UNITED STATES Manh Choh Manh Choh (formerly Peak Gold Project and, prior to that, Tetlin Gold Project) is an open-pit gold and silver mine located near Tok, Alaska, and is accessible by road from the Alaska Highway. The project is situated within the 2,732 square kilometer mineral lease with the Village of Tetlin. The Manh Choh Project is owned by a joint venture (Peak Gold, LLC) between Kinross Gold Corporation (70% operating interest) and Contango ORE, Inc. (30% interest). OPERATOR Kinross Gold Corporation MINERALIZATION STYLE Skarn MINE TYPE Open-pit METAL(S) Gold PRODUCT Doré ROYALTY 3.0% NSR (all metals), 28% NSR (silver only) YEAR OF ACQUISITION 2014 and 2020 TERM OF ROYALTY Life of Mine MINE LIFE 2029 (1) Operational Overview Manh Choh is an open-pit operation mined with conventional open-pit mining equipment. Ore from Manh Choh is trucked approximately 400 kilometers southeast to Kinross’ Fort Knox facility where it is batch processed through existing mill and infrastructure. First gold from Manh Choh was poured at the Fort Knox mill on July 8, 2024. 2026 OPERATOR GUIDANCE 133,000 to 150,000 ounces of gold (100% basis). (2) LONGER-TERM OPERATOR OUTLOOK For 2027, Manh Choh is expected to produce 250,000 to 267,000 ounces of gold (100% basis). (2) Royal Gold’s Royalty Interest Royal Gold currently holds a 3.0% NSR royalty on all metals produced from Manh Choh and an incremental 28% NSR on silver produced from Manh Choh. Royal Gold received the incremental 28% NSR on silver as part of consideration for its divestiture of its 40% interest in Manh Choh in September 2020. Peak Gold, LLC retains the right to acquire 50% of the incremental 28% NSR royalty on silver for $4 million. (1) Source: Kinross, 2024 Annual Information Form. (2) Source: Contango Ore, 2025 10-K; prorated based on Contango’s 30% interest. Royal Gold | 2025/2026 Asset Handbook 71 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS