UNITED STATES Twin Creeks Twin Creeks is an open-pit mine, held within the Barrick-operated Nevada Gold Mines LLC, a joint venture between Barrick Gold Corporation (“Barrick”) (61.5%) and Newmont Corporation (“Newmont”) (38.5%). Twin Creeks is located in Humboldt County, Nevada, approximately 125 kilometers northwest of Elko. Under the joint venture, Barrick’s Turquoise Ridge Mine and Newmont’s Twin Creeks Complex were combined as a single operation, now known as Turquoise Ridge. ROYALTY OPERATOR Barrick Gold Corp. MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 2.0% GPR (gold only) YEAR OF ACQUISITION 2008 TERM OF ROYALTY Life of Mine MINE LIFE 2030 1 Operational Overview Turquoise Ridge Surface (Newmont’s former Twin Creeks property) was created in 1993 by the consolidation of the Rabbit Creek Mine and the Chimney Creek Mine. The former Rabbit Creek Mine is located in the south-end of the property, including what is now known as Mega Pit. The former Chimney Creek Mine included the northern portion of the Mega Pit, the Vista Pit, and Vista Underground, which is located in the north-end of the property near the Sage autoclave and Juniper oxide mill. Turquoise Ridge Surface operates the Vista and Mega pits, as well as providing ore rehandle and surface project work at Turquoise Ridge Underground. Turquoise Ridge Surface uses conventional open-pit mining methods including drilling, blasting, loading, and hauling. The current planned mining rate for Turquoise Ridge Surface is 71,000 tonnes of ore per day. Run-of-mine (ROM) higher grade oxide ore from the Turquoise Ridge Surface sources are blended for gold grade, hardness, and carbonate content and fed to the Juniper Mill. ROM lower grade oxide ore from the Turquoise Ridge Surface sources are delivered to the Juniper heap leach pads. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. 2 LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. 2 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% gross proceeds royalty (GPR), where royalty payments are made on contained ounces rather than recovered ounces, on gold produced from areas subject to our royalty interest at the Twin Creeks mine. Royal Gold acquired this royalty interest effective October 1, 2008, as part of the acquisition of a royalty portfolio from Barrick Gold Corporation. 1 Source: NGM, 2020 Technical Report 2 Provided for the Turquoise Ridge Complex and not Twin Creeks specifically. 3 Source: Barrick, September 12, 2023, Corporate Presentation Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 87