CANADA Williams Williams is an underground and open-pit gold mining operation, owned and operated by Barrick Gold Corporation (“Barrick”). Williams is located in northwestern Ontario, Canada, approximately 350 kilometers east of the city of Thunder Bay. Williams is part of Barrick’s larger Hemlo operation. ROYALTY OPERATOR Barrick Gold Corporation MINERALIZATION STYLE Orogenic Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré ROYALTY 0.97% NSR (all metals) YEAR OF ACQUISITION 2007 and 2010 TERM OF ROYALTY Life of Mine MINE LIFE N/A 1 Operational Overview The open-pit operation is a typical truck-and-loader/hydraulic shovel operation. Underground stoping comprises longhole and Alimak mining methods. The processing plant consists of crushing, grinding, cyanide leaching, carbon-in-pulp (CIP), carbon stripping and reactivation, electrowinning and refining. The mill has two parallel grinding circuits, each consisting of a 6,000 tonne coarse ore bin, a semi-autogenous grinding (SAG) mill, and a ball mill that is operated in closed circuit with hydrocyclones. 2025 OPERATOR GUIDANCE Barrick expects overall Hemlo production of 140,000 to 160,000 ounces in 2025. Detail on Williams production was not publicly disclosed by operator. 1 LONGER-TERM OPERATOR OUTLOOK Detail not publicly disclosed by operator. 1 Royal Gold’s Royalty Interest Royal Gold holds a 0.97% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at the Williams mine. Royal Gold acquired its 0.97% NSR royalty interest through two transactions: • Royal Gold acquired a 0.72% NSR interest at Williams on October 25, 2007, as part of the acquisition of Battle Mountain Gold Exploration Corporation. • Royal Gold acquired a 0.25% NSR interest at Williams, effective February 22, 2010, with the acquisition of International Royalty Corporation. 1 Provided for Hemlo and not Williams specifically 2 Source: Barrick, March 14, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 63