounces of gold per year. (3) Royal Gold’s Stream Interest Royal Gold owns the right to purchase 2.375% payable gold, until 120,333 ounces of gold have been delivered; then 1.583% of the gold produced thereafter. Royal Gold will make ongoing payments for each ounce of gold delivered equal to 20% of the spot price per ounce of gold. Royal Gold will also make an additional payment dedicated to local ESG initiatives of $30 per ounce of gold delivered. Royal Gold acquired the Greenstone stream effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. (1) Source: Equinox Gold, October 2024 Technical Report. (2) Source: Equinox Gold, January 14, 2026, Press Release. (3) Source: Equinox Gold, November 6, 2024, Press Release. (4) Source: Equinox Gold, January 2026 Corporate Presentation. Royal Gold | 2025/2026 Asset Handbook 65 STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS