CANADA Back River The Back River Gold Project is located in southwestern Nunavut, Canada, approximately 520 kilometers northeast of Yellowknife, Northwest Territories and 75 kilometers southwest of Bathurst Inlet. Back River is owned by B2Gold Corp. (“B2Gold”); B2Gold acquired Sabina Gold & Silver Corp., which previously held the asset, on April 19, 2023. The currently known gold deposits at Back River include Umwelt, Llama and Goose (all on the Goose property), and the George deposit approximately 50 kilometers to the north of the Goose property. ROYALTY OPERATOR B2Gold Corp. MINERALIZATION STYLE Orogenic Au ROYALTY 3.3% approx. blended GSR on Goose and 3.2-4.0% GSR on George (all metals) YEAR OF ACQUISITION 2008 and 2024 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Q2 2025 EXPECTED MINE LIFE 9 years 1 Development Update The Goose Project is a combined open-pit and underground operation. All planned construction activities in 2024 were completed and project construction and development continue to progress on track for first gold pour in Q2 2025 followed by ramp-up to commercial production in Q3 2025. The Goose Project is expected to produce between 120,000 to 150,000 ounces of gold in 2025. 2 Royal Gold’s Royalty Interest Royal Gold holds multiple royalties that cover all reserves, resources and potential extensions thereof on the Back River Gold district. Royalty revenue from the Goose Project is expected based on the following royalty rates and cumulative production thresholds: • 0.7% NSR royalty rate until the receipt of C$5 million of royalty revenue, declining to 0.35% thereafter, on all gold produced from startup through to the cumulative production of 400,000 ounces; • 2.5% GSR royalty rate on all gold produced after the cumulative production of 400,000 ounces up to a cumulative total of approximately 780,000 ounces; and, • 3.3% GSR royalty rate on all production above cumulative production of approximately 780,000 ounces. Based on the current mine plan, the two thresholds are expected to be reached in 2026 and 2028, respectively, although royalty rates and production thresholds are approximate due to assumptions related to the gold price and the timing and applicability of certain deductions and adjustments. Royalty revenue from the George portion of the Back River Gold District is expected based on an approximate 3.2% to 4.0% GSR royalty rate, which is payable after cumulative production of 800,000 ounces. Royal Gold acquired these royalty interests in two acquisitions: the first was in 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation, and the second was in 2024 with the acquisition of two other royalty interests from third party sellers. Acquisition Cost US$M $52.0 Net Book Value US$M $52.2 MINERAL RESOURCES AND RESERVES As of December 31, 2024 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable 2,480 63 Measured and Indicated 1,499 32 Inferred 3,550 69 * 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. 1 Source: B2Gold, March 2025 Technical Report 2 Source: B2Gold, January 13, 2025, Press Release Introduction Performance Expected Attributes of Our Business Portfolio Overview and Outlook Portfolio Details Reference Materials 125