CANADA Great Bear The Great Bear Project is located 25 kilometers southeast of the town of Red Lake, Ontario. It is 100% owned and operated by Kinross Gold Corporation. The project is in a well-established mining camp, close to skilled labor, a paved highway and provincial power lines. The property also hosts a network of well- maintained logging roads, which facilitate year-round access to the site. The Great Bear Project land package is contiguous and hosts multiple zones of high-grade mineralization that remain open on strike and at depth. The LP Fault Zone hosts high-grade mineralization within a lower-grade mineralized halo over a 10.8 kilometer strike length and is open along strike and at depth, and several additional targets with vein-hosted high-grade gold mineralization have been identified by Kinross. OPERATOR Kinross Gold Corporation MINERALIZATION STYLE Orogenic Au ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2022 TERM OF ROYALTY Life of Mine EXPECTED STARTUP DATE 2029 ( 1) EXPECTED MINE LIFE 12 years (1) Development Update In September 2024, Kinross released the results of a PEA for the Great Bear Project. The PEA outlined a high-grade combined open-pit and underground mine. Building on the PEA, progress at Great Bear continues with its Advanced Exploration (“AEX”) program and the Main Project. For the AEX program, as at the end of 2025, surface construction was 80% complete. Kinross is working with the Ontario Ministry of Environment, Conservation and Parks to finalize the two remaining AEX water permits. The AEX underground development will provide access for resource and exploration drilling to further delineate extensions of mineralization at depth. AEX is not on the critical path for first production at Great Bear. For the Main Project, detailed engineering is advancing well and, as at the end of 2025, was approximately 35% complete. Initial procurement for major process plant and surface infrastructure is underway, with contract awards in progress. Manufacturing of selected long-lead items is anticipated to commence later in 2026. Federally, the second of three phased submissions for the Project’s Impact Statement was submitted on schedule in December 2025. The third and final submission remains on track for the end of Q1 2026. In addition to the Impact Statement, Kinross has advanced other federal Main Project permits, with technical documents submitted to Fisheries and Oceans Canada and Environment and Climate Change Canada during Q4 2025. Provincially, Kinross is also advancing Main Project permitting and reported that the Ontario Minister of Energy and Mines officially designated the Great Bear Main Project for inclusion in its streamlined One Project, One Process (“1P1P”) permitting framework, which is expected to provide a more coordinated and integrated approach to Ontario’s mining project authorizations, permitting and Indigenous community consultation. Kinross expects it will help facilitate Great Bear's targeted first gold production in late 2029. (2) Acquisition Cost US$M $151.7 Net Book Value US$M $209.1 (4) (1) Source: Kinross, September 10, 2024, Press Release. (2) Source: Kinross, February 18, 2026, Press Release. (3) Source: Kinross, September 2024 PEA. (4) Includes tax gross-up of $53.6 million and acquisition-related costs of approximately $4 million. 174 Royal Gold | 2025/2026 Asset Handbook ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS