DEVELOPMENTS AND POTENTIAL Developments to increase production and add resources within the Cortez Complex include the Goldrush underground mine (which began production in 2024 and continues to ramp-up to a target production rate in excess of 400,000 ounces per year by 2028), the Robertson open-pit project (expected to provide oxide feed for heap leach and the Cortez mill, with first production expected 2027), and the Fourmile underground project (updated PEA indicates the potential to achieve annual gold production levels of 600,000 to 750,000 ounces over a mine life exceeding 25 years). The Fourmile project is currently not included as part of NGM and is 100% owned by Barrick. (4) At Fourmile, a PFS is expected to be completed in 2028, while development of a dedicated decline access is on track to begin in late 2026. 2026 is expected to be a critical year for Fourmile with an anticipated drilling spend of $150 to $160 million together with $20 million of spending on study work and $70 million on construction and decline commencement. This phase of the project has been approved with an estimated total cost of $330 to $430 million extending through mid-2029. (5) At Goldrush, surface and underground exploration drilling will ramp up in 2026. Previous wide spaced drilling confirms continuity between the Goldrush and Fourmile deposits, but the area below the northern third of the Goldrush deposit is largely untested. (5) Royal Gold’s Royalty Interest Royal Gold owns various royalty interests across the Cortez Complex that include coverage of the producing Pipeline and Crossroads mines (the Legacy Zone), the Cortez Pits, Cortez Hills and Goldrush underground mines, and the Fourmile and Robertson development projects, as well as several exploration targets on a large land package. Several of these royalty interests overlap in certain areas, creating multiple effective royalty rates across the Cortez Complex. Legacy Zone: The Legacy Zone royalties were acquired in a series of transactions over multi-decades beginning in 1987 when Royal Gold was a party within a joint venture that leased claims covering an area within what would become known as the South Pipeline Project. Two of the more recent transactions, from August and December 2022, further increased Royal Gold’s royalty interest over the area. An approximate overall 9.0% GSR rate is applicable to Royal Gold’s interests in the Legacy Zone. CC Zone: In 2014, Royal Gold acquired a 1.0% net revenue royalty on the southern end of Barrick’s Goldrush deposit. The additional CC Zone royalties were primarily acquired in two transactions in 2022 that significantly increased Royal Gold’s exposure to the Cortez Complex and provided new royalty coverage of the producing Cortez Pits and Cortez Hills mines, Fourmile and Robertson development projects and several exploration targets, and also provided additional royalty coverage at Goldrush development project. With its acquisition of Sandstorm Gold Ltd. in 2025, Royal Gold further increased its royalty exposure at Robertson. Approximate royalty rates over these areas include a 2.6% GSR rate at Robertson, a 1.6% GSR rate at Cortez Hills, Cortez Pits, Goldrush and Fourmile, and a 2.3% GSR rate on the southeast portion of Goldrush. Other Royalties: Royal Gold also owns two additional royalties in the Cortez Complex where there is currently no production, and no mineral resources or mineral reserves attributed to these royalty interests. FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $669.9 Historic Revenue to Royal Gold 2024: 2025: US$M $69.8 $67.5 Acquisition Cost US$M $818.4 Investment Recovered % 82% Net Book Value US$M $716.3 MINERAL RESOURCES AND RESERVES As of December 31, 2025 Contained Gold (koz) AGEOs* (koz) Proven and Probable 12,840 336 Measured and Indicated 7,800 150 Inferred 18,850 272 * 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. AGEOs for Cortez as of December 31, 2024. 40 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.barrick.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS