134 ROYAL GOLD 2023 Asset Handbook Kerr-Sulphurets-Mitchell The Kerr-Sulphurets-Mitchell (“KSM”) Project is a gold, copper, silver and molybdenum project located 65 kilometers northwest of Stewart, in the mineral- rich area commonly referred to as the Golden Triangle of British Columbia. KSM is owned by Seabridge Gold (“Seabridge”). The KSM project is one of the world’s largest undeveloped gold/copper projects by gold and copper resources. Development Update In 2022, Seabridge completed a Preliminary Feasibility Study (PFS) considering only open-pit reserves (from Mitchell, East Mitchell and Sulphurets). Furthermore, also in 2022, Seabridge completed a Preliminary Economic Assessment (PEA) based on mining copper-rich block caves at the Kerr and Iron Cap deposits (not included in the PFS). Seabridge has also received social approvals from a number of local first nations groups (Impact Benefits Agreements signed with the Nisga’a and Tahltan Nations, letters of support received from the Terrace, Smithers and Gitxsan Nations, and a non-opposition agreement with the Gitanyow Nation). Environmental approvals include the B.C. Environmental Assessment (“EA”) certificate (issued July 2014) and the Federal Environmental approval (received December 2014). To extend the EA approvals for the life of the project, KSM must be “substantially started” by July 2026. Substantial start work commenced in 2021 and Seabridge has engaged in early-stage construction activities, establishing site access and camps, building compensating fish habitat and site access to hydro power. 1 Source: Seabridge, January 2024 Corporate Presentation: 2022 PFS demonstrates 33-year open-pit only mine plan while 2022 PEA shows potential of an additional 39 years of mine life from block caves at Kerr and Iron Cap deposits. 2 C$18 million was paid for an option to acquire a royalty. OPER ATOR Seabridge Gold Inc. MINER ALIZATION ST YLE Porphyry Cu-Au ROYALT Y Option to acquire either 1.25% NSR Royalty (gold and silver) or 2.0% NSR Royalty (gold and silver) YEAR OF ACQUISITION TBD TERM OF ROYALT Y Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE 72 years 1 CANADA Sask Alberta British Columbia Yukon Territories KSM ROYALT Y Royal Gold’s Royalty Interest Royal Gold holds an option to acquire either a 1.25% net smelter return (NSR) royalty or a 2.0% NSR royalty on all gold and silver produced from the KSM Project; the exercise price to acquire a 1.25% NSR royalty is C$100 million while, for a 2.0% NSR royalty, is C$160 million. Royal Gold does not expect to consider exercising the royalty purchase option until the project achieves certain permitting and financing requirements and a decision to construct has occurred. The options to purchase the NSR royalty will remain exercisable for 60 days following Royal Gold’s satisfaction that the project has received all material approvals and permits, has sufficient committed funding for construction, and certain other conditions have been met.