Bustamante Fabara

Quito, Ecuador –  August 29, 2025 – BUSTAMANTE FABARA, a leading law firm in cross-border transactions and international projects, is proud to announce its role as legal counsel to Royal Gold Inc., one of the world’s premier precious metals royalty and streaming companies, in its acquisition of Sandstorm Gold Ltd. The companies entered into a definitive arrangement agreement under which Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm in an all-stock transaction, with an implied value of approximately USD 3.5 billion. Sandstorm Gold Ltd. is an established royalty and streaming company with a diversified portfolio of mining projects worldwide. This strategic acquisition will allow Royal Gold Inc. to significantly expand its asset base and geographically diversify its presence, further consolidating its position as a leading player in the precious metals royalty sector. BUSTAMANTE FABARA advised Royal Gold on the regulatory, legal, and due diligence aspects related to the royalty agreements held by Sandstorm Gold Ltd. in Ecuador. The multidisciplinary BUSTAMANTE FABARA team, led by Partner Rafael Valdivieso and Director Bruno Pesantes, is supporting Royal Gold Inc. throughout the process, ensuring a robust risk assessment and regulatory compliance, and contributing to the success of a potential high-impact transaction for the global precious metals market. About BUSTAMANTE FABARA BUSTAMANTE FABARA is one of Ecuador’s leading law firms, with a proven track record in advising on complex financial transactions, environmental initiatives, and international projects. With more than 120 lawyers and a total of 190 team members, the firm continues to shape the legal landscape of Ecuador. About Royal Gold Inc. Royal Gold is a leading precious metals streaming and royalty company, specializing in the acquisition and management of royalties on gold, silver, and other precious metals worldwide. Press Contact: María José Sotomayor Hidalgo Director of Marketing and Communications BUSTAMANTE FABARA Email: [email protected] Phone: +593 989 728 788

BUSTAMANTE FABARA is proud to announce the promotion of Gustavo Almeida and Bruno Pesantes to the position of Directors, effective from April 1, 2025. This strategic move reflects our continued commitment to excellence and further strengthens our leadership in the areas of Environment, Energy & Natural Resources. As we evolve to meet the complex and ever-changing needs of our clients, this milestone reaffirms BUSTAMANTE FABARA’s mission to provide innovative and high-impact legal solutions. The promotion of these outstanding professionals enhances our ability to deliver world-class legal services across Ecuador and beyond. About Gustavo Almeida Gustavo Almeida, now Director at BUSTAMANTE FABARA, advises local and international companies in energy regulation, oil & gas, mining, environmental law, and infrastructure. He brings a deep understanding of energy project structuring, having led regulatory approvals for generation, self-generation, and distributed generation initiatives. Gustavo has successfully negotiated concession contracts, PPAs, and infrastructure agreements. With extensive in-house experience at Ecuador’s largest oil and gas company, Gustavo offers valuable insight into production sharing and service contracts, integrated services with financing, and regulatory matters. His mining practice includes legal support on enabling titles, royalty agreements, compliance, and due diligence. Gustavo’s environmental law practice includes performing due diligence, obtaining environmental permits, challenging sanctions, and advising on environmental compliance across sectors. He has also advised on landmark transactions with a significant environmental component. Beyond his legal practice, Gustavo is the founding president of the Ecuadorian Institute of Energy and Natural Resources Law (IEDERN), a former adjunct professor of Administrative Law, and a recognized thought leader in his field. He has been ranked as a Leading Associate in Energy and Natural Resources by The Legal 500 About Bruno Pesantes Bruno Pesantes, also appointed as Director, advises national and international clients. His practice is primarily focused on energy and natural resources, with a special emphasis on regulatory law in mining, oil & gas, as well as environmental and corporate law. He has extensive experience in the oil & gas industry, particularly in regulatory, strategic, environmental, and operational matters. He actively participates in major contract negotiations with the State and the National Oil Company. In the mining sector, Bruno supports clients in obtaining government authorizations and provides counsel on regulatory, environmental, and project structuring matters. He also has vast experience in complex transactions and acquisitions of mining projects, as well as negotiations with the State for the signing of strategic agreements and in international disputes. In environmental law, Bruno advises companies from various sectors on regulatory compliance, environmental permitting, audits, and due diligence. He has worked on high-impact projects, helping to mitigate environmental risks, manage community conflicts, and implement new regulations to ensure legal compliance in business operations.Furthermore, Bruno is a founding member and first vice president of the Ecuadorian Institute of Energy and Natural Resources Law (IEDERN). These appointments reflect BUSTAMANTE FABARA’s focus on professional development, strategic growth, and delivering exceptional legal counsel in highly specialized and regulated sectors. For media inquiries, please contact: María José Sotomayor Marketing and Communications Director BUSTAMANTE FABARA Email: [email protected]

