Summary of Portfolio Outlook The majority of the properties in Royal Gold’s portfolio are expected to continue generating revenue over the medium to long term. Additionally, plans are in place to realize production expansions and/or mine life extensions at several of these properties, and these plans are described in the Portfolio Details section of this handbook. This section provides a current snapshot of the operators’ production expectations for all properties in the portfolio that generated revenue in 2025. (1) Operator guidance and longer-term outlooks are publicly available for properties that contributed approximately 92% of Royal Gold’s 2025 revenue. Guidance for the remaining properties is either not publicly available, is not relevant for Royal Gold because of partial royalty coverage, or available guidance is consolidated with other properties owned by the operator where Royal Gold does not have an interest. Note, we have ordered the producing properties by the revenue the asset generated in 2025 and not necessarily the revenue to Royal Gold’s account (in the case of properties acquired through Sandstorm Gold and Horizon Copper). 2025 ACTUAL, 2026 GUIDANCE AND 5-YEAR OUTLOOK (1),(2),(3) Units 2025 Actual 2026 Guidance 5-Year Outlook Gold Equivalent Ounces (all metals) (koz) 300 430-480 Gold (koz) 231 290-320 Silver (Moz) 3.0 3.0-3.5 Copper (Mlb) 16.4 21.0-25.0 Other Metals (M) $30 $34-$38 (1) 5 Year Outlook is based on the mid-points of operator guidance, production estimates provided by operators at steady state, and Royal Gold estimates, and are not risk-adjusted. (2) 5-Year Outlook GEOs calculated at $4,000/oz Au, $55/oz Ag, $5/lb Cu, $7.30/lb Ni, $1.35/lb Zn, $0.91/lb Pb. (3) 5 Year Outlook includes expected stream rate step downs at Wassa and Rainy River (silver stream only). OUTLOOK SUMMARY FOR PROPERTIES COMPRISING 92% OF REVENUE Mount Milligan (2) $223.7 148 koz Au 50 Mlb Cu 140-155 koz Au 50-60 Mlb Cu 145 koz Au 65 Mlb Cu 175 koz Au 50 Mlb Cu 174 koz Au 76 Mlb Cu LT outlook: 2025 PFS confirms a LOM extension to 2045, with the potential to increase the process plant throughput by ~10% in 2029 Pueblo Viejo (60%) (3) $129.8 379 koz Au 916 koz Ag 350-400 koz Au n/a Ag n/a n/a n/a LT outlook: Expansion Project expected to extend mine life by 20+ years Andacollo (4) $77.9 36 koz Au 50.5 kt Cu 38-42 koz Au 45-55 kt Cu Au not provided 45-55 kt Cu Au not provided 35-45 kt Cu n/a LT outlook: mine life expected to continue until 2038, although additional environmental permits will be required to extend mine life beyond 2031 Rainy River (5) $70.8 290 koz Au 230-275 koz Au 350-450 koz Ag (Au and Ag guidance for 9 months only) 280 koz Au 577 koz Ag 243 koz Au 414 koz Ag 241 koz Au 339 koz Ag LT outlook: Coeur announced a two-year mine life extension at Rainy River Peñasquito (6) $70.2 415 koz Au 28 Moz Ag 216 Mlb Pb 509 Mlb Zn 185 koz Au 32 Moz Ag 198 Mlb Pb 485 Mlb Zn 300 koz Au 28 Moz Ag 205 Mlb Pb 413 Mlb Zn 400 koz Au 29 Moz Ag 212 Mlb Pb 406 Mlb Zn 200 koz Au 25 Moz Ag 173 Mlb Pb 358 Mlb Zn LT outlook: mine life expected to continue until 2033 Cortez (100%) (7) $67.5 738 koz Au 700-780 koz Au 850 koz Au 800 koz Au 850 koz Au LT outlook: Fourmile resource continues to grow, Goldrush underground extends past 2050, Robertson pilot study underway Producing Property 2025 Revenue (USD Million) 2025A 2026E 2027E 2028E 2029E 34 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS