ROYAL GOLD 2024 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-flowing portfolio of precious metal properties, while also accumulating a pipeline of earlier-stage properties that are not yet cash-flowing, 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, after deducting specific costs (if any). 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 high margin and scalable and allows us to operate effectively with only a fraction of the employees of a producing mining company. Versatility – The metal streaming and royalty 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. PHASE OF PROJECT DEVELOPMENT 6 Exploration INTEREST is typically in the form of a royalty and may include a right to finance future project development FINANCING PROCEEDS are generally used toward exploration or early project development 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 used toward project development Production INTEREST is typically in the form of a stream FINANCING PROCEEDS are generally used toward production expansion, development of new projects, or other corporate purpose ROYAL GOLD ENGAGEMENT Royalties Royalties Streams Streams