Royal Gold — May 7, 2025 release

2025 Guidance Unchanged and Progress Continues on Long Term Projects at Cortez On May 7, 2025, Barrick Mining Corporation ("Barrick") reported that 2025 gold production guidance of approximately 680,000 to 765,000 ounces (100% basis) is unchanged at the Cortez Complex in Nevada. This guidance compares to 2024 gold production of 722,000 ounces. We estimate our overall average royalty rate on this production to be approximately 3.1% for 2025. 1 Adjusted net income, adjusted net income per share and adjusted EBITDA margin are non-GAAP financial measures. See Schedule A of this press release for additional information, including a detailed description of adjustments to net income. 2 See Schedule A of this press release for additional information about gold equivalent ounces, or GEOs. 1 Additionally, Barrick reported continued progress at the various projects underway at Cortez. At Goldrush, the sinking of the first of eight ventilation shafts and the installation of underground primary fans were completed, which enable increased mining rates. At the Fourmile project, the exploration drilling campaign to define the orebody and delineate the overall footprint commenced, and the pre-feasibility study is expected to start in 2025. At the Hanson project, exploration drilling is focused on the Birch target for 2025, and at the Swift project, exploration results have extended the footprint of anomalous gold mineralization 900 meters to the south. Higher Gold Production in 2025 Expected at Andacollo For the first quarter, Teck Resources Limited ("Teck") reported gold production of 7,400 ounces, compared to 3,400 ounces