Pine Cove OPERATOR New Found Gold Corp. COUNTRY: Canada MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold ROYALTY: 7.5% NPI (all metals) EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. Pine Cove is an open-pit gold mine, owned and operated by New Found Gold Corp. (“New Found”). Pine Cove is located within the Baie Verte Mining District, in north- central Newfoundland, in the Province of Newfoundland and Labrador, Canada. The Pine Cove deposit was discovered in June 1987. Royal Gold holds a 7.5% NPI royalty on all metals produced from the Pine Cove mine, calculated as the gross receipts generated from the claims less all cumulative development and operating expenses. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Mining Corporation. For more information, please visit: www.newfoundgold.ca (1) Mineral Resources and reserves details for Pine Cove are provided in the Mineral Resources and Reserves section of this document, if available. 154 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS