GUYANA Omai The Omai Project is located in the Potaro Mining District No. 2 of north-central Guyana. The Omai Project is owned by Omai Gold Mines Corp. (“Omai Gold”). OPERATOR Omai Gold Mines Corp. MINERALIZATION STYLE Orogenic Au ROYALTY 1.0% NSR (all metals) YEAR OF ACQUISITION 2025 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 13 years (1) Development Update The Omai Project is a past producing mine with a history that extends back to the 1880s. Production from Omai ceased in 2005. In April 2024, Omai Gold released the results of a PEA for the Wenot Project, one of the two gold deposits located on the Omai Property. The PEA contemplates an initial open- pit scenario over a 13-year mine life. (2) Royal Gold’s Royalty Interest Royal Gold owns a 1.0% NSR royalty on the Omai Project. Royal Gold acquired the Omai Project royalty effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. Acquisition Cost US$M N/A Net Book Value US$M N/A* * See page 9, Properties Acquired from Sandstorm Gold and Horizon Copper MINERAL RESOURCES AND RESERVES As of August 25, 2025 Contained Gold (koz) AGEOs* (koz) Proven and Probable – – Measured and Indicated 2,121 21 Inferred 4,382 44 * 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. PROJECT OUTLOOK As per the PEA, the Omai Project is expected to produce an average 142,000 ounces of gold per year over a 13-year mine life, with peak year production of 184,000 ounces. In August 2025, Omai Gold reported an updated mineral resource estimate which includes an expansion to the Wenot deposit and incorporates the previously disclosed Gilt Creek deposit. Most significantly, the inferred resource for the Wenot increased 130% to 3.7 million ounces. (2) Looking ahead to 2026, Omai Gold expects to deliver an updated mineral resource estimate for the Omai Project in Q1 2026 and an expanded PEA in Q2 2026. (3) (1) Source: Omai Gold, April 2024 PEA. (2) Source: Omai Gold, August 25, 2025, Press Release. (3) Source: Omai Gold, January 8, 2026, Press Release. 180 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS