CHILE Pascua-Lama The Pascua-Lama Project, owned by Barrick Gold Corporation (“Barrick”), is located on the border of Chile and Argentina, in the Frontera district at an elevation of 3,800 to 5,200 meters, approximately 10 kilometers from the Veladero mine operated by Barrick. ROYALTY OPERATOR Barrick Gold Corporation MINERALIZATION STYLE High-Sulfidation Epithermal Au ROYALTY 0.81% to 5.45% NSR (gold), 1.09% NSR (copper) YEAR OF ACQUISITION 2007-2015 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE Detail not publicly disclosed by operator. EXPECTED MINE LIFE Detail not publicly disclosed by operator. Development Update Construction on the Pascua-Lama Project began in October 2009. During the fourth quarter of 2013, Barrick announced the temporary suspension of construction, except for those activities required for environmental and regulatory compliance. The ramp-down of construction activity was completed in mid-2014 and the project has remained on hold since that time, and the Chilean side of the project is being transitioned to closure. Royal Gold’s Royalty Interest Royal Gold holds a 0.81% to 5.45% sliding-scale net smelter return (NSR) royalty on gold production from the area of interest in Chile. The royalty is based on a sliding scale, which caps at 5.45% at gold prices above $800 per ounce. Approximately 20% of the royalty is limited to the first 14.0 million ounces of gold produced from the project and 24% of the royalty can be extended beyond 14.0 million ounces produced for $4.4 million. In addition, a one-time payment totaling $8.4 million will be made if gold prices exceed $600 per ounce for any six-month period within the first 36 months of commercial production. Additionally, Royal Gold holds a 1.09% NSR royalty on copper production from the area of interest in Chile. Royal Gold accumulated its royalty interest through several transactions, the largest of which was the acquisition of a 0.47% to 3.15% sliding-scale NSR royalty on gold and 0.63% NSR royalty on copper effective February 22, 2010, with the acquisition of International Royalty Corporation. 1 Source: Barrick, 2023 Annual Report 2 Net of $239.1 million impairment in 2018 Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 159