33. Mercedes reserves and resources are reported under CIM standards with an effective date of 9/30/2024. Gold price for reserves is $2,360 and cutoff grades use and NSR of $152 to $154. Metallurgical recovery assumption is 94% 34. Moss does not have current reserves disclosed. It is classified as a producing property because revenue is being generated. Resources are reported under CIM standards with an effective date of 12/18/2025. Metal prices used are $2500 Au and $29.20 Ag. Recovery assumptions are 75% for Au and 33% for Ag. Cutoff grade is 0.005 opt Aueq. It is estimated that 70% of reported resources are subject to our royalty. This royalty is subject to ongoing litigation with the operator. 35. Peñasquito resources and reserves are reported under SK-1300 and have an effective date of 12/31/2025. Metal prices used for reserves are $2,000 Au, $25.00 Ag, $0.90 Pb and $1.20 Zn. Prices used for resources are $2,300 Au, $28.00 Ag, $0.90 Pb, and $1.30 Zn. Cut-off grade varies with level of silver, lead and zinc credits, but is not less than $14.10 NSR per tonne. 36. Phillips Find resources are reported to JORC standards with an effective date of 6/30/2024. Cut-off for mineral resources is 0.5 g/t Au near surface and 2.0 g/t below 140m asl. Metal prices and recoveries used are not disclosed. The royalty applies to production above 40,000 ounces and is capped at $1 million. 37. Rainy River resources and reserves are reported under SK-1300 standards and have an effective date of 12/31/2025. Reserves use $2,200 Au and $26.00 Ag prices. Resources use 2,500 Au and $30 Ag prices. Cut-off grades for reserves are 0.3 g/t AuEq for open-pit 1.41 g/t AuEq for underground. Cut-off grades for resources are 0.2 g/t AuEq for open pit and 1.24 g/t for underground. Our stream interest at Rainy River is 6.5% of the gold produced until 230,000 gold ounces have been delivered, 3.25% thereafter, and 60% of payable silver produced until 3.1 million ounces are delivered, 30% thereafter. 38. Red Chris resources and reserves are reported under SK-1300 and have an effective date of 12/31/2025. The operator reports their 70% ownership which is converted to our 100% royalty coverage. Reserves use $2,000 Au and $3.00 Cu prices. Resources use $2,300 Au and $3.40 Cu prices. Cut-off grades vary with copper credits. 39. Ruby Hill does not have current reserves disclosed. We classify it as a producing property because of revenue from ongoing heap leaching. Ruby Hill resources are estimated under CIM standards with an effective date of 12/31/2024. Resources use a $2,175 Au price and $26 Ag price. Cut-off grades are 0.1 g/t for Mineral Point open-pit and 5.06 g/t Au for Archimedes 426 zone and 5.48 g/t Au for Archimedez Ruby Deeps zone. 40. Santa Elena resources and reserves are reported under CIM standards and have an effective date of 12/31/2024. Reserves use $2,200 Au and $26 Ag prices. Resources us $2,400 Au and $28 Ag prices. Cutoff grades range from 90-95 gpt Ag. Our royalty covers Santa Eleana but not Ermitanao. Reserves are disclosed by the operator for Santa Elena separately, but not resources. An estimate of 25% is used to reflect our share of the reported resources. 41. South Laverton resources and reserves are reported under JORC standards and have an effective date of 3/31/2025. The operator reports resources and reserves for Carosue Dam, of which our royalties cover certain deposit areas. Reserves and resources use AUS$2,000 and AUS$2,500 respectively. Cut-off grades are 0.56 g/t Au. The A$6.00 per ounce royalty is payable once 265,745 ounces of gold have been produced and the A$10.00 per ounce royalty is payable once 160,333 ounces of gold have been produced from certain South Laverton tenements. The thresholds have not been met for either A$ per ounce royalty. 42. Twin Creeks reports resources and reserves to CIM standards with an effective date of 12/31/2022. The Twin Creeks royalty is now a part of the Turquoise Ridge JV, operated by Nevada Gold Mines. Reserves and resources use gold prices of $1,300 and $1,700 respectively. Cut-off grades are 0.005 oz/t Au for leach and 0.022 oz/t for mill material. 43. Ulysses resources and reserves are reported to JORC standards with an effective date of 12/31/2024. Metal prices used are AUS$2,800 and cut-off grades are 0.7 g/t for open pit and 1.8 g/t for underground for reserves. Resources use 0.4 g/t for open pit and 2.0 g/t for reserves. 44. Wassa resources and reserves are reported to JORC standards with an effective date of 12/31/2024. Resources and reserves use a gold price of $2,050 and cut-off grades of 1.34 g/t for underground and 0.5 g/t for open-pit, except Chichiwelli resources which use a $1500 gold price and 0.55 g/t cut-off. Our stream interest at Wassa is 10.5% of payable gold until 240,000 ounces are delivered, 5.5% thereafter. 45. Wharf reserves are reported to SK 1300 standards with an effective date of 12/31/2024. A gold price of $1,600 and a cut- off Au grade of 0.01 oz/short ton was used for reserve reporting. The royalty is based on a sliding scale, which caps at 2.0% at gold prices above $500 per ounce. Royal Gold | 2025/2026 Asset Handbook 213 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS