BRAZIL Castelo de Sonhos Castelo de Sonhos (“CDS”) is a gold development project located in the State of Pará, Brazil, approximately 20 kilometers from the town of Castelo de Sonhos. CDS is owned by TriStar Mineração do Brasil Ltda, a wholly owned subsidiary of TriStar Gold Inc. (“TriStar”). OPERATOR Tristar Gold Inc. MINERALIZATION STYLE Paleo Placer ROYALTY 1.5% NSR (all metals) YEAR OF ACQUISITION 2019 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 11 years (1) Development Update TriStar completed a PEA for CDS in September 2018 and a PFS in October 2021. CDS is envisioned as a conventional open-pit operation. In August 2024, TriStar announced the receipt of the preliminary license (“LP”) permit. The LP permit represents the first of a three-stage environmental licensing process required for mining projects in Brazil. In May 2025, TriStar released the results of an updated PFS for CDS, with the main focus of the study being to update the cost estimate from the prior PFS. Next steps for CDS involve further de- risking studies including feasibility and advanced engineering, leading to an ultimate construction decision. (2) Royal Gold’s Royalty Interest Royal Gold holds a 1.5% NSR royalty on all metals produced from CDS. Royal Gold also holds an option to purchase an additional 1.0% NSR royalty on production from CDS for a further investment of $5.0 to $8.0 million to be determined by reference to mineralized material at CDS when the option is exercised. Royal Gold acquired the 1.5% NSR royalty from TriStar on August 2, 2019 (3) , and the option for the additional 1.0% NSR royalty on May 28, 2019. MINERAL RESOURCES AND RESERVES As of December 31, 2024 Contained Gold (koz) AGEOs* (koz) Proven and Probable 1,360 20 Measured and Indicated 400 6 Inferred 740 11 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 12 for a description of AGEO calculation methodology. (1) Source: TriStar, 2025 PFS. (2) Source: TriStar, August 29, 2024, Press Release. (3) Royal Gold also received warrants to purchase up to 19,640,000 common shares of TriStar. PROJECT OUTLOOK As per the PFS, CDS is expected to average annual production of 146,000 ounces of gold for the first six years of operation. (1) Acquisition Cost US$M $7.3 Net Book Value US$M $7.3 Royal Gold | 2025/2026 Asset Handbook 155 ROYALTY For more information, please visit: www.tristargold.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS