2 COMPETITION AND CAPITAL MARKETS IMPACT Increased competition for new business opportunities from debt providers, the capital markets, private equity and other royalty and streaming companies can result in fewer investment opportunities and lower returns and can impact our ability to meet strategic growth goals. MITIGATION AND COMMENTARY We seek to maintain flexibility in the structuring of transactions to address the unique needs of each potential counterparty, identify opportunities with excellent upside that warrant a focus on longer- term returns and stress the advantages of stream and royalty financing relative to other sources of capital. 2024 SUMMARY In 2024, there was an uptick in precious and base metal equity and debt issuance versus the previous few years, as confidence to fund projects grew with higher commodity prices and relatively lower interest rates. Issuance for the diversified and bulk subsectors surged compared to recent years for equity while debt was in line with the five-year average. The dollar volume of stream transactions was the second-highest on record (after 2015) and was concentrated in several large transactions in jurisdictions that carry elevated political risks. Royal Gold acquired two third-party royalties for $106 million that are over projects in Canada and the U.S., which we consider to be safe jurisdictions. MINING DEBT ISSUANCE (US$ MILLION) 2019 2020 2021 2022 2023 2024 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Precious Base Diversified, Bulk and Other Source: RBC Capital Markets MINING EQUITY ISSUANCE (US$ MILLION) 2019 2020 2021 2022 2023 2024 0 1,000 2,000 3,000 4,000 5,000 6,000 Source: RBC Capital Markets Precious Base Diversified, Bulk and Other TRANSACTION DEAL VALUE (US$ BILLION) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Stream Royalty Corporate Source: National Bank Financial Stream and Royalty Sector Update, December 2024 Introduction ROYAL GOLD About Royal Gold Governance Our People Operators and Communities Investment Stewardship Appendices 2024 Investment Stewardship Report 21