DEVELOPMENTS AND POTENTIAL In December 2024, Vale announced it had completed construction and commissioning of the VBME project, with the expansion transitioning Voisey’s Bay from open-pit to underground mining at the Reid Brook and Eastern Deeps mines, and extending the mine life of the Voisey’s Bay operation to 2037. (2) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $240.7 Historic Revenue to Royal Gold US$M 2024: 2025: $6.0 $12.0 Acquisition Cost US$M $205.7 Investment Recovered % 117 % Net Book Value US$M $74.2 MINERAL RESOURCES AND RESERVES As of December 31, 2025 Contained Nickel (Mlb) Cobalt (Mlb) Copper (Mlb) AGEOs* (koz) Proven and Probable 1,101 67 499 32 Measured and Indicated 409 27 184 12 Inferred 427 24 213 13 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 12 for a description of AGEO calculation methodology. 86 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.vale.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS