34 ROYAL GOLD 2023 Asset Handbook 2024 OPER ATOR GUIDANCE 620,000 to 680,000 ounces of gold (100% basis) for the entire Cortez Complex. 2 LONGER-TERM OPER ATOR OUTLOOK 950,000 to 1,200,000 ounces per year (excluding Fourmile, which could add an additional 300,000 to 400,000 ounces per year). 3 Cortez The Cortez Complex is held within the Barrick-operated Nevada Gold Mines (“NGM”) joint venture owned by Barrick Gold Corporation (“Barrick”) (61.5%) and Newmont Corporation (38.5%). The operation is located approximately 95 kilometers southwest of Elko, in Lander County, Nevada. The Cortez property is situated along the Cortez-Battle Mountain trend. OPER ATOR Barrick MINER ALIZATION ST YLE Carlin-Type Sediment- Hosted Au MINE T YPE Open-pit & Underground METAL(S) A u PRODUCT Doré YEAR OF ACQUISITION Legacy Zone: 1992-2022, CC Zone: 2014-2022 TERM OF ROYALT Y Life of Mine MINE LIFE 2042 1 Operational Overview The Cortez Complex is a series of large open-pit and underground mines, with oxide milling and heap leach processing facilities. The open-pits use conventional truck- and-shovel fleets and mining operations move between the various pits over the life of mine plan. Underground operations use large-scale mechanized cut-and-fill and long-hole stoping mining methods. Non-refractory ores from the mines are treated on site, while refractory ores are shipped to NGM’s Carlin Complex for processing by autoclave or roaster facilities. UNITED STATES 1 Source: Barrick, 2023 Annual Information Form: Based on existing reserves and production capacity, including the Goldrush project, and excluding the Fourmile project, the Cortez open-pit operation is expected to continue until 2034 and the underground operation until 2042. 2 Source: Barrick, February 14, 2024, Press Release: The guidance for the 100% interest is estimated based on Barrick’s guidance of 380,000 to 420,000 ounces for its 61.5% interest. 3 Source: Barrick, September 2023 Corporate Presentation 4 Goldrush, source: Barrick, December 11, 2023, Press Release; Robertson, source: Barrick, September 22, 2022, Corporate Presentation; Fourmile, source: Barrick, September 12, 2023, Press Release ROYALTY Legacy Zone: 9.4% approx. blended GSR Royalty on Pipeline and Crossroads (all metals) CC Zone: 1.6% approx. blended GSR Royalty on Cortez Hills, Cortez Pits, Fourmile and Goldrush (all metals) 2.2% approx. blended GSR Royalty on Goldrush SE (all metals) 0.45% approx. GSR Royalty on Robertson (all metals) Idaho Oregon California Utah Arizona CORTEZ Nevada ROYALT Y