132 ROYAL GOLD 2023 Asset Handbook Great Bear The Great Bear Project is located 25 kilometers southeast of the town of Red Lake, Ontario. It is 100% owned and operated by Kinross Gold Corporation (“Kinross”). The project is in a well-established mining camp, is close to skilled labor and a paved highway and provincial power lines run parallel to the property. The property also hosts a network of well-maintained logging roads, which facilitate year-round access to the site. The Great Bear Project land package is contiguous and hosts multiple zones of high-grade mineralization that remain open on strike and at depth. The LP Fault Zone hosts high-grade mineralization within a lower-grade mineralized halo over a 10.8 kilometer strike length and is open along strike and at depth, and several additional targets with vein-hosted high-grade gold mineralization have been identified by Kinross. Development Update At the Great Bear Project, Kinross is targeting development of a high-grade, large and long-life mining complex. In February 2023, Kinross announced a maiden resource of 5 million ounces of gold at the Great Bear Project based on drilling to an approximate depth of 500 meters. Building on this, for 2023, Kinross focused on drilling below a depth of 500 meters and along strike of the LP Fault Zone and around the Hinge and Limb Zones. With its year-end 2023 resource update, Kinross announced the addition of more than one million higher-grade, underground inferred ounces at Great Bear, with the inferred grade increasing from 3.6 g/t to 4.5 g/t. Kinross is also continuing with engineering and permitting for the construction of a decline at the LP Fault Zone that will allow further exploration access at depth. 1 Source: Kinross Gold, March 2024 Corporate Presentation 2 Includes tax gross-up of $53.6 million and acquisition-related costs of approximately $4 million OPER ATOR Kinross Gold Corporation MINER ALIZATION ST YLE Orogenic Au ROYALT Y 2.0% NSR Royalty (all metals) YEAR OF ACQUISITION 2022 TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE 2029 1 EXPECTED MINE LIFE Detail not publicly disclosed by operator. CANADA Manitoba Ontario Quebec GREAT BEAR ROYALT Y Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from the Great Bear Project. Royal Gold acquired this royalty interest effective September 9, 2022, as part of the acquisition of Great Bear Royalties Corp. (“GBR”). Kinross holds the right to purchase a 25% interest in the royalty for an amount equal to 25% of Royal Gold’s purchase price of GBR, adjusted for inflation, at any time from the transaction closing date until the earlier of a construction decision for the Great Bear Project and 10 years after the transaction closing date. This right was granted by Royal Gold to Kinross in return for a unique agreement between Royal Gold and Kinross that allowed Royal Gold access to Kinross personnel and certain non-public information pertaining to the Great Bear Project prior to the acquisition of GBR.