UNITED STATES Manh Choh The Manh Choh Project (formerly Peak Gold Project and, prior to that, Tetlin Gold Project) is located near Tok, Alaska, and is accessible by road from the Alaska Highway. The project is situated within the 2,732 square kilometer mineral lease with the Village of Tetlin. The Manh Choh Project is owned by a joint venture between Kinross Gold Corporation (“Kinross”) (70% operating interest) and Contango ORE, Inc. (30% interest). ROYALTY OPERATOR Kinross Gold Corporation MINERALIZATION STYLE Skarn MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 3.0% NSR (all metals), 28% NSR (silver only) YEAR OF ACQUISITION 2014 and 2020 TERM OF ROYALTY Life of Mine MINE LIFE 2029 1 Operational Overview Manh Choh is an open-pit operation mined with conventional open-pit mining equipment. Ore from Manh Choh is trucked approximately 400 kilometers southeast to Kinross’ Fort Knox facility where it is batch processed through existing mill and infrastructure. First gold from Manh Choh was poured at the Fort Knox mill on July 8, 2024. 2 2025 OPERATOR GUIDANCE 200,000 ounces of gold (100% basis). 2 LONGER-TERM OPERATOR OUTLOOK Manh Choh is expected to produce a total of approximately 910,000 gold equivalent ounces (100% interest) over its mine life. 3 Royal Gold’s Royalty Interest Royal Gold currently holds a 3.0% net smelter return (NSR) royalty on all metals produced from Manh Choh and an incremental 28% NSR on silver produced from Manh Choh. Royal Gold received the incremental 28% NSR on silver as part of consideration for its divestiture of its 40% interest in Manh Choh in September 2020. Peak Gold, LLC retains the right to acquire 50% of the incremental 28% net smelter return royalty on silver for $4 million. 1 Source: Kinross, 2024 Annual Information Form 2 Source: Contango ORE, Inc., November 29, 2024, Press Release 3 Source: Kinross, July 27, 2022, Press Release: The guidance for the 100% interest is estimated based on Kinross' guidance of 640,000 gold equivalent ounces for its 70% interest. 4 Source: Kinross, February 12, 2025, Press Release Materials Reference Details Portfolio and Outlook Performance Expected Overview Portfolio Our Business Attributes of Introduction 77