ECUADOR Fruta del Norte The Fruta del Norte (“FDN”) gold mine is located in southeast Ecuador about 142 kilometers east-northeast of the City of Loja. The majority of the property area lies in the highlands south of the Zamora River and east of the Nangaritza River in the Condor mountain region. The FDN gold mine is owned and operated by Lundin Gold Inc. (“Lundin Gold”). OPERATOR Lundin Gold Inc. MINERALIZATION STYLE Intermediate-Sulfidation Epithermal Au-Ag MINE TYPE Underground METAL(S) Gold, Silver PRODUCT Concentrate and Doré ROYALTY 0.9% NSR (precious metals) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine MINE LIFE 2037 (1) Operational Overview The FDN gold mine is one of the highest-grade, lowest-cost gold mines in the world. FDN is an underground mine, producing gold concentrate and doré. Lundin Gold acquired the asset in late 2014, began construction in July 2017, poured first gold in November 2019, and declared commercial production in February 2020. 2026 OPERATOR GUIDANCE 475,000 to 525,000 ounces of gold. (2) LONGER-TERM OPERATOR OUTLOOK Beyond 2026, FDN is expected to produce between 475,000 to 525,000 ounces of gold for each of 2027 and 2028. Note, production levels for 2028 may vary depending on the outcome of the expansion study and investment decisions. (2) Royal Gold’s Royalty Interest Royal Gold owns a 0.9% NSR royalty on metals produced from areas subject to our royalty interest at the FDN mine. Royal Gold acquired the FDN royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. (1) Source: Lundin Gold, Corporate Website. (2) Source: Lundin Gold, December 8, 2025, Press Release. (3) Source: Lundin Gold, November 2025 Corporate Presentation. 110 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS