Stream and royalty interests are defined as follows: ROYALTY A royalty is a non-operating interest in a mining project that provides the right to a percentage of revenue or metal produced from the mine after deducting contractually permitted costs, if any. STREAM A stream is a contractual agreement that provides, in exchange for an up-front payment, the right to purchase all or a portion of one or more metals produced from a mine at a predetermined price for the life of the agreement. Stream and royalty interests can be acquired by Royal Gold either directly from a mining company, from a third party or through a merger or acquisition transaction. In the case of new streams or royalties that are sold to Royal Gold by a mining company to raise capital, the financing provided by Royal Gold is typically directed by Operators toward three broad uses: 1 Investing directly in mining assets (e.g., mine development and construction, mine expansion, funding exploration work) 2 Providing liquidity to strengthen Operator balance sheets 3 Funding merger and acquisition activity ROYAL GOLD Introduction About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 9 ROYALTY VERSUS STREAM Purchase Price SELLER ROYAL GOLD ENTITY Transfer of Contractual Rights OPERATOR Royalty Revenue Advance payment to purchase percentage of metal production + delivery payment (per unit delivered) RGLD GOLD AG OPERATOR STREAM Physical metal delivery PHASE OF PROJECT Royal Gold interests may include the right to finance future and/ or further project development Typical interest size Exploration Proceeds generally used toward exploration or early project development ~$5M-$15M Development Proceeds generally used toward project development ~$50M-$300M Production Proceeds generally used toward production expansion, development of new projects, or other corporate purpose ~$200M-$1B+ Operators ROYALTY ROYALTY STREAM STREAM Third parties ROYALTY ROYALTY ROYALTY Royal Gold’s business model is designed to provide shareholders with long-term exposure to production and exploration upside and metal price optionality for the entire life of a mining project. Resource growth and mine life extensions can significantly enhance our returns over time; accordingly, how Operators manage sustainability matters associated with their assets and business operations is fundamental to our long-term success. Royal Gold integrates sustainability considerations into our corporate practices, our investment decisions and our relationships with the Operators.