Quito, Ecuador – April 24, 2025 – On April 20, 2025, Lumina and CMOC Group Ltd (CMOC) entered into an Arrangement Agreement under which CMOC will acquire all of the issued and outstanding common shares of Lumina Gold Corp., in a transaction valued at approximately USD $427 million, payable in all cash. Through this acquisition, CMOC adds the Cangrejos Project to its portfolio. The project is located in El Oro Province, in southwestern Ecuador, and is considered the largest primary gold deposit in the country, it is currently in the exploration stage, and is expected to enter the exploitation phase in Q4 2025. It has a signed binding term sheet of the Exploitation Contract with the Government of Ecuador. BUSTAMANTE FABARA acted as local legal counsel to CMOC, leading the legal and social due diligence of the project, as well as advising on its regulatory and environmental status of the mining project. The transaction was led by partner Rafael Valdivieso and director Bruno Pesantes. This transaction marks a milestone for the development of Ecuador’s mining sector, standing out as one of the most significant deals in the industry in recent years due to its size, impact, and strategic relevance. About BUSTAMANTE FABARA BUSTAMANTE FABARA is one of Ecuador’s leading law firms, with a strong track record advising on complex financial transactions, environmental initiatives, and international projects. With over 120 lawyers and 190 total team members, the firm continues to lead the shaping of Ecuador’s legal landscape. About CMOC CMOC (CMOC Group Ltd.) is one of the world’s leading mining companies, with diversified operations in copper, cobalt, molybdenum, tungsten, niobium, and phosphates. With a presence in Asia, Africa, and the Americas, CMOC is known for its focus on sustainability, technological innovation, and responsible resource development. About Lumina Gold Corp. Lumina is a Canadian company focused on the exploration and development of gold projects in Ecuador. Its flagship asset, the Cangrejos Project, has been identified as one of the largest and most advanced gold deposits in Ecuador, with significant large-scale development potential. Press contact: María José Sotomayor Hidalgo Director of Marketing and Comunicaciones BUSTAMANTE FABARA Email: [email protected] Phone: 0989728788 Bruno Pesante   Rafael Valdivieso

BUSTAMANTE FABARA highlights the announcement by the Republic of Ecuador today of a new debt-for-nature swap transaction, this time to support the conservation of terrestrial and freshwater ecosystems in the Amazon.This was facilitated by The Nature Conservancy's (TNC) innovative Nature Bonds Program and supported by the U.S. International Development Finance Corporation (DFC), the Inter-American Development Bank (IDB), and Bank of America. This program will enhance the protection of Ecuador's Amazon region, conserving vital ecosystems while supporting local communities. The innovative debt swap was enabled by USD 1 billion loan to repurchase and retire prior Ecuadorian sovereign debt represented by bonds with a nominal value of USD 1.527 billion, an operation expected to unlock USD 460 million over the next 17 years for the conservation of terrestrial and freshwater ecosystems in Ecuador's Amazon. This is the largest amount of conservation funds unlocked through a debt conversion to date. This initiative is also the largest so far under TNC's Nature Bonds Program. The new financing also involves more favorable terms, generating a debt principal reduction of USD 527 million and fiscal relief on debt servicing of over USD 800 million over the next 11 years (until 2035). Bank of America acted as the structuring and placement agent for the issuance and the sole manager of the tender process. The Role of BUSTAMANTE FABARA BUSTAMANTE FABARA provided local legal advice to two key parties in the transaction, leveraging its expertise in complex transactions, particularly in Debt Swaps, through two independent teams: Bank of America: Team led by Partner Diego Ramírez, supported by Senior Associates James Keeble and Nathaly Villasís. This is the same team that advised on the Galápagos Debt-for-Nature Swap. The Nature Conservancy: Team led by Partner Jesús Beltrán, supported by Partner Rafael Valdivieso, along with Director Patricio Santos and Senior Associate Bruno Pesantes, advised TNC.

BUSTAMANTE FABARA is thrilled to announce that Xavier Palacios, a highly respected and recognized expert in Constitutional and Public Law,will be joining the firm as a Senior Associate on Tuesday, November 5th. Xavier brings a wealth of experience and deep expertise that will further strengthen BUSTAMANTE FABARA’s capabilities in these crucial practice areas. With an impressive track record in Constitutional and Administrative Law, his dedication to legal excellence and his deep commitment to client service make him an invaluable addition to our team, especially as BUSTAMANTE FABARA continues to experience significant growth in litigation and public law matters. We are excited to welcome Xavier Palacios to BUSTAMANTE FABARA and look forward to the fresh insights and enhanced capabilities he will bring to our clients and our practice.