Royal Gold — Nov 5, 2025 release

Subsequent to the end of the quarter and in order to fund the acquisition of Sandstorm as discussed above, Royal Gold drew a further $450 million on the credit facility on October 10, 2025, increasing the amount drawn to $1,225 million and leaving $175 million undrawn and available. In keeping with Royal Gold’s capital allocation strategy to repay outstanding debt as cash flow allows, the Company expects to repay this outstanding balance from future cash flow, which is estimated to be around mid-2027 at current metal prices and absent further acquisitions. Outlook for 2025 We are currently forecasting that 2025 metal sales, DD&A and effective tax rate (excluding any contributions or impacts from the Kansanshi stream, Sandstorm and Horizon transactions, and Mount Milligan Deferred Gold Consideration) will be within the ranges previously provided on March 13, 2025. 5 Property Highlights A breakdown of revenue for the Company’s stream and royalty portfolio can be found on Table 1 for the quarters and nine month periods ended September 30, 2025 and September 30, 2024. Table 2 shows a quarterly breakdown of stream metal sales and metal sales attributable to the Company’s royalty interests for the Company’s principal stream and royalty properties. Table 3 shows Royal Gold's 2025 sales volume guidance and year to date sales volume achieved. Table 4 shows s tream segment purchases and sales for the quarters and nine month periods ended September 30, 2025 and September 30, 2024 and inventories at September 30, 2025, June 30, 2025, and December 31, 2024. Highlights at certain of the Company’s principal producing and development properties during the quarter ended September 30, 2025, compared to the quarter ended September 30, 2024, are detai