ECUADOR Warintza Warintza is a copper-molybdenum-gold porphyry development project located in the Morona Santiago province of Ecuador, approximately 235 kilometers southeast of Quito. The Warintza Project is 100% owned by Solaris Resources Inc. (“Solaris”). The project area covers 268 square kilometers. OPERATOR Solaris Resources Inc. MINERALIZATION STYLE Porphyry Cu-Au-Mo CURRENT STREAM 20 ounces of Gold per million pounds of Recovered Copper Produced CURRENT ONGOING PAYMENT 30% of spot for Gold ROYALTY 0.30% to 0.60% NSR YEAR OF ACQUISITION 2025 TERM OF STREAM AND ROYALTY Life of Mine EXPECTED STARTUP DATE As early as 2030 (1) EXPECTED MINE LIFE 22 years (2) Development Update On November 6, 2025, Solaris announced the results of a PFS for the Warintza Project. The project is envisioned to be a conventional open-pit operation, developed through two main pits, Warintza Central and Warintza East. The Warintza processing plant will be designed for a throughput rate of 165,000 tpd. The plant feed will be a mix of supergene and hypogene ores, with the latter being prevalent. (2) Next steps to the project timeline, as expected by Solaris, include EIA technical approval, exploitation agreement (H2 2026), start of early works (H2 2026), a FS (H2 2026), followed by a construction period from 2027 to 2030. Beyond the PFS, a conceptual expanded pit optimization exercise indicates the possibility to extend mine life by a timeframe of 25 to 30 years beyond the 22 years supported by the PFS mineral reserves. (3) Royal Gold’s Stream and Royalty Interest On May 21, 2025, Royal Gold’s wholly-owned subsidiary, RGLD Gold AG, entered into a gold purchase agreement, and a separate NSR royalty agreement for all metals produced from the Warintza Project, for total cash consideration (“Advance”) of $200 million. Of the Advance, $100 million was paid on close, $50 million will be paid after satisfaction of certain conditions including technical approval of the EIA, and $50 million one year after closing subject to satisfaction of certain conditions. Deliveries under the gold stream agreement will be in an amount equal to 20 ounces of gold per million pounds of recovered copper produced from the stream area of interest defined below. RGLD Gold AG will pay 20% of the spot gold price for each ounce delivered until the delivery of 90,000 ounces, and 60% of the spot gold price thereafter. The gold stream agreement may be subject to early termination, with the return of the Advance, under three scenarios: • Until May 21, 2030, and prior to the first gold delivery to RGLD Gold AG: • Solaris has the option to terminate the gold stream agreement if a change of control of Solaris or the Project occurs (the “Solaris Option”). • RG AG has the option to terminate the gold stream agreement if there is a change of control of Solaris or the Project (the “RG AG Option”). The RG AG Option will extend beyond 2030 if an acquirer of a control position held a lesser ownership position in Solaris or the Project prior to May 21, 2030. • If deliveries under the stream agreement have not begun by May 21, 2033, RGLD Gold AG will have the further option to terminate the gold stream agreement at that time. 158 Royal Gold | 2025/2026 Asset Handbook STREAM AND ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS