53 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2025 Great Bear Royalty: Adds Long-Term Duration, Scale, Optionality 2.0% 1 net smelter return royalty: • Life of mine without stepdowns or caps (except for Kinross option 1 ) • Covers entirety of 9,140 ha Great Bear Project land package • Will be payable quarterly on all metals with applicable deductions Life of mine exposure to an emerging world-class project in Ontario operated by Kinross Gold Source: Kinross 1. Royal Gold provided Kinross the option to purchase a 25% interest in the royalty (0.5% of the 2.0% royalty rate) for an amount equal to 25% of the $152.2M purchase price of Great Bear Royalties Corp., adjusted for inflation, from the transaction closing date of September 9, 2022 until the earlier of a construction decision and 10 years after the transaction closing date