CANADA Rainy River Rainy River is an open-pit and underground mine, located 65 kilometers northwest of Fort Frances, Ontario, Canada. The Rainy River Mine occupies approximately 61 square kilometers, comprising 100 patented mining rights and surface rights claims. Rainy River is owned and operated by Coeur Mining, Inc. (“Coeur”), which acquired New Gold Inc. (“New Gold”) in March 2026. OPERATOR Coeur Mining, Inc. MINERALIZATION STYLE VMS/Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold, Silver PRODUCT Doré CURRENT STREAM 6.5% of Gold Produced, 60% of Silver Produced CURRENT ONGOING PAYMENT 25% of spot for Gold, 25% of spot for Silver YEAR OF ACQUISITION 2015 TERM OF STREAM Life of Mine MINE LIFE 2035 (1) Operational Overview Rainy River commenced processing open-pit ore in September 2017, and commercial production followed in October 2017. Underground production commenced from the Intrepid Zone with the first stope blasted in September 2022. The open-pit mine is a conventional truck-and-shovel mining operation, while the underground is designed as a mechanized, ramp-access mine that uses longitudinal long- hole open-stoping with unconsolidated waste backfill. The Rainy River process plant includes crushing, grinding, gravity separation, cyanide leaching, CIP, carbon stripping and regeneration, electrowinning, and doré production. Tailings are deposited in the tailings management area with water reclaimed and returned to the process plant. 2026 OPERATOR GUIDANCE 230,000 to 275 ounces of gold and 350,000 to 450,000 ounces of silver (both gold and silver guidance for 9 months only). 1 LONGER-TERM OPERATOR OUTLOOK Annual gold and silver production is expected to average 287,000 ounces and 527,000 ounces, respectively, over the next three years. 1 Royal Gold’s Stream Interest In 2015, Royal Gold’s wholly-owned subsidiary, RGLD Gold AG, entered into a stream agreement with New Gold Inc. for a percentage of the gold and silver production from the Rainy River project. RGLD Gold AG owns the right to purchase 6.5% of the gold produced until 230,000 gold ounces have been delivered, and 3.25% thereafter. The purchase price for gold ounces delivered is 25% of the spot price per ounce of gold at the time of delivery. Royal Gold also owns the right to purchase 60% of the silver produced until 3.1 million silver ounces have been delivered, and 30% thereafter. The cash purchase price for the silver ounces is 25% of the spot price per ounce of silver at the time of delivery. (1) Source: Coeur Mining, December 31, 2025, Technical Report. Royal Gold | 2025/2026 Asset Handbook 77 STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS