NICARAGUA El Limón El Limón is an underground and open-pit mine owned and operated by Equinox Gold Corp. El Limón is located in northwestern Nicaragua, approximately 100 kilometers northwest of the country’s capital, Managua. OPERATOR Equinox Gold Corp. MINERALIZATION STYLE Low-Sulfidation Epithermal Au MINE TYPE Open-pit & Underground METAL(S) Gold, Silver PRODUCT Doré ROYALTY 3.0% NSR (all metals) YEAR OF ACQUISITION 2007 TERM OF ROYALTY Life of Mine MINE LIFE 2029 (1) Operational Overview Mining operations at the El Limón Complex use conventional open-pit mining methods at the Limón Central open-pit and longitudinal sublevel stoping and modified Avoca mining methods at the Santa Pancha, Panteon and Veta Nueva underground mines. The El Limón processing plant consists of agitated cyanide leaching and carbon adsorption, followed by carbon elution, electrowinning, and doré production. The annual throughput is approximately 500,000 tonnes. 2026 OPERATOR GUIDANCE Detail not publicly disclosed by operator. (2) LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. Royal Gold’s Royalty Interest Royal Gold holds a 3.0% NSR royalty on all metals produced from the El Limón mine, which was acquired in 2007. (1) Source: Calibre Mining, March 2021 Technical Report. (2) Provided for Equinox’s Nicaragua operating segment and not El Limón specifically. (3) Source: Equinox, Q3 2025 MD&A. 108 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS