DEVELOPMENTS AND POTENTIAL Endeavour is focused on continuing to delineate additional high-grade resources through near-mine exploration to sustain production and extend the mine life. Endeavour’s 2026-2030 Exploration Programme is targeting the discovery of 1.5-2.0 million gold ounces of mineral resources at Houndé. Exploration efforts are currently focused on the Vindaloo Deeps deposit, which is adjacent to the Houndé processing plant. Further exploration along the Kari Fault and at the Karba and Kari Deeps targets is also being prioritized to identify potential extensions to the existing Kari deposits’ mineralization. (4) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Oct. 20, 2025 US$M $2.1 Historic Revenue to Royal Gold 2024: 2025: US$M N/A $2.1 Historic Revenue to Sandstorm Gold US$M $5.8 $6.8 Acquisition Cost US$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 As of December 31, 2024 Contained Gold (koz) AGEOs* (koz) Proven and Probable 1,517 30 Measured and Indicated 594 12 Inferred 362 7 * 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. 122 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.endeavourmining.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS