DEVELOPMENTS AND POTENTIAL Chifeng is advancing work at Wassa with the objective of upgrading inferred resources for inclusion in a mine plan that will extend the life of Wassa beyond current reserves. A preliminary LOM plan that includes inferred mineral resources and outlines two designs/studies for future expansion has been developed for the Wassa mine. The first design, with a PEA for Wassa’s Southern Extension (published by Golden Star Resources in 2021) estimates an additional 17-year life of mine. The second design, estimates a 26-year mine life extending to 2049 with an annual mining capacity of approximately three million tonnes of ore. (1) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $363.4 Historic Revenue to Royal Gold 2024: 2025: US$M $48.5 $51.8 Metal Deliveries to Royal Gold Since Inception 165.0 koz Au Advance Payment US$M $145 (3) Investment Recovered % 198% (4) Net Book Value US$M $21.1 MINERAL RESOURCES AND RESERVES As of December 31, 2024 Contained Gold (koz) AGEOs* (koz) Proven and Probable 551 39 Measured and Indicated 1,057 41 Inferred 6,603 254 * 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. 126 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.cfgold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS