“A well-diversified portfolio reduces risk of exposure to underperformance at any single asset. A key attribute of Royal Gold is our large and gold- focused portfolio, which is well-diversified in terms of revenue, operator and jurisdiction. Of the 175 properties in the portfolio, over 40 are in production and operated by leading mining companies, and approximately 60% of our 2024 revenue came from operations in Canada, the USA and Australia.” William H. Heissenbuttel President and Chief Executive Officer 48 ROYAL GOLD 2024 Asset Handbook