Kirazli OPERATOR Tümad Madencilik COUNTRY: Türkiye MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold ROYALTY: Bonus payment (details below) EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. The Kirazli Project is located in the Çanakkale Province of northwestern Türkiye. A FS was completed in early 2017 and evaluated an open-pit operation that would process 15,000 tpd through primary crushing and open circuit secondary crushing followed by heap leaching methods to extract the gold and silver. Average annual production is estimated to be 104,000 ounces of gold and 617,300 ounces of silver over a five year mine life. Within 60 days of the commencement of commercial production at Kirazli, Royal Gold will receive a production bonus of $10/oz up to 250,000 ounces. The bonus is payable by Newmont Corporation who assumed the obligation when they acquired Fronteer Gold in 2011. Royal Gold acquired the Kirazli bonus payment effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.tumad.com.tr/en (1) Mineral Resources and reserves details for Kirazli are provided in the Mineral Resources and Reserves section of this document, if available. Las Cruces OPERATOR First Quantum Minerals Ltd. COUNTRY: Spain MINE LIFE: +20 years (1) METAL(S): Copper ROYALTY: 1.5% NSR (copper only) EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. Las Cruces is a high-grade open-pit copper mine and hydrometallurgical plant, located in the Seville Province of southern Spain. Las Cruces is currently on care and maintenance. On December 23, 2025, First Quantum Minerals Ltd. announced that it had entered into a binding agreement to sell the Las Cruces mine to Global Panduro, S.L.U., a company controlled by funds managed by Resource Capital Funds. The sale is expected to close during the first half of 2026. (2) Royal Gold holds a 1.5% NSR royalty on copper produced from the Las Cruces mine, which is payable when the London Metal Exchange (“LME”) cash settlement price for Grade A copper is equivalent to or greater than $0.80 per pound. Royal Gold acquired the Las Cruces royalty on February 22, 2010, with the acquisition of International Royalty Corporation. For more information, please visit: www.first-quantum.com (1) Source: First Quantum, February 2024 Technical Report. (2) Source: First Quantum, December 23, 2025, Press Release. (3) Mineral Resources and reserves details for Las Cruces are provided in the Mineral Resources and Reserves section of this document, if available. 168 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS