108 ROYAL GOLD 2023 Asset Handbook Back River The Back River Gold Project is located in southwestern Nunavut, Canada, approximately 520 kilometers northeast of Yellowknife, Northwest Territories and 75 kilometers southwest of Bathurst Inlet. Back River is owned by B2Gold Corp. (“B2Gold”); B2Gold acquired Sabina Gold & Silver Corp., which previously held the asset, on April 19, 2023. The currently known gold deposits at Back River include Umwelt, Llama and Goose (all on the Goose property), and the George deposit approximately 50 kilometers to the north of the Goose property. Development Update The Goose Project is envisioned to be a combined open-pit and underground operation. The project is under construction and is on budget and on track for first gold pour. Peak construction activities are expected in the second and third quarter of 2024. Mine development is well underway at the Echo Pit and Umwelt Underground mine to generate high- grade stockpiles prior to mill commissioning. Following the successful completion of the 2023 sea lift, the construction of the Winter Ice Road is well underway. 2 Royal Gold’s Royalty Interest Royal Gold holds a 1.95% gross smelter return (GSR) royalty on all metals produced from the Goose Lake property and a 2.35% GSR royalty on all metals produced from the George Lake property. The royalty on Goose Lake applies to production above 400,000 GEOs. The royalty on George Lake applies to production above 800,000 GEOs. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. 1 Source: Sabina, 2021 Updated Feasibility Study 2 Source: B2Gold, January 23, 2024, Press Release OPER ATOR B2Gold Corp. MINER ALIZATION ST YLE Orogenic Au ROYALT Y 1.95% GSR Royalty and 2.35% GSR Royalty (all metals) YEAR OF ACQUISITION 2008 TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE Q1 2025 EXPECTED MINE LIFE 15 years 1 CANADA Saskatchewan Alberta Manitoba Northwest Territories Nunavut BACK RIVER ROYALT Y Acquisition Cost US$M $1.0 Net Book Value US$M $1.0 MINER AL RESOURCES AND RESERVES As of January 15, 2023 CONTAINED Au (koz) AGEOs* (koz) Proven and Probable 3,586 61 Measured and Indicated 2,735 28 Inferred 2,856 30 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology.