DEVELOPMENTS AND POTENTIAL Developments to increase production and add resources within the Cortez Complex include the Goldrush underground mine (which began production in 2024 and continues to ramp-up to a target production rate in excess of 400,000 ounces per year by 2028), the Robertson open-pit project (expected to provide oxide feed for heap leach and the Cortez mill, with first production expected 2027), and the Fourmile underground project (expected to provide potential for production of over 500,000 ounces per year over more than two decades). The Fourmile project is currently not included as part of NGM and is 100% owned by Barrick. 4,5 Barrick indicated that it intends to advance these projects with feasibility work ongoing for the Robertson project, a prefeasibility study planned to begin in 2025 at the Fourmile project, and continued exploration at the Hanson and Swift targets. 6 The Hanson target is below the Cortez Hills underground operation and early-stage drilling continues to provide confidence in the resource growth below the existing infrastructure of the Cortez Hills underground mine that is expected to add material life-of-mine extensions. 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), the Cortez Pits, Cortez Hills and Goldrush underground mines, and the Fourmile and Robertson development projects, as well as several exploration targets 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 additional CC Zone royalties were primarily acquired in two transactions in 2022 that significantly increased Royal Gold’s exposure to the Cortez Complex and provided new royalty coverage of the producing Cortez Pits and Cortez Hills mines, Fourmile and Robertson development projects and several exploration targets, and also provided additional royalty coverage at the Goldrush development project. Approximate royalty rates over these areas include a 0.45% GSR rate at Robertson, 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. FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $601.8 2023: 2024: Historic Revenue to Royal Gold US$M $94.5 $69.8 Acquisition Cost US$M $818.4 Investment Recovered % 74% Net Book Value US$M $736.5 MINERAL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 14,730 361 Measured and Indicated 6,280 160 Inferred 12,900 204 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 11 for a description of AGEO calculation methodology. Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 41 For more information, please visit: www.barrick.com