DEVELOPMENTS AND POTENTIAL Kinross has announced plans to proceed with mining at the Redbird pit at Bald Mountain, which contains approximately one million ounces of gold reserve, following the receipt of the Juniper permit in the second half of 2024. Kinross has approved mining of Phase 1 at Redbird, which contains 270,000 ounces and is expected to produce 175,000 ounces, extending production into 2028. Phase 2, unlocking another 680,000 ounces contained, could begin in 2026 and extend production from Bald Mountain through 2031. Exploration drilling in 2025 will focus on conversion of inferred resources at the Redbird pit and on generative projects looking for new deposits on the large, highly prospective land package at Bald Mountain. 1 FINANCIAL AND OPERATING RESULTS As of December 31, 2024 Revenue to Royal Gold Since Inception US$M $28.1 2023: 2024: Historic Revenue to Royal Gold US$M $1.6 $0.6 Acquisition Cost US$M $2.0 Investment Recovered % 1418% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES As of December 31, 2016 CONTAINED Gold (koz) AGEOs * (koz) Proven and Probable Current Mineral Resources and Reserves are Unavailable Measured and Indicated Inferred * 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. ROYAL GOLD 2024 Asset Handbook 66 For more information, please visit: www.kinross.com