ROYAL GOLD INC

During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

On August 1, 2025, Royal Gold borrowed $825 million under its revolving credit facility to fund a portion of the Advance relating to the Kansanshi precious metals purchase agreement. See “Recent Developments – Kansanshi Gold Stream Acquisition.” On August 5, 2025, Royal Gold and certain of its subsidiaries entered into an incremental joinder to the revolving credit facility, pursuant to which Royal Gold exercised the full $400 million accordion feature under the revolving credit facility, bringing the aggregate commitments under the revolving credit facility to $1.4 billion. The foregoing description of the incremental joinder does not purport to be complete and is qualified in its entirety by reference to the full text of the incremental joinder, a copy of which is filed as Exhibit 10.5 to this report. Following exercise of the accordion feature and the August 1, 2025 borrowings, $575 million remains available under the revolving credit facility.