It is important to note that mine life estimates, and the reserves and resources that form the basis for those estimates, are given at a point in time. Estimated mine lives can change over time as exploration success and conversion of resources to reserves occurs, and when different assumptions for metal prices, operating costs, operating performance, etc., are considered. Internally, Royal Gold considers resource conversion at the properties underlying its stream and royalty interests and may estimate future production that differs from the operators. However, decisions regarding the development or operation of these properties are determined by the operators, and Royal Gold does not publicly disclose these internal estimates. In some cases, the operator may provide additional information that may be indicative of its expectations for mine life extension beyond reserve lives. For example, the reserve life for Cortez is until 2044, but Goldrush underground extends past 2050, and Fourmile has potential for a mine life of >25 years with production starting closer to the end of the decade. (2) (1) See individual property page for source, UG = Underground, OP = Open-pit. (2) Source: Barrick Mining, 2025 Annual Information Form, September 16, 2025 Press Release, and February 26, 2026 Corporate Presentation. Royal Gold | 2025/2026 Asset Handbook 33 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS