2 ROYAL GOLD 2023 Asset Handbook Attributes of Our Business Our Business Royal Gold’s business is to acquire and manage precious metals streams, royalties and other similar production-based interests. By partnering with capable operators, we focus on building and managing a diversified, cash-generating portfolio of precious metal assets, while also accumulating a pipeline of earlier-stage assets that are not yet cash- generating, but have the potential to do so in the future. Streams and Royalties A stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. A royalty is the right to receive a percentage or other denomination of mineral production from a mining operation. Key Benefits to Our Business Model Upside Optionality – Our transactions are structured to give us exposure to potential higher metal prices, future production expansion and resource conversion. Limited Downside – Our interests are less exposed to operating and capital cost risks compared to a producing mining company. Efficiency – Our business model is scalable and allows us to operate effectively with only a fraction of the employees of a producing mining company. Versatility – The royalty and streaming business can perform throughout the commodity cycle, allowing us to invest counter-cyclically in attractive acquisition opportunities during downturns, while enjoying leverage to higher commodity prices during upturns. Where Streams and Royalties Fit Stream/Royalty and Phase of Project Development Royal Gold offers financing that can be tailored to fit the needs of the operating partner. Exploration • Interest is typically in the form of a royalty and may include a right to finance future project development • Financing proceeds are generally directed towards exploration or early project-development activities Development • Interest is typically in the form of a stream, or a royalty with a right to finance further project development • Financing proceeds are generally directed towards project- development activities Production • Interest is typically in the form of a stream • Financing proceeds are generally directed towards production expansion, development of new projects or other corporate requirements STREAMS STREAMS ROYALTIES ROYALTIES Phase of Project Development ROYAL GOLD ENGAGEMENT