UNITED STATES Bald Mountain Bald Mountain is a Carlin-type open-pit, ROM, 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. Bald Mountain is owned and operated by Kinross Gold Corporation (“Kinross”). 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 2032 (1) Operational Overview The Bald Mountain operation is an open-pit mining operation with production from a number of different pits. Bald Mountain recovers gold using multiple ROM heap leach pads. Gold is extracted from the ore with a cyanide solution and collected on activated CIC plants. Loaded carbon is shipped offsite for further processing and ultimate gold refining. 2026 OPERATOR GUIDANCE Detail not publicly disclosed by operator. LONGER-TERM OPERATOR OUTLOOK On January 15, 2026, Kinross announced the go- ahead decision for the Redbird 2 project at Bald Mountain, extending the mine life to early 2032. (1) Royal Gold’s Royalty Interest Royal Gold holds a 1.75% to 2.5% sliding-scale 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, January 15, 2026, Press Release. Royal Gold | 2025/2026 Asset Handbook 57 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS