CANADA Black Fox The Black Fox Property is located about 11 kilometers outside of the town of Matheson and approximately 60 kilometers from the city of Timmins, Ontario in the Timmins Gold District. The Black Fox Property, which includes the Black Fox Mine, Froome Mine, and the Tamarack and Grey Fox deposits, is part of the broader Fox Complex, and is owned and operated by McEwen Inc. (“McEwen”). OPERATOR McEwen Inc. MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré CURRENT STREAM 8% of Gold Produced (Black Fox Property), 6.3% of Gold Produced (Black Fox Extension) CURRENT ONGOING PAYMENT $613/oz YEAR OF ACQUISITION 2025 TERM OF STREAM Life of Mine MINE LIFE 2026 Operational Overview Black Fox Mine began operating as an open-pit mine and transitioned to underground operations in 2011. During 2021, as production wound down at the Black Fox Mine, the Froome underground mine ramped-up production and achieved commercial production in September 2021. Ore mined at the Froome Mine is transported to the Fox Mill site, located 28 kilometers away, and is fed via a conveyor system to the mill’s crushing circuit. The crushed product is transferred to a 1,500 tonne fine ore surge bin and then fed into a 2,000 tpd grinding circuit, which includes two stages of closed circuit ball milling. Soluble gold is recovered by adsorption on activated carbon using CIC, CIL, and CIP processes yielding recoveries of 90% to 95% on average. 2026 OPERATOR GUIDANCE Detail not publicly disclosed by operator. (2) LONGER-TERM OPERATOR OUTLOOK The discovery of the high-grade Froome West mineralization has potential to extend the mine life at the Froome Mine. (3) Royal Gold’s Stream Interest Royal Gold owns the right to purchase 8% of the gold produced from areas subject to our stream interest at the Black Fox Property. Additionally, Royal Gold also owns the right to purchase 6.3% of the gold produced from the Black Fox Extension, including a portion of the Pike River concessions. In 2025, ongoing payments for each ounce of gold delivered equalled $613 per ounce. This ongoing payment is subject to an annual inflation adjustment based on the consumer price index and capped at 2%. Royal Gold acquired the Black Fox gold streams effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. (1) Source: McEwen Inc., October 2025 Technical Report: Froome Mine production is scheduled to be completed in 2026. (2) Provided for Fox Complex and not Black Fox specifically. (3) Source: McEwen Inc., December 4, 2025, Press Release. Royal Gold | 2025/2026 Asset Handbook 59 STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS