DEVELOPMENTS AND POTENTIAL El Limon mine continues to yield high-grade drilling results demonstrating the extension of gold mineralization in three areas of the property: adjacent to the operating Panteon underground mine, along the multi-kilometer VTEM Gold Corridor and along trend of the past-producing Talavera mine. Equinox currently has an active multi-rig drill program underway. (3) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $61.6 Historic Revenue to Royal Gold 2024: 2025: US$M $7.2 $13.1 Acquisition Cost US$M $6.7 Investment Recovered % 923% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2024 Contained Gold (koz) Silver (koz) AGEOs* (koz) Proven and Probable 697 647 21 Measured and Indicated 507 149 15 Inferred 901 503 27 * 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. For more information, please visit: www.calibremining.com Royal Gold | 2025/2026 Asset Handbook 109 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS