NICARAGUA La India La India is a surface and underground project, owned by La India Gold S.A., a subsidiary of Metals Exploration plc (“Metals Exploration”). La India is located in the western flanks of the Central Highlands in northwestern Nicaragua, in the municipalities of Santa Rosa del Peñon and El Jicaral, approximately 70 kilometers to the north of the capital city of Managua. OPERATOR Metals Exploration Plc MINERALIZATION STYLE Low-Sulfidation Epithermal Au ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE End of 2026 (1) EXPECTED MINE LIFE 12.4 years (1) Development Update In January 2025, Metals Exploration released the results of the Internal Studies showing significant improvements from the Bankable FS conducted in 2022 by SRK Consulting. The Internal Study contemplates both an open-pit and underground operation. (1) In March 2025, Metals Exploration purchased a gold ore processing and concentrating plant from Almaden Minerals Ltd., providing the ability to fast track the La India project. The processing and concentrating plant subsequently arrived in August 2025. The throughput capacity design of the plant has been upgraded to 1.8 Mtpa from 1.4 Mtpa. Construction activities at La India commenced in May 2025 and Metals Exploration expects to deliver first gold during Q4 2026. (2) Royal Gold’s Royalty Interest Royal Gold holds a 3.0% NSR royalty on all metals produced from areas subject to our royalty interest at La India. Royal Gold acquired its royalty interest on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. MINERAL RESOURCES AND RESERVES As of February 28, 2022 Contained Gold (koz) Silver (koz) AGEOs* (koz) Proven and Probable 602 1,250 19 Measured and Indicated 419 637 13 Inferred 837 921 25 * 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. (1) Source: Metals Exploration, January 17, 2025, Press Release. (2) Source: Metals Exploration, December 9, 2025, Press Release. PROJECT OUTLOOK As per the Internal Study, La India is expected to average 145,000 ounces of gold per annum over its mine life. (1) Acquisition Cost US$M $1.0 Net Book Value US$M $1.0 Royal Gold | 2025/2026 Asset Handbook 157 ROYALTY For more information, please visit: www.metalsexploration.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS