CHILE Andacollo Andacollo is an open-pit copper mine and milling operation operated by Compañía Minera Teck Carmen de Andacollo (“CMCA”), a 90% owned subsidiary of Teck Resources Ltd. (“Teck”); Empresa Nacional de Minería holds the remaining 10%. Gold is produced as a by-product of copper production. The mine is located in central Chile, Region IV, in the foothills of the Andes Mountains approximately two kilometers southwest of the town of Andacollo. OPERATOR Teck Resources Ltd. MINERALIZATION STYLE Porphyry Cu-Au MINE TYPE Open-pit METAL(S) Copper, Gold PRODUCT Concentrate CURRENT STREAM 100% of Payable Gold CURRENT ONGOING PAYMENT 15% of monthly average gold price YEAR OF ACQUISITION 2015 TERM OF STREAM Life of Mine MINE LIFE 2038 (1) Operational Overview The Andacollo operation consists of an open-pit mine, sulfide concentrator and copper heap leach facility. Mining of the oxide and supergene enrichment zone of the Andacollo copper deposit began in January 1996. Supergene and oxide ores were processed by heap leaching and production of copper cathode in a SX-EW plant. Production from the heap leach operation was halted in 2023. Beginning in 2010, the mine began processing hypogene ore (which underlies the supergene ore) through a mill and concentration plant at site producing concentrates for third-party offtake. Copper concentrate is produced by processing hypogene ore through a SAG mill and a flotation plant with the capacity to process up to 55,000 tonnes of ore per day depending on ore hardness. 2026 OPERATOR GUIDANCE Andacollo is expected to produce 38,000 to 42,000 ounces of gold. (2) LONGER-TERM OPERATOR OUTLOOK As per Teck’s 2026-2028 outlook, the Andacollo mine is expected to produce 45,000 to 55,000 tonnes of copper in 2027 and 35,000 to 45,000 tonnes of copper in 2028. (3) Gold and copper grades have been relatively positively correlated and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future. (1) Source: Teck, 2025 Annual Information Form: The current LOM for Carmen de Andacollo is expected to continue until 2038, although additional permits or amendments will be required. (2) Source: Production estimate received from Teck. (3) Source: Teck, February 18, 2026, Press Release. Royal Gold | 2025/2026 Asset Handbook 47 STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS