Bayan Khundii OPERATOR Erdene Resource Development Corp. COUNTRY: Mongolia MINE LIFE: 6.75 years (1) METAL(S): Gold ROYALTY: 1.0% NSR (all metals) REVENUE TO ROYAL (2025): N/A INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: N/A Bayan Khundii is located within the Tian Shan Copper- Gold Belt, approximately 980 kilometers southwest of Ulaanbaatar in Mongolia. An updated FS announced in August 2023 incorporated updated mineral resources, including resources from the high-grade Dark Horse Mane deposit. The FS estimates average annual gold production of 74,200 ounces over an eight year mine life. Erdene Resource Development Corp. announced first gold pour at the Bayan Khundii mine on September 14, 2025. (2) Royal Gold owns a 1.0% NSR royalty on metals produced from Bayan Khundii mine. Royal Gold acquired the Bayan Khundii royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.erdene.com (1) Source: Erdene, 2023 Technical Report. (2) Source: Erdene, January 20, 2026, Press Release. (3) Mineral Resources and reserves details for Bayan Khundii are provided in the Mineral Resources and Reserves section of this document, if available. Meekatharra OPERATOR Westgold Resources Limited COUNTRY: Australia MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold ROYALTY: 1.5% NSR (all metals), A$10 per ounce (gold only), 1.5% to 2.5% NSR (gold only), 0.45% NSR (all metals), A$1.00/tonne (all metals) REVENUE TO ROYAL (2025): $0.9 million REVENUE TO ROYAL GOLD SINCE INCEPTION: $23.9 million INVESTMENT RECOVERED: 423% Meekatharra is located in the Murchison District of Western Australia. Meekatharra is owned and operated by Big Bell Gold Operations Pty Ltd., a subsidiary of Westgold Resources Limited (“Westgold”). Royal Gold acquired its royalties at Meekatharra with the acquisition of a royalty portfolio from Barrick Mining Corporation, effective October 1, 2008, and the acquisition of International Royalty Corporation, effective February 22, 2010. For more information, please visit: www.westgold.com.au (1) Mineral Resources and reserves details for Meekatharra are provided in the Mineral Resources and Reserves section of this document, if available. 138 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS