98 ROYAL GOLD 2023 Asset Handbook Royal Gold’s Royalty Interest Royal Gold holds a 1.5% net smelter return (NSR) royalty on all metals produced from the KOTH mine. Royal Gold’s royalty does not cover ore from the Darlot mine. Royal Gold acquired its royalty interest on February 22, 2010, with the acquisition of International Royalty Corporation, which included the 1.5% NSR royalty on King of the Hills. King of the Hills King of the Hills (“KOTH”) is an underground and open-pit gold mine, owned by Red 5 Limited (“Red 5”). KOTH is located in the Eastern Goldfields of Western Australia, approximately 80 kilometers south of Red 5’s Darlot Gold Mine and 28 kilometers north of the town of Leonora. Operational Overview Red 5 established the new KOTH Processing Hub in 2022, with a new 4.7 million tonne per annum process plant being fed by open-pit and underground mines at KOTH, and an underground satellite mine at Darlot. The KOTH carbon-in-leach (CIL) plant was completed on time and on budget in June 2022, achieved full production in September, and declared commercial production in December 2022. 1 Source: Red 5, August 9, 2023, Corporate Presentation 2 Source: Red 5, July 26, 2023, Press Release: For Fiscal Year 2024 (June 30-ending), includes some ore from Darlot, which is outside Royal Gold’s royalty area. 3 Source: Red 5, Corporate Website 4 Acquired as part of a portfolio of royalties. An acquisition cost of nil was assigned to the King of the Hills royalty. OPER ATOR Red 5 Limited MINER ALIZATION ST YLE Orogenic Au MINE T YPE Open-pit & Underground METAL(S) A u PRODUCT Doré ROYALT Y 1.5% NSR Royalty (all metals) YEAR OF ACQUISITION 2010 TERM OF ROYALT Y Life of Mine MINE LIFE 2037 1 AUSTRALIA 2024 OPER ATOR GUIDANCE 195,000 to 215,000 ounces of gold. 2 LONGER-TERM OPER ATOR OUTLOOK Steady-state production is expected to be approximately 200,000 ounces of gold per year. 3 Northern Territory South Australia KING OF THE HILLS Western Australia ROYALT Y