Royal Gold Inc.

Open-pit copper-gold mine located adjacent to the town of Solwezi. Mining is carried out in three open-pits: Main, Northwest and Southeast Dome. S3 Expansion successfully transitioned from commissioning into early operation, declared commercial production December 1, 2025.

Open-pit gold mine located in the central part of the Dominican Republic. Consists of two main open-pits, Moore and Monte Negro, plus a smaller satellite pit, Cumba. Refractory ore processed through autoclaves and CIL circuit. Phase 1 of the plant expansion achieved commercial production in Q3 2024. Phase 2 focuses on extending mine life with the new Naranjo tailings storage facility.

Open-pit copper mine and milling operation located in central Chile, Region IV, in the foothills of the Andes Mountains approximately 2 km southwest of the town of Andacollo. Sulfide concentrator commissioned in 2010. Mine life expected to continue until 2038, although additional environmental permits will be required to extend the mine life beyond 2031.

Royal Gold stream on the Khoemacau underground copper-silver mine located in the Kalahari copper belt in northwestern Botswana, operated by MMG Limited. The operation consists of three mechanized underground mines producing from the Zone 5 orebody and a sulfide ore flotation plant producing a copper-silver concentrate product at Boseto. Expected to deliver approximately 1.45 to 1.55 million ounces of silver in 2026.

Royal Gold stream on the Woodlawn underground zinc-copper-lead-gold-silver mine operated by Develop Global Limited in New South Wales, Australia. Commissioning and ramp-up of the operation remains on schedule, to put the mine on track for steady-state production in Q1 2026.

Large-scale, open-pit copper and gold mine located within the Omenica Mining Division in north-central British Columbia. 60,000 tpd flotation processing plant. 2025 PFS confirms a LOM extension to 2045, with the potential to increase the process plant throughput by ~10% in 2029.

Royal Gold stream on the Xavantina underground mine located in southeastern State of Mato Grosso, Brazil, operated by Ero Copper Corp. The high-grade, shear-zone hosted, quartz vein system is accessed via declines. The underground mining method is sublevel stoping with cemented paste-fill. Expected to produce 40,000 to 50,000 ounces of gold in 2026.

Royal Gold stream on the Wassa open-pit and underground mine located in the Wassa East District, in the Western Region of Ghana, operated by Chifeng Jilong Gold Mining Co., Ltd. Access to the underground mine is via declines in the Wassa open-pit, with the capacity to support a production rate of 5,000 tpd. Expected to deliver approximately 155,000 to 175,000 ounces of gold in 2026.

Royal Gold stream on the Black Fox Property, which includes the Black Fox Mine, Froome Mine, and the Tamarack and Grey Fox deposits, operated by McEwen Inc. in Ontario. Froome Mine production is scheduled to be completed in 2026.

Royal Gold stream on the Rainy River open-pit and underground mine located 65 kilometers northwest of Fort Frances, Ontario, Canada, operated by Coeur Mining, Inc. The open-pit mine is a conventional truck-and-shovel mining operation, while the underground is designed as a mechanized, ramp-access mine. Expected to deliver approximately 230,000 to 275,000 ounces of gold and 350,000 to 450,000 ounces of silver in 2026 (9 months only).

Royal Gold stream on the Bonikro open-pit gold mine operated by Allied Gold Corporation in Cote d'Ivoire. The Bonikro process plant is a conventional CIL gold plant constructed in 2008 with a nameplate capacity of 2 Mtpa.

Royal Gold stream on the Chapada open-pit copper-gold mine located 270 kilometers northwest of Brasília in Goiás state, Brazil, operated by Lundin Mining Corporation. The Chapada mine plan has three open-pit mining areas in close proximity including Corpo and Corpo Sul, which are currently being mined, and the Suruca deposit that holds future development potential. Expected to produce 45,000 to 50,000 tonnes of copper in 2026.

