DEVELOPMENTS AND POTENTIAL Significant exploration potential remains across Back River, with a total of $46 million budgeted for exploration in 2026. B2Gold is optimistic that it can successfully upgrade a significant portion of the Inferred Mineral Resources in 2026. In addition, work continues on the optimization study for the Goose Mine, including the potential installation of a SAG mill to be paired in conjunction with the existing 4,000 tpd ball mill, which could expand mill throughput capacity to 6,000 tpd, and a separate study analyzing the implementation of a flotation/concentrate leach process which has potential to increase gold recovery. The results of the studies are expected to be finalized in the first half of 2026. (2) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $1.0 Historic Revenue to Royal Gold 2024: 2025: US$M N/A $1.0 Acquisition Cost US$M $52.0 Investment Recovered % 2% Net Book Value US$M $52.2 MINERAL RESOURCES AND RESERVES As of December 31, 2024 Contained Gold (koz) AGEOs* (koz) Proven and Probable 2 , 372 60 Measured and Indicated 1 , 838 42 Inferred 3,490 67 * 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. 56 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.b2gold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS