Kundip OPERATOR Medallion Metals Limited COUNTRY: Australia MINE LIFE: 5.7 years (1) METAL(S): Gold ROYALTY: 1.0% to 1.5% GV (gold only) EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. Kundip Mining Centre (“KMC”) is a development project that is part of the larger Ravensthorpe Gold Project (“RGP”). KMC is located in Western Australia, approximately 30 kilometers north-northeast of Hopetoun. KMC is owned by Medallion Metals Limited (“Medallion”). A FS released in December 2025 for the RGP which contemplates an underground gold and copper mine at the KMC and focuses on the sulfide component of the existing mineral resource. Kundip is estimated to produce a total of 347,000 ounces of gold and 15,000 tonnes of copper over a 5.7-year mine life. (1) Royal Gold holds a 1.0% GV royalty on the first 250,000 ounces gold produced, and a 1.5% GV thereafter. Royal Gold’s royalty interest covers areas within KMC, including the Gem Restored and Gift deposits and portions of the Gem deposit, but excludes certain deposits as defined by the royalty agreement. Royal Gold acquired this royalty interest effective July 31, 2008, as part of the acquisition of a royalty portfolio from Barrick Mining Corporation. For more information, please visit: www.medallionmetals.com.au (1) Source: Medallion, December 2025 FS. (2) Mineral Resources and reserves details for Kundip are provided in the Mineral Resources and Reserves section of this document, if available. Red Dam OPERATOR Evolution Mining Limited COUNTRY: Australia MINE LIFE: Detail not publicly disclosed by operator. METAL(S): Gold, Silver ROYALTY: 2.5% GSR (gold), 2.5% NSR (silver and metals other than gold) EXPECTED STARTUP DATE: Detail not publicly disclosed by operator. Red Dam is a development project, currently one of 15 deposits that comprise the December 2022 ore reserve at the Mungari operation. The project is owned by Evolution Mining Limited and is located in the Eastern Goldfields district, in Western Australia. During 2025, Evolution invested to increase the processing capacity at Mungari from two Mtpa to 4.2 Mtpa and reported in January 2026 that the expanded plant and new mining hub was fully commissioned. (1) Royal Gold holds a 2.5% GSR royalty and a 2.5% NSR royalty on silver and metals other than gold produced from the Red Dam tenement. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Mining Corporation. For more information, please visit: www.evolutionmining.com (1) Source: Evolution, January 21, 2026, Press Release. (2) Mineral Resources and reserves details for Red Dam are provided in the Mineral Resources and Reserves section of this document, if available. Royal Gold | 2025/2026 Asset Handbook 171 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS