ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 20 ANNUAL CHANGE IN GOLD-BACKED ETFs BY REGION 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -1,000 -500 0 500 1,000 -450 -300 -150 0 150 300 North America Europe Asia Other Total AUM Data as of 31 December 2024 Source: World Gold Council Tonnes (US$B) FORECAST FEDERAL DEBT HELD BY THE PUBLIC (% OF GDP) 2024 2034 2044 2054 60 80 100 120 140 160 180 2024 Forecast 2014 Forecast 2019 Forecast Source: Congressional Budget Office ANNUAL AND CUMULATIVE NET GOLD DEMAND FROM CENTRAL BANKS (TONNES) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 400 800 1,200 0 2,000 4,000 6,000 8,000 10,000 Central bank net purchases Cumulative total Data as of December 31, 2024 Source: Metals Focus, Refinitive, Gold Fields Mineral Services (GFMS), ICE, Benchmark Administration, World Gold Council U.S. CONSUMER PRICE INDEX (YEAR OVER YEAR, %) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -2% 0% 2% 4% 6% 8% 10% Source: Bureau of Labor Statistics, Bloomberg