Royal Gold stream on the Greenstone open-pit gold mine located approximately 275 kilometers northeast of the city of Thunder Bay, Ontario, operated by Equinox Gold Corp. Greenstone is centered on the historic Hardrock Gold Mine and consolidates four historic underground gold mines into one open-pit mine development. Expected to produce 250,000 to 300,000 ounces of gold in 2026.

gold stream interest operated by Aurous Resources in Witwatersrand, South Africa. [Identity row — full extraction queued for supplement pass]

gold, silver stream interest operated by Pan American Silver Corporation in Santa Cruz, Argentina. [Identity row — full extraction queued for supplement pass]

gold stream interest operated by Harmony Gold Mining Company in Witwatersrand, South Africa. [Identity row — full extraction queued for supplement pass]

gold, silver stream interest operated by First Majestic Silver Corp. in Sonora, Mexico. [Identity row — full extraction queued for supplement pass]

Royal Gold stream and royalty on the Warintza copper-molybdenum-gold porphyry development project located in the Morona Santiago province of Ecuador, operated by Solaris Resources Inc. The project is envisioned to be a conventional open-pit operation, developed through two main pits, Warintza Central and Warintza East. The Warintza processing plant will be designed for a throughput rate of 165,000 tpd. Expected to average annual production of 230,000 tonnes of copper, 10,800 tonnes of molybdenum, 71,000 ounces of gold, and 1,800,000 ounces of silver over the first 5 years of operation.

Royal Gold stream on the Platreef underground project located in northeast South Africa, within the northern limb of the Bushveld Igneous Complex, operated by Ivanhoe Mines Ltd. Underground operations will be accessed via three surface shafts. Mining will primarily use Longhole Stoping and Drift-and-Fill methods. Phase 1 production is expected to ramp up to approximately 100,000 ounces of platinum, palladium, rhodium, and gold.

Royal Gold royalties on the Vale Northern System (Serra Leste, Serra Norte, Serra Sul, and Sossego) and Vale Southeastern System (Itabira, Mariana, and Minas Centrais) open-pit iron ore and copper mines operated by Vale S.A. in Brazil.

Series of large open-pit and underground mines, utilizing mill and heap leach processing. Includes Pipeline, Crossroads, Cortez Hills, Cortez Pits, Goldrush, Fourmile, and Robertson. Located approximately 95 km southwest of Elko, in Lander County, Nevada. Goldrush underground mine began production in 2024 and continues to ramp-up. Fourmile underground project PEA indicates potential to achieve 600-750 koz/yr over a >25 year mine life.

Royal Gold 2.0% NSR royalty on the Peñasquito open-pit mine located in the northeast corner of the State of Zacatecas, Mexico, operated by Newmont Corporation. The mine has two main deposits, Peñasco and Chile Colorado, which host gold, silver, lead and zinc reserves. Processing of sulfide ore to produce zinc and lead concentrates uses a conventional crushing, milling and flotation facility with a design capacity of 130,000 tpd. Expected to produce 185,000 ounces of gold, 32 million ounces of silver, 198 million pounds of lead and 485 million pounds of zinc in 2026.

Royal Gold royalty on the Allan underground potash mining operation operated by Nutrien Ltd. in Saskatchewan. The Allan mine has an annual nameplate capacity of 4.0 million tonnes of finished product.

Underground and open-pit mine located in northwestern Nicaragua. The El Limón processing plant consists of agitated cyanide leaching and carbon adsorption.

Royal Gold 3.0% NSR royalty on the Robinson open-pit copper mine operated by KGHM Polska Miedź S.A. in Nevada. The property is a mature mine site that has been actively mined from the late 1800s to 1978, from 1986 to 1999, and again from 2004 to the present.

Royal Gold 3.0% NSR royalty on the Ruby Hill open-pit and underground operation operated by i-80 Gold Corp. in Nevada. Includes the high-grade Archimedes underground project and the Mineral Point open-pit heap leach project.

Royal Gold 2.7% NVR royalty on the Voisey’s Bay underground mine located in the province of Newfoundland and Labrador, Canada, operated by Vale S.A. Ore is processed at a 6,000 tpd mill facility that produces two products: nickel-cobalt-copper concentrate and copper concentrate. With the Voisey’s Bay underground mine extension project, estimated average annual production will be around 45,000 tonnes of nickel, 20,000 tonnes of copper and 2,600 tonnes of cobalt.

Royal Gold royalties on the South Laverton open-pit and underground projects operated by Northern Star Resources Limited in Western Australia. Northern Star refers to the active mining region of our South Laverton royalty as the Carosue Dam Operations.

Underground gold project located in Northeastern Goldfields, Western Australia. Underground mining utilizes long-hole open-stoping.

Royal Gold 2.0% NSR royalty on the Houndé open-pit gold mine operated by Endeavour Mining plc in Burkina Faso. The Houndé mine is an open-pit operation mine with a 3.0 million tonne per year gravity circuit and CIL plant.

Underground mine located on the Bousquet property, immediately west of the LaRonde mine complex. Ore is trucked to the surface and then two kilometers east to the LaRonde processing complex.

Open-pit ROM heap leach operation located in southern Humboldt County, Nevada, in the northern foothills of the Battle Mountain Range.

Underground gold mine in the Carlin Complex, utilizing underhand drift-and-fill and long-hole stoping. Leeville ore is processed in the Carlin Complex roasters or autoclaves.

Royal Gold 1.66% NPI royalty on the Antamina open-pit copper-zinc mine located in the Andes mountain range of Peru, operated by Compañía Minera Antamina S.A. The ore is crushed adjacent to the pit and conveyed to a coarse ore stockpile at the mill. It is then processed utilizing two SAG mills, followed by ball grinding and flotation to produce separate copper, zinc, molybdenum and lead/bismuth concentrates. Expected to produce 422,000 to 467,000 tonnes of copper, 156,000 to 200,000 tonnes of zinc, and 3,100 to 4,400 tonnes of molybdenum (100% interest) in 2026.

Underground and open-pit mine located in the Leonora Region of Western Australia. Gwalia is Australia's deepest underground gold mine.

Underground and open-pit gold mine located in the Eastern Goldfields of Western Australia.

Open-pit gold and silver mine located near Tok, Alaska. Ore is trucked approximately 400 kilometers southeast to Kinross' Fort Knox facility for processing.

Royal Gold 1.0% NSR royalty on the Côté Gold open-pit mine located in the Chester and Yeo Townships, in the District of Sudbury in northeastern Ontario, operated by IAMGOLD Corporation. The mine is a conventional, open-pit truck and loader operation. Expected to produce between 390,000 to 440,000 ounces of gold (on 100% basis) in 2026.

Royal Gold 1.0% NSR royalty on the Red Chris open-pit mine producing gold and copper, located on the northern edge of the Skeena Mountains, British Columbia, Canada, operated by Newmont Corporation. Newmont is conducting a FS on a potential underground block cave mine and has commenced an exploration decline. Expected to produce approximately 50,000 ounces of gold and 63 million pounds of copper (on 100% basis) in 2026.

Underground gold mine located in southeast Ecuador, producing gold concentrate and doré.

Open-pit heap leach operation located in the northern Black Hills, Lawrence County, South Dakota.

Royal Gold 0.63% NSR royalty on the Caserones open-pit copper-molybdenum mine operated by Lundin Mining Corporation in Chile. Oxide ore is treated by a conventional dump leach, with the pregnant leach solution treated at a SX-EW plant to produce copper cathodes.

Royal Gold royalty on the Granite Creek underground and open-pit gold mine operated by i-80 Gold Corp. in Nevada. The underground mine is currently producing and ramping up to full production, while the open-pit project is undergoing a permitting and technical study.

Royal Gold sliding-scale NSR royalty on the Canadian Malartic open-pit and underground mine operated by Agnico Eagle Mines Limited in Quebec. Open-pit mining in the Canadian Malartic pit was completed in 2023 and is continuing in the Barnat pit.

gold royalty interest operated by Evolution Mining Limited in Ontario, Canada. [Identity row — full extraction queued for supplement pass]

gold royalty interest operated by Future Global Resources Ltd. in Western Region, Ghana. [Identity row — full extraction queued for supplement pass]

gold royalty interest operated by Goldgroup Mining Inc. in Sonora, Mexico. [Identity row — full extraction queued for supplement pass]