BRAZIL Vale Northern and Southeastern Systems The Vale Northern System (Serra Leste, Serra Norte, Serra Sul, and Sossego) are located in the Pará state of Brazil, while the Vale Southeastern System (Itabira, Mariana, and Minas Centrais) are located in the Minas Gerais state of Brazil. Both the Northern System and Southeastern System are owned and operated by Vale S.A. OPERATOR Vale S.A. MINERALIZATION STYLE Iron Formation MINE TYPE Open-pit METAL(S) Iron, Gold, Copper PRODUCT Concentrate ROYALTY Various (see “Royal Gold’s Royalty Interest” section below) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine MINE LIFE 2077 (Northern System), 2057 (Southeastern System) (1) Operational Overview Northern System: Production started at the Serra Norte complex in 1984 and is currently expected to run through 2045. Serra Sul started production in 2016 and is expected to produce through 2060 and Serra Leste began production in 2014 and is expected to produce through 2077. The Sossego Mine Complex consists of two open-pit mines, Sossego and Sequeirinho. Sossego was the first copper project taken into operation by Vale and has been producing copper concentrate since 2004. (1) Southeastern System: Production started in 1957 at the Itabira complex, which is currently expected to run through 2041. Mariana began production in 1976 and is expected to produce through 2054 and Minas Centrais started production in 1994 and is expected to produce through 2057. (1) 2026 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest At the Northern System, Royal Gold owns a 0.05% net iron sales royalty applicable to Serra Leste, Serra Norte, and Serra Sul. Additionally, Royal Gold owns a 0.03% net gold/ copper sales royalty applicable to Sossego. At the Southeastern System, Royal Gold owns a 0.05% net iron sales royalty applicable to a portion of the Southeastern System after a cumulative sales threshold of 1.7 billion tonnes of iron ore is met. Royal Gold estimates the royalty will cover approximately 70% of the Southeastern System production after the threshold is triggered. Royal Gold acquired the Vale Northern and Southeastern royalties effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. (1) Source: Vale S.A., 2024 Annual Report on Form 20-F. (2) Source: Vale S.A., February 12, 2026, Press Release 112 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS