DEVELOPMENTS AND POTENTIAL The mine life of Andacollo is expected to continue until 2038, although Teck has reported that additional environmental permits will be required to extend the mine life beyond 2031. (1) Royal Gold’s Stream Interest Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, owns the right to purchase 100% of payable gold until 900,000 ounces have been delivered, and 50% thereafter. The cash purchase price equals 15% of the monthly average gold price for the month preceding the delivery date for all gold purchased. Gold deliveries are determined using a fixed gold payability factor of 89%. Originally, in January 2010, Royal Gold acquired a royalty interest on Andacollo for $217.9 million in cash and 1,204,136 shares of Royal Gold common stock (valued at approximately $53.4 million on the date of acquisition). Under the agreement, Royal Gold, Inc. was to receive 75% of the gold produced from the sulfide portion of the Andacollo deposit until 910,000 payable ounces of gold were sold, after which Royal Gold was to receive 50% of all future payable gold production from the property. In July 2015, after production of approximately 259,000 ounces of payable gold subject to the royalty, Royal Gold announced it had agreed to sell its royalty interest on Andacollo to CMCA for $345 million and terminate the royalty agreement. RGLD Gold AG entered into a new gold offtake agreement with CMCA for the right to purchase 100% of payable gold from Andacollo until 900,000 ounces have been delivered, and 50% thereafter, for $525 million. Importantly, the new stream interest features a larger interest in gold over a longer period and covers an expanded footprint encompassing additional mineral rights relative to the previous royalty interest. Metal deliveries to RGLD Gold AG typically occur up to five months after production at Andacollo due to the time required to ship concentrate from the mine site to the smelter and the payment provisions of the offtake contract. FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $642.3 Historic Revenue to Royal Gold 2024: 2025: US$M $47.5 $77.9 Metal Deliveries to Royal Gold Since Inception 392.9 koz Au Advance Payment US$M $525.0 Investment Recovered % 104% Net Book Value US$M $199.0 MINERAL RESOURCES AND RESERVES As of December 31, 2025 Contained Gold (koz) Copper (Mlb) AGEOs* (koz) Proven and Probable 755 1,530 642 Measured and Indicated 1,160 2,213 575 Inferred 205 456 87 * 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. 48 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.teck.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS