Royal Gold — Nov 5, 2025 release

B2Gold also reiterated near-term and long-term gold production estimates, which includes 80,000 to 110,000 ounces in 2025, approximately 250,000 ounces in 2026, approximately 330,000 ounces in 2027, and average production for the initial full six years of operations (2026 to 2031 inclusive) of approximately 300,000 ounces per year, based only on existing Mineral Reserves. Our royalty rate increases as gold production thresholds are reached and we expect a rate of approximately 0.35-0.7% NSR on the production of the first 400,000 ounces, 2.5% GSR for the next 380,000 ounces, and 3.3% GSR thereafter. Cactus (2.0% NSR royalty): On October 20, 2025, Arizona Sonoran Copper Company Inc. ("ASCU") announced the results of a PFS for the Cactus Project in Arizona. According to ASCU, the PFS indicates a 22 year mine life with average LOM copper production of 198 million pounds per year, with 226 million pounds per year in the first 10 years. The PFS established an initial reserve for the project and a continued increase in resources. ASCU expects to complete a definitive feasibility study in the second half of 2026, leading to a final investment decision as early as the fourth quarter of 2026 and first production of copper cathodes in the second half of 2029. 3 Corporate Acquisitions Closing of Sandstorm Gold and Horizon Copper Acquisitions Subsequent to the end of the third quarter, on October 20, 2025, we closed the previously announced acquisitions of Sandstorm Gold Ltd. (“Sandstorm” and the “Sandstorm Transaction”) and Horizon Copper Corp. (“Horizon” and the “Horizon Transaction”). With respect to the Sandstorm Transaction, Royal Gold issued 18.6 million shares of common stock to Sandstorm shareholders and assumed stock options exercisable for 0.7 million shares of common stock to