ATTRIBUTES OF PORTFOLIO EXPECTED PERFORMANCE PORTFOLIO REFERENCE INTRODUCTION OUR BUSINESS OVERVIEW AND OUTLOOK DETAILS MATERIALS Royal Gold’s Royalty Interest Royal Gold holds a 2.0% NSR royalty on all metals produced PROJECT OUTLOOK from the Great Bear Project. As per the PEA, the Great Bear Project is expected to Royal Gold acquired this royalty interest effective produce over 500,000 ounces of gold per year during September 9, 2022, as part of the acquisition of Great Bear the first eight years of its mine life. Importantly, the | Royalties Corp. (“GBR”). | PEA provides a first view of Great Bear’s potential, | | while ongoing drilling demonstrates further potential | | Kinross holds the right to purchase a 25% interest in the | upside as exploration progresses at depth.(3) | | royalty for an amount equal to 25% of Royal Gold’s purchase | | price of GBR, adjusted for inflation, at any time from the | | transaction closing date until the earlier of a construction | | decision for the Great Bear Project and 10 years after the | | transaction closing date. This right was granted by Royal | | Gold to Kinross in return for a unique agreement between | | Royal Gold and Kinross that allowed Royal Gold access to | | Kinross personnel and certain non-public information | | pertaining to the Great Bear Project prior to the acquisition | | of GBR. | | MINERAL RESOURCES AND RESERVES | | As of December 31, 2025 | | Gold | AGEOs* | | Contained | (koz) | (koz) | | Proven and Probable | – | – | | Measured and Indicated | 2,712 | 54 | | Inferred | 4,291 | 86 | * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 12 for a description of AGEO calculation methodology. For more information, please visit: www.kinross.com Royal Gold / 2025/2026 Asset Handbook 175