118 ROYAL GOLD 2023 Asset Handbook For more information, please visit: www.kinross.com . Manh Choh The Manh Choh Project (formerly Peak Gold Project and, prior to that, Tetlin Gold Project) is located near Tok, Alaska, and is accessible by road from the Alaska Highway. The project is situated within the 2,732 square kilometer mineral lease with the Village of Tetlin. The Manh Choh Project is owned by a joint venture between Kinross Gold Corporation (“Kinross”) (70% operating interest) and Contango ORE, Inc. (30% interest). Development Update In July 2022, Kinross announced that it was proceeding with development of the Manh Choh Project with the completion of a project Feasibility Study (FS). Kinross plans to truck the ore 400 kilometers to its Fort Knox facility and batch process through the existing mill and infrastructure. Manh Choh ore is expected to be 8 g/t, or approximately 10 times the current average mill grade at Fort Knox. As of February 2024, Kinross reported that construction of the Manh Choh Project is essentially complete and first production is on schedule for the second half of 2024. 2 Royal Gold’s Royalty Interest Royal Gold currently holds a 3.0% net smelter return (N SR) royalty on all metals produced from Manh Choh and an incremental 28% NSR on silver produced from Manh Choh. Royal Gold received the incremental 28% NSR on silver as part of consideration for its divestiture of its 40% interest in Manh Choh in September 2020. Peak Gold, LLC retains the right to acquire 50% of the incremental 28% net smelter return royalty on silver for $4 million. MINER AL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Au (koz) Ag (koz) AGEOs* (koz) Proven and Probable 1,013 1,787 37 Measured and Indicated 46 182 2 Inferred 2 4 – * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology. OPER ATOR Kinross Gold Corporation MINER ALIZATION ST YLE Skarn ROYALT Y 3.0% NSR Royalty (all metals) plus an incremental 28% NSR Royalty (silver only) YEAR OF ACQUISITION 2014 and 2020 TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE Second half of 2024 EXPECTED MINE LIFE 4.5 years 1 UNITED STATES PROJECT OUTLOOK As per its FS, Manh Choh is expected to incrementally contribute approximately (100% basis) 900,000 GEOs over its mine life. 1 Yukon Territory Alaska MANH CHOH ROYALT Y 1 Source: Kinross, August 2, 2023, Press Release 2 Source: Kinross, February 14, 2024, Press Release Acquisition Cost US$M $10.4 Net Book Value US$M $10.4