Why Royal Gold? Royal Gold is a unique investment opportunity that employs a highly efficient and versatile business model designed to provide exposure to gold/metal prices and upside optionality, with reduced cost and operating risk. The execution of our business model is managed by a team of individuals with first class technical and financial expertise. 2 Key benefits offered by an investment in Royal Gold include: Not Just Exposure, But Leverage to the Gold Price Our high-margin business and the growth potential inherent in our asset portfolio has historically provided Royal Gold more leverage to the gold price when compared to a gold bullion ETF or physical bars and coins. Compared to our closest peers, Royal Gold has the highest revenue exposure to gold and, in terms of revenue sourcing, the highest exposure to primary gold operations. No-Cost Exploration Upside/Optionality Royal Gold enjoys the benefit of potential reserve growth as operators seek to extend mine lives by exploring for additional reserves at their existing mine sites. Generally, Royal Gold is not required to directly participate in the exploration expense or contribute to capital costs when operators add additional reserves or increase production capacity at existing mines.