DEVELOPMENTS AND POTENTIAL In February 2025, Kinross announced plans to proceed with mining at the Redbird pit at Bald Mountain, which contains approximately one million ounces of gold reserve, following the receipt of the Juniper permit in the second half of 2024. Mining of Phase 1 at Redbird, which contains 270,000 ounces, is advancing on schedule and is expected to produce 175,000 ounces, extending production into 2028. In January 2026, Kinross announced the go-ahead for the Redbird 2 project which consists of Phase 2 of the Redbird pit along with five additional satellite pits that combined are expected to incrementally produce approximately 640,000 ounces with first production in 2028 and an average production of approximately 155,000 ounces between 2028 to 2031, and extending production at Bald Mountain until early 2032. Significant potential exists for further mine life extension at Bald Mountain from both exploration and from the current resource, highlighted by the Top open-pit deposit. The Top pit is already permitted for mining and will be the next focus of project study at Bald Mountain for further LOM extensions beyond 2032. (1) FINANCIAL AND OPERATING RESULTS As of December 31, 2025 Revenue to Royal Gold Since Inception US$M $28.3 Historic Revenue to Royal Gold 2024: 2025: US$M $0.6 $0.2 Acquisition Cost US$M $2.0 Investment Recovered % 1430% Net Book Value US$M $0.0 MINERAL RESOURCES AND RESERVES Contained Gold (koz) AGEOs* (koz) Proven and Probable Current Mineral Resources and Reserves are Unavailable Measured and Indicated Inferred * 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. 58 Royal Gold | 2025/2026 Asset Handbook For more information, please visit: www.kinross.com INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS