UNITED STATES Bald Mountain Bald Mountain is a Carlin-type open-pit, run-of-mine (ROM), heap leach gold mine, owned and operated by Kinross Gold Corporation (“Kinross”). Bald Mountain is located in White Pine County, Nevada, approximately 110 kilometers southeast of Elko and 110 kilometers northwest of Ely, at the southeastern end of the Carlin Gold Trend. ROYALTY OPERATOR Kinross Gold Corporation MINERALIZATION STYLE Carlin-Type Sediment- Hosted Au MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 1.75% to 2.5% Sliding-Scale NSR YEAR OF ACQUISITION 1998 TERM OF ROYALTY Life of Mine MINE LIFE 2031 1 Operational Overview The Bald Mountain operation is an open-pit mining operation with production from a number of different pits. The two main deposits are Saga and LBM, and there are several satellite deposits on the property. Bald Mountain recovers gold using multiple ROM heap leach pads. Gold is extracted from the ore with a cyanide solution and collected on activated carbon-in-column (CIC) plants. Loaded carbon is shipped offsite for further processing and ultimate gold refining. 2025 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK With the go-ahead decision to mine the Redbird pit at Bald Mountain, the mine life at Bald Mountain has the potential to extend through 2031. 1 Royal Gold’s Royalty Interest Royal Gold holds a 1.75% to 2.5% sliding-scale net smelter return (NSR) royalty on all metals produced from a portion of the Bald Mountain mine. The royalty is based on a sliding scale, which caps at 2.5% at gold prices above $425 per ounce. Royal Gold acquired its royalty interest on the Bald Mountain mine on March 13, 1998, from private parties. 1 Source: Kinross, February 12, 2025, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 65