60 ROYAL GOLD 2023 Asset Handbook Royal Gold’s Royalty Interest Royal Gold holds a 1.75% to 2.5% sliding-scale net smelter return (NSR) royalty on all metals produced from a portion of the Bald Mountain mine. The royalty is based on a sliding scale, which caps at 2.5% at gold prices above $425 per ounce. Royal Gold acquired its royalty interest on the Bald Mountain mine on March 13, 1998, from private parties. Bald Mountain Bald Mountain is a Carlin-type open-pit, run-of-mine (ROM), heap leach gold mine, owned and operated by Kinross Gold Corporation (“Kinross”). Bald Mountain is located in White Pine County, Nevada, approximately 110 kilometers southeast of Elko and 110 kilometers northwest of Ely, at the southeastern end of the Carlin Gold Trend. Operational Overview The Bald Mountain operation is an open-pit mining operation with production from a number of different pits. The two main deposits are Saga and LBM, and there are several satellite deposits on the property. Bald Mountain recovers gold using multiple ROM heap leach pads. Gold is extracted from the ore with a cyanide solution and collected on activated carbon-in-column (CIC) plants. Loaded carbon is shipped offsite for further processing and ultimate gold refining. 1 Source: Kinross, November 27, 2023 Investor Presentation OPER ATOR Kinross Gold Corporation MINER ALIZATION ST YLE Carlin-Type Sediment- Hosted Au MINE T YPE Open-pit METAL(S) A u PRODUCT Doré ROYALT Y 1.75% to 2.5% Sliding-Scale NSR Royalty YEAR OF ACQUISITION 1998 TERM OF ROYALT Y Life of Mine MINE LIFE N/A UNITED STATES 2024 OPER ATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPER ATOR OUTLOOK Bald Mountain has a substantial mineral resource base with multiple sources of potential mineral reserve additions that could extend the mine life beyond mid-2020s. 1 Idaho Oregon California Utah Arizona BALD MOUNTAIN Nevada ROYALT Y