CANADA Berg The Berg Project is located in west-central British Columbia, approximately 80 kilometers southwest of Houston, and is owned by Surge Copper Corp. (“Surge Copper”). OPERATOR Surge Copper Corp. MINERALIZATION STYLE Porphyry Cu-Au ROYALTY 1.0% NSR (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 30 years (1) Development Update In mid-2023, Surge Copper announced a PEA for Berg, outlining a large, open-pit operation with a process plant expected to operate at 90,000 tpd nominal capacity. In November 2025, Surge Copper provided an update of its ongoing PFS level work. The company indicated that it expects to deliver the PFS in the middle of the first half of 2026. (2) Royal Gold’s Royalty Interest Royal Gold holds a 1.0% NSR royalty on all metals produced from areas subject to our royalty interest at Berg. Royal Gold acquired the Berg royalty, effective February 22, 2010, with the acquisition of International Royalty Corporation. MINERAL RESOURCES AND RESERVES As of June 7, 2023 Contained Copper (Mlb) Molybdenum (Mlb) Silver (koz) AGEOs * (koz) Proven and Probable – – – – Measured and Indicated 5,088 633 150,000 125 Inferred 2,045 288 65,000 52 * 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. PROJECT OUTLOOK As per the PEA, the Berg Project is expected to produce an average of 121 million pounds of payable copper, 13 million pounds of payable molybdenum, three million ounces of payable silver, and 12,000 ounces of payable gold per year over its LOM. (1) Acquisition Cost US$M $8.3 Net Book Value US$M $8.3 (1) Source: Surge Copper, June 13, 2023, Press Release. (2) Source: Surge Copper, November 30, 2025, Press Release. Royal Gold | 2025/2026 Asset Handbook 173 ROYALTY For more information, please visit: www.surgecopper.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS