and C$129.45 for underground. Resource cut-off grades are 0.45% Cu equivalent for open-pit, 0.95-1.05% Cu equivalent for underground. 63. La India resources and reserves are reported to CIM standards with an effective date of 2/28/2022. Royal Gold royalty area covers portions of the property and excludes others. Metal prices for reserves are $1,600 Au and $20.00 silver, and reserves cut-off is 0.6 g/t Au. Gold price for resources is $1,800, and resource cut-off grades range from 0.5 to 0.65 g/t Au for open-pit and 2.0 g/t Au for underground. 64. Lawyers-Ranch resources and reserves are reported to CIM standards with an effective date of 10/27/2025. Metal prices for resources and reserves were $2,000 Au and $24.50 Ag. Cutoff grades of 0.29g/t Au for open pit and 2.20 gpt Au for underground were used for reserves, with 0.25 gpt and 1.25 gpt Au for in pit and out of pit resources, respectively. 65. Lobo Marte resources and reserves are reported to CIM standards with an effective date of 12/31/2025. Gold prices for reserves and resources are $2,000 and $2,500 respectively. Specific cutoff grades and metallurgical recoveries are not stated. 66. Marban reserves and resources are reported to CIM standards with and effective date of 12/31.2025. Royal Gold royalty claims cover only the Marban deposit. Additional resource areas on the claim block are outside the royalty area. Reserves are reported using $1,600 Au price and 0.3 g/t Au cut-off grade. Resources are reported using a $1,900 Au pit shell and cut-off grades of 0.3 g/t Au open-pit and 3.0 g/t Au for underground. The 0.5% to 0.75% sliding-scale NSR relates to certain claims included in the Marban Alliance property, and a 1.0% to 1.5% sliding-scale NSR relates to certain claims in the Horizon property. At a gold price below $350 per ounce, the royalty rate is 0.5% for the Marban Alliance and 1.0% for Horizon, which increases to 0.75% for the Marban Alliance and 1.5% for Horizon at a gold price equal to or above $350 per ounce. 67. Ming resources and reserves are reported under CIM standards with an effective date of 3/31/2022. A portion of the 1807 zone falls on Royal Gold royalty ground. Ming has reported updated mineral resources and reserves but it is not known what portion falls on Royal Gold ground. Resources use metal prices of $1,300 Au, $17.00 Ag, and $2.99 Cu and a cut- off grade of 1% Cu. 68. North Timmins resources and reserves were disclosed under CIM standards with an effective date of 1/12/2015. A gold price of $1,200 and cutoff grade of 3.0 gpt were used. 69. NuevaUnión resources and reserves are reported to CIM standards and have an effective date of 12/31/2025. Royal Gold royalty covers approximately 30% of the La Fortuna section of NuevaUnión. Mineral reserves use prices of $1,200 Au and $3.00 Cu, with a NSR cut-off of $10.55. Resources use prices of $1,500 Au and $3.50 Cu, with a NSR cut-off of $9.12. 70. Oyu Tolgoi resources and reserves include Hugo North Extension and Heruga deposits. Resources and reserves are reported to CIM standards with an effective date of 3/31/2025. Specific metal prices and cutoff grades use a variable pricing model which is not disclosed. Recovery assumptions for Hugo North are 81% for Au, 84% for Ag, and 93% for Cu. Recovery assumptions for Heruga are not disclosed. 71. Pine Cove resources and reserves are reported to CIM standards and have an effective date of 9/1/2021. Royal Gold royalty claims cover Pine Cove stockpile and an estimated 60% of Argyle resource area. Reserves and resources use a gold price of $1,550. Cut-off grade for reserves is 0.56 g/t Au, and cut-off grade for resources is 0.50 g/t Au. 72. Platreef resources and reserves are reported to CIM standards with an effective date of 2/15/2025. Metal prices used for reserves are $1300 Au, $3 Cu, $8.90 Ni, $1300 Pt and $815 Pd. Cutoff grades for reserves are $80 - $155 NSR. Metal prices used for resources are $2179 Au, $4.25 Cu, $8.50 Ni, $1,200 Pt and $1,130 Pd with a cutoff grade of 2 g/t 3P+Au. Metallurgical recoveries used are 79% Au, 88% Cu, 72% Ni, 87% Pt, and 87% Pd. 73. Red Dam resources and reserves are reported to JORC standards with an effective date of 12/31/2023. We do not have separate disclosure of resources. Metal prices used are AUS$1,800 for reserves. Cut-off grade used was 0.53 g/t Au. Specific metallurgical recovery was not disclosed. 74. Troilus resources and reserves are reported to CIM standards and have an effective date of 1/15/2024. Metals prices for reserves are $1,550 Au, $20 Ag, and $3.50 Cu. Reserves cutoff is $C9.96 NSR. Specific metal prices for resources are $1850 Au, $25 Ag, and 4$4.25 Cu. Resources use a 0.3 gpt Aueq cutoff for open pit and 0.9 gpt Aueq for underground. Recoveries vary by metal and mineralized zone. 75. Warintza resources and reserves are reported to CIM standards and have an effective date of 5/1/2025. Metal prices for reserves and resources are $1850 Au, $20 Ag, $4 Cu, and $20 Mo. A $6.30/t NSR and 0.1% Cu cutoff are used. Metallurgical recoveries vary by material type and metal. Royal Gold | 2025/2026 Asset Handbook 215 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS