UNITED STATES Cortez The Cortez Complex is held within the Barrick-operated Nevada Gold Mines (“NGM”) joint venture owned by Barrick Mining Corporation (“Barrick”) (61.5%) and Newmont Corporation (“Newmont”) (38.5%). The operation is located approximately 95 kilometers southwest of Elko, in Lander County, Nevada. The Cortez property is situated along the Cortez-Battle Mountain trend. OPERATOR Barrick Mining Corporation MINERALIZATION STYLE Carlin-Type Sediment-Hosted Au MINE TYPE Open-pit & Underground METAL(S) Gold PRODUCT Doré YEAR OF ACQUISITION Legacy Zone: 1992-2025, CC Zone: 2014-2025 TERM OF ROYALTY Life of Mine MINE LIFE 2044 (1) ROYALTY Legacy Zone: 9.0% approx. blended GSR Royalty on Pipeline and Crossroads (all metals) CC Zone: 1.6% approx. blended GSR Royalty on Cortez Hills, Cortez Pits, Fourmile and Goldrush (all metals) 2.3% approx. blended GSR Royalty on Goldrush SE (all metals) 2.6% approx. GSR Royalty on Robertson (all metals) Operational Overview The Cortez Complex is a series of large, open-pit and underground mines, with oxide milling and heap leach processing facilities. The open-pits use conventional truck- and-shovel fleets, and mining operations move between the various pits over the LOM plan. Underground operations use large-scale mechanized cut-and-fill and long-hole stoping mining methods. Non-refractory ores from the mines are treated on site, while refractory ores are shipped to NGM’s Carlin Complex for processing by autoclave or roaster facilities. 2026 OPERATOR GUIDANCE 700,000 to 780,000 ounces of gold (100% basis) for the entire Cortez Complex. (2) Our royalties at Cortez overlap, and we expect the average blended royalty rate to range between 3.5% and 4% over this production. LONGER-TERM OPERATOR OUTLOOK Approximately 800,000 to 900,000 ounces per year over the next 5 years (2026-2030). An updated PEA indicates that the Fourmile Project could add an additional 600,000 to 750,000 ounces per year in the longer term. (3),(4) (1) Source: Barrick, 2025 Annual Information Form: Based on existing reserves and production capacity, including the Goldrush project, and excluding the Fourmile project, the Cortez open-pit operation is expected to continue until 2030 and the underground operation until 2044. (2) Source: Barrick, February 5, 2026, Press Release: The guidance for the 100% interest is estimated based on Barrick’s guidance of 430,000 to 480,000 ounces for its 61.5% interest. (3) Source: Barrick, September 18, 2025, Nevada Site Visit Presentation. (4) Goldrush, source: Barrick, February 5, 2026, Press Release; Robertson, source: Barrick, September 22, 2022, Corporate Presentation; Fourmile, source: Barrick, September 16, 2025, Press Release. (5) Source: Barrick, February 5, 2026, Press Release. Royal Gold | 2025/2026 Asset Handbook 39 ROYALTY INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS