Expected Performance and Outlook Notable Portfolio Changes in 2025 Our portfolio can change organically as changes occur at the properties where we have interests. These may be a result of developments including exploration or expansion investments made by our operating counterparties, changes in ownership of properties, or the evolution of mine plans. This section summarizes notable changes at properties within the portfolio, and new properties added to the portfolio, since the previous version of our Asset Handbook was published in April 2025. We are not considering properties that were acquired as part of the Sandstorm Gold and Horizon Copper acquisitions as “new additions” for the purpose of this section. PROPERTY DEVELOPMENTS (ALPHABETICAL ORDER) Back River Gold District • Commercial production achieved on October 2 Cactus • PFS completed, indicating a 22 year mine life with average annual production of 198 million pounds of copper Cortez • Results of a PEA on Fourmile released indicating the potential to achieve average annual gold production levels of 600,000 to 750,000 ounces over a mine life exceeding 25 years Côté Gold • Ramp-up completed with achievement of nameplate processing capacity Fruta del Norte • Over 121,000 meters of exploration drilling identified new mineralization near the main deposit, including epithermal and porphyry systems Granite Creek • PEA completed on the underground project indicates an 8-year mine life with average annual gold production of 60,000 ounces Great Bear • Permitting to be accelerated under the Province of Ontario’s new One Project, One Process framework Greenstone • Ramp-up continued with achievement of nameplate processing capacity Hod Maden • Updated FS results indicate a mine life of 10 years with average annual production of 159,000 ounces of gold and 21 million pounds of copper, and capital cost of $910 million Khoemacau • Expansion FS approved by MMG Board with construction to begin in 2026; post-expansion silver production to be 4.0-4.5 million ounces per year, with approximately 60% to be applicable to Royal Gold’s silver stream King of the Hills • Board approval received to expand the processing facility by 20% to 6 Mtpa with commissioning expected in late 2026 Lawyers • PFS completed, indicating a 15 year mine life with average annual gold production levels of 187,000 ounces MARA • RIGI application filed in Argentina with first production from the Agua Rica deposit targeted for H2 2031 Mount Milligan • PFS released that outlines an extension of the mine life to 2045, including the potential to increase process plant throughput by about 10% Platreef • Ramp-up of Phase 1 concentrator with first sale of concentrate in Q4 2025 Pueblo Viejo • Continued progress on the mine life extension project and the new Naranjo tailings storage facility, with an extension of the mine life to 2049 Rainy River • Updated NI 43-101 report indicated gold production of 300,000 ounces per year over the next 3 years, an extension of the open-pit to 2028, steady state production from the underground by 2027, and a 9- year mine life 30 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS