35 Overview Principal Producing Development  Highlighted Evaluation  Evaluation/Exploration  Mineral Resources and Reserves Royal Gold’s Royalty Interest Royal Gold owns various royalty interests across the Cortez Complex that include coverage of the producing Pipeline and Crossroads mines (the Legacy Zone), and the Cortez Pits and Cortez Hills mines, and the Goldrush, Fourmile and Robertson development projects, and several exploration targets (the Cortez Complex Zone or CC Zone) on a large land package. Several of these royalty interests overlap in certain areas, creating multiple effective royalty rates across the Cortez Complex. Legacy Zone: The Legacy Zone royalties were acquired in a series of transactions over multi-decades beginning in 1987 when Royal Gold was a party within a joint venture that leased claims covering an area within what would become known as the South Pipeline Project. The two most recent transactions, from August and December 2022, further increased Royal Gold’s royalty interest over the area. An approximate overall 9.4% GSR rate is applicable to Royal Gold’s interests in the Legacy Zone. CC Zone: In 2014, Royal Gold acquired a 1.0% net revenue royalty on the southern end of Barrick’s Goldrush deposit. The CC Zone royalties were primarily acquired in two transactions in 2022 (additionally, Royal Gold had an existing royalty interest on the southeast portion of Goldrush) and significantly increased Royal Gold’s exposure to the overall Cortez Complex. With these two acquisitions, Royal Gold’s exposure to the Cortez Complex increased and provided new royalty coverage to the producing Cortez Pits and Cortez Hills mines, Fourmile and Robertson development projects, and several exploration targets, while provided additional royalty coverage at the Goldrush development project. Approximate royalty rates over these areas include a 0.45% GSR rate at Robertson project, a 1.6% GSR rate at Cortez Hills, Cortez Pits, Goldrush and Fourmile, and a 2.2% GSR rate on the southeast portion of Goldrush. Other Royalties: Royal Gold also owns three additional royalties in the Cortez Complex where there is currently no production and no mineral resources or mineral reserves attributed to these royalty interests. For more information, please visit: www.barrick.com . DEVELOPMENTS AND POTENTIAL Developments to increase production and add resources within the Cortez Complex include the Goldrush underground project (Record of Decision received in December 2023, production ramp-up to start in 2024; expected production of 130,000 ounces in 2024 increasing to 400,000 ounces per year by 2028), the Robertson open-pit project (expected to provide oxide feed to the Cortez mill, with first production expected 2027), and the Fourmile underground project (a conceptual Preliminary Economic Assessment indicates average annual gold production of 300,000 to 400,000 ounces over a +15-year mine life; Fourmile is currently not included as part of NGM and is 100% owned by Barrick). 4 Exploration drilling continues at various targets to extend known mineralization within the Cortez Complex. MINER AL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Au (koz) AGEOs* (koz) Proven and Probable 14,730 360 Measured and Indicated 5,360 145 Inferred 9,200 145 * 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. FINANCIAL AND OPER ATING RESULTS As of December 31, 2023 Revenue to Royal Gold Since Inception US$M $532.0 Historic Revenue to Royal Gold US$M 2022: $50.6 2023: $94.5 Acquisition Cost US$M $810.1 Investment Recovered % 66% Net Book Value US$M $756.5