CANADA Great Bear The Great Bear Project is located 25 kilometers southeast of the town of Red Lake, Ontario. It is 100% owned and operated by Kinross Gold Corporation (“Kinross”). The project is in a well- established mining camp, close to skilled labor, a paved highway and provincial power lines. The property also hosts a network of well-maintained logging roads, which facilitate year- round access to the site. The Great Bear Project land package is contiguous and hosts multiple zones of high-grade mineralization that remain open on strike and at depth. The LP Fault Zone hosts high-grade mineralization within a lower-grade mineralized halo over a 10.8 kilometer strike length and is open along strike and at depth, and several additional targets with vein-hosted high-grade gold mineralization have been identified by Kinross. ROYALTY OPERATOR Kinross Gold Corporation MINERALIZATION STYLE Orogenic Au ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2022 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE 2029 1 EXPECTED MINE LIFE 12 years 1 Development Update In September 2024, Kinross released the results of a Preliminary Economic Assessment (PEA) for the Great Bear Project. The PEA outlined a high-grade combined open-pit and underground mine. Building on the PEA, progress at Great Bear continues with its Advanced Exploration (AEX) program and the Main Project. For the AEX program, early works, including tree clearing and earthworks, has commenced with the necessary permits received for all current activities. The two remaining permits required for full AEX completion and operation are under review by the regulatory authorities. Detailed engineering and procurement continue to advance, and Kinross is planning to commence construction of the exploration decline in late 2025. For the Main Project, Kinross is advancing detailed engineering and execution planning. The selection of design partners is well underway, and work is planned to commence in Q1 2025. Kinross continues to work with the Impact Assessment Agency of Canada on advancing its Impact Statement, which is planned to be submitted later in 2025. Consultation continues with designated Indigenous communities, including discussions to finalize related agreements. Given the cost of drilling to depth from surface and the significant resource already identified, for 2025, Kinross has shifted from deep underground resource drilling to regional work with the goal of identifying new open-pit and underground deposits. 2 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from the Great Bear Project. Royal Gold acquired this royalty interest effective September 9, 2022, as part of the acquisition of Great Bear Royalties Corp. (“GBR”). Kinross holds the right to purchase a 25% interest in the royalty for an amount equal to 25% of Royal Gold’s purchase price of GBR, adjusted for inflation, at any time from the transaction closing date until the earlier of a construction decision for the Great Bear Project and 10 years after the transaction closing date. This right was granted by Royal Gold to Kinross in return for a unique agreement between Royal Gold and Kinross that allowed Royal Gold access to Kinross personnel and certain non - public information pertaining to the Great Bear Project prior to the acquisition of GBR. 1 Source: Kinross, September 10, 2024, Press Release 2 Source: Kinross, February 13, 2025, Press Release 3 Includes tax gross-up of $53.6 million and acquisition-related costs of approximately $4 million Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 149