Corani OPERATOR Highlander Silver Corp. COUNTRY: Peru MINE LIFE: 15 years (1) METAL(S): Silver ROYALTY: 2.75% NSR (all metals) EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. The Corani silver-lead-zinc project is located in the Andes Mountains, within the Cordillera Vilcanota of Eastern Cordillera, in the Region of Puno, southeastern Peru. The Corani Project is owned by Highlander Silver Corp. In 2019, an updated FS for the Corani Project was released, which outlined average annual production of 9.6 million ounces of silver, LOM. Royal Gold holds a 2.75% NSR royalty on all metals produced from Corani. Buybacks in favor of the operator for 0.5% to 0.75% of the royalty can occur in certain circumstances. Royal Gold acquired a 1.0% NSR royalty on Corani effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd, and acquired an incremental 1.75% NSR royalty on Corani as part of agreements to restructure equity and various debt investments in Bear Creek effective February 26, 2026. For more information, please visit: www.highlandersilver.com (1) Source: Bear Creek, 2019 FS. (2) Mineral Resources and reserves details for Corani are provided in the Mineral Resources and Reserves section of this document, if available. Lobo-Marte OPERATOR Kinross Gold Corporation COUNTRY: Chile MINE LIFE: 16 years (1) METAL(S): Gold ROYALTY: 1.05% NSR (all metals) EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. Lobo-Marte is located in the Maricunga Gold District in Chile approximately 100 kilometers east of the city of Copiapó and 60 kilometers south of the La Coipa mine. Kinross has completed baseline studies to support the Environmental Impact Assessment for the Lobo-Marte Project and plans to submit it by Q2 2026. Kinross also plans to provide a project update later in 2026. Lobo-Marte continues to be a potential large, low-cost mine with the potential to contribute to the portfolio in the early 2030s. (2) Royal Gold owns a 1.75% NSR royalty on 60% of future production (equivalent to 1.05%) from Lobo-Marte, and is capped at $40 million. Royal Gold acquired the Lobo- Marte royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.kinross.com (1) Source: Kinross, November 10, 2021, Press Release. (2) Source: Kinross, February 18, 2026, Press Release. (3) Mineral Resources and reserves details for Lobo-Marte are provided in the Mineral Resources and Reserves section of this document, if available. 160 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS