Metals Royalty Co Inc.

Form of Note

FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to**[_____]** (the “Lender”), for the account of the Lender, the principal sum of $[_____] in respect of the Lender’s Loan (or such lesser amount as shall equal the aggregate unpaid principal amount of such Loan made by the Lender to the Borrower under the Loan Agreement), in lawful money of the United States of America and in immediately available funds, on the dates and in the principal amounts provided in the Loan Agreement, and to pay interest on the unpaid principal amount of such Loan, at such office, in like money and funds, for the period commencing on the date of such Loan until such Loan shall be paid in full, at the rates per annum and on the dates provided in the Loan Agreement.

The date, amount, type, interest rate and duration of Interest Period (if applicable) of the Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Note, endorsed by the Lender on the schedule attached hereto or any continuation thereof; provided, that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Loan Agreement or hereunder in respect of the Loan made by the Lender.

This Note evidences the Loan made by the Lender under the Loan Agreement dated as of August 24, 2026 (as amended, modified or supplemented and in effect from time to time, the “Loan Agreement”), among the Borrower, TMCR Operations Inc., TMCR USA Holdings Inc. and TMCR USA Operations Inc., as guarantors, Macquarie Bank Limited, as Mandated Lead Arranger, Macquarie Bank Limited, as Administrative Agent, and the Lenders from time to time party thereto. Terms used but not defined in this Note have the respective meanings assigned to them in the Loan Agreement.

The Loan Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of the Loan upon the terms and conditions specified therein.

Unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Loan Agreement.

Except as permitted by Section 12.08 (Assignments and Participations) of the Loan Agreement, this Note may not be assigned by the Lender to any other Person.

This Note shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein.