Don Nicolas OPERATOR Cerrado Gold, Inc. COUNTRY: Argentina MINE LIFE: 2029 (1) METAL(S): Gold, Silver ROYALTY: 2.0% NSR (all metals), $3/oz royalty REVENUE TO ROYAL (2025): $0.6 million INVESTMENT RECOVERED: N/M REVENUE TO ROYAL GOLD SINCE INCEPTION: $7.7 million Don Nicolas is an open-pit gold mine located in the mineral-rich Deseado Massif in the Province of Santa Cruz, Argentina. Don Nicolas comprises a series of tenements within a greater block of exploration leases totaling some 2,730 square kilometers, with mining activities having been carried out on the Martinetas, La Paloma, and Calandrias Norte areas. Don Nicolas is owned and operated by Minera Don Nicolas S.A., a subsidiary of Cerrado Gold, Inc. (“Cerrado”). 2026 annual production guidance is 50,000 to 60,000 GEOs, with higher production weighted to H2 2026. Royal Gold holds a 2.0% NSR royalty on all metals produced from areas subject to our royalty interest at Don Nicolas, which was acquired in 2000. Effective October 20, 2025, as part of its acquisition of Sandstorm Gold, Royal Gold added a $3/oz royalty (capped at $2 million), which overlaps the same areas as the 2.0% NSR acquired in 2000, and a 2.0% NSR covering certain concessions at Las Calandrias and Los Cisnes. For more information, please visit: www.cerradogold.com (1) Source: Cerrado Gold, September 19, 2024, Technical Report (PEA) and February 2025 Corporate Presentation. (2) Mineral Resources and reserves details for Don Nicolas are provided in the Mineral Resources and Reserves section of this document, if available. Gualcamayo OPERATOR Eris LLC COUNTRY: Argentina MINE LIFE: 17 years (1) METAL(S): Gold ROYALTY: 1.0% to 3.0% NSR (all metals) and 1.5% to 2.5% NSR on the Deep Carbonates Project (all metals) REVENUE TO ROYAL (2025): $1.4 million REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: $1.4 million INVESTMENT RECOVERED: N/A Gualcamayo is a gold and silver mine located in Jáchal, San Juan province, Argentina. The Gualcamayo mine is operated by Minas Argentinas SA, a subsidiary of ERIS LLC. On December 23, 2025, Minas Argentinas SA announced that the Argentinian government had approved the Large Investment Incentive Regime application for Gualcamayo, including the Deep Carbonates Project (“DCP”). Expected to start production by the end of 2029, the DCP is expected to generate approximately 120,000 GEOs per year for a minimum period of 17 years. (1),(2) Royal Gold holds a 1.0% to 3.0% NSR royalty on all metals produced from the Gualcamayo mine; a 1.0% applies to all metals, and an additional 2.0% applies after 396,000 ounces of gold have been produced since October 25, 2018. The 2.0% royalty payments are capped at $50 million. Additionally, Royal Gold holds a 1.5% to 2.5% NSR royalty on the DCP at the Gualcamayo mine. Royal Gold will also receive a $30 million commercial production payment once commercial-scale production commences at the DCP. Royal Gold acquired the Gualcamayo royalties effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.aisagroup.ca (1) Source: Minas Argentinas SA, Website. (2) Source: Minas Argentinas SA, December 23, 2025, Press Release. (3) Mineral Resources and reserves details for Gualcamayo are provided in the Mineral Resources and Reserves section of this document, if available. Royal Gold | 2025/2026 Asset Handbook 117 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS