DEVELOPMENTS AND POTENTIAL Vale continues to advance the commissioning of the Capanema project (part of Mariana complex in Southeastern System), with full ramp-up expected in first half of 2026. The Serra Sul +20 (in Northern system) project construction also continues to progress, having 84% physical progress (as of Q4 2025), with start-up expected in the second half of 2026. (2) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $1.5 Historic Revenue to Royal Gold US$M 2024: 2025: N/A $1.5 Historic Revenue to Sandstorm Gold US$M $5.8 $5.8 Acquisition Cost US$M N/A Investment Recovered % N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper MINERAL RESOURCES AND RESERVES Mineral Resources and reserves details for Vale Northern and Southeastern System are provided in the Mineral Resources and Reserves section of this document, if available. VALE NORTHERN SYSTEM VALE SOUTHEASTERN SYSTEM Royal Gold | 2025/2026 Asset Handbook 113 For more information, please visit: www.vale.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS