CANADA Mount Milligan Mount Milligan is a large-scale, open-pit copper and gold mine operated by Centerra Gold Inc. (“Centerra”). The mine is located within the Omenica Mining Division in north-central British Columbia, Canada. OPERATOR Centerra Gold Inc. MINERALIZATION STYLE Porphyry Cu-Au MINE TYPE Open-pit METAL(S) Copper, Gold PRODUCT Concentrate CURRENT STREAM 35% of Payable Gold, 18.75% of Payable Copper CURRENT ONGOING PAYMENT $435/oz for Gold, 15% of spot for Copper, + Cost Support Payments (1) YEAR OF ACQUISITION 2010-2012 TERM OF STREAM Life of Mine MINE LIFE 2045 (3) Operational Overview Construction of the Mount Milligan mine began in June 2010, with commissioning of the mine beginning in August 2013 and the achievement of commercial production in February 2014. The mining operation uses a conventional truck-and- shovel fleet, with ore processed through a 60,000 tpd flotation processing plant, to produce a concentrate containing copper, gold, and silver. The concentrate is trucked to the rail loadout facility in Mackenzie and railed to North Vancouver where it is loaded onto ships and sent to purchasers located around the Pacific Rim. Royal Gold’s Stream Interest Royal Gold, through its wholly-owned subsidiary RGLD Gold AG, owns the right to purchase 35% of the payable gold and 18.75% of the payable copper produced from Mount Milligan (the “Existing Stream Agreement”). Payable gold is calculated as 97% of contained gold in concentrate. Payable copper is calculated as the greater of 95% or actual percentage paid to Centerra. The cash purchase price for gold is equal to the lesser of $435 per ounce, with no inflation adjustment, or the prevailing market price when purchased. The cash purchase price for copper is 15% of the spot price. In February 2024, Royal Gold announced an additional agreement with Centerra to provide cost support to incentivize investment that, later on, provided a basis for an extension of the Mount Milligan mine life (the “Cost Support Agreement”). This agreement provides for additional cash purchase prices for gold and copper deliveries in three periods, which are defined by gold and copper deliveries. 2026 OPERATOR GUIDANCE 140,000 to 155,000 ounces of gold and 50 to 60 million pounds of copper. (2) LONGER-TERM OPERATOR OUTLOOK In September 2025, Centerra released the results of a PFS for Mount Milligan, confirming a mine life extension to 2045. The average annual production from 2026 to 2042 is expected to be approximately 150,000 ounces of gold and 69 million pounds of copper, followed by the processing of low-grade stockpiles from 2043 to 2045. (3) (1) Refer to table on next page. (2) Source: Centerra Gold, February 19, 2026, Press Release. (3) Source: Centerra Gold, September 11, 2025, Press Release. Royal Gold | 2025/2026 Asset Handbook 41 STREAM INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS