Santa Elena OPERATOR First Majestic Silver Corp. COUNTRY: Mexico MINE LIFE: 2027 (1) METAL(S): Silver, Gold STREAM: 20% of Gold Produced REVENUE TO ROYAL (2025): N/A INVESTMENT RECOVERED: N/A REVENUE TO ROYAL GOLD SINCE OCT. 20, 2025: N/A Santa Elena is an underground mine located in northern Mexico, approximately 150 kilometers northeast of Hermosillo in Sonora State, and is 100% owned and operated by First Majestic Silver Corp. (“First Majestic”). Following encouraging exploration results at Navidad and Santo Niño, First Majestic is conducting internal scoping-level studies to assess potential underground mining scenarios for the two discoveries. First Majestic has also initiated a plant expansion project with the goal of increasing throughput from approximately 3,200 tpd to approximately 3,500 tpd by the end of 2026. (2) Royal Gold owns the right to purchase 20% of the gold produced from areas subject to our stream interest at Santa Elena. Royal Gold will make ongoing payments equal to the lesser of $487 per ounce of gold (in 2025), subject to a 1.01% annual inflationary adjustment, and the prevailing market price of gold per ounce. Royal Gold acquired the Santa Elena gold stream effective October 20, 2025, with the acquisition of Sandstorm Gold Ltd. For more information, please visit: www.firstmajestic.com (1) Source: First Majestic, November 2021 Technical Report. (2) Source: First Majestic, May 28, 2025, Press Release. (3) Mineral Resources and reserves details for Santa Elena are provided in the Mineral Resources and Reserves section of this document, if available. Skyline OPERATOR Wolverine Fuels, LLC COUNTRY: United States MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Coal ROYALTY: 0.353247% GV (coal) REVENUE TO ROYAL (2025): $2.2 million INVESTMENT RECOVERED: 437% REVENUE TO ROYAL GOLD SINCE INCEPTION: $21.0 million Skyline is an underground coal mining operation, located in Carbon County, Utah, approximately 8 kilometers southwest of Scofield, and approximately 50 kilometers northwest of Price. The Skyline mine lies at a high elevation in the northern end of the Wasatch Plateau coalfield. Skyline is owned and operated by Canyon Fuel Company, LLC, a subsidiary of Wolverine Fuels, LLC (“Wolverine”). Royal Gold currently holds a 0.353% GV royalty on Skyline. Royal Gold acquired its interest on February 22, 2010, with the acquisition of International Royalty Corporation, which included the Skyline royalty. For more information, please visit: www.wolverinefuels.com (1) Mineral Resources and reserves details for Skyline are provided in the Mineral Resources and Reserves section of this document, if available. Royal Gold | 2025/2026 Asset Handbook 97 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS