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. SUMMARY 2025 was a record year for streaming and royalty transactions, as well as corporate M&A activity, with total deal value approaching $10 billion—more than double the previous annual record. Royal Gold accounted for approximately 50% of this value, highlighted by the largest corporate transaction in the sector’s history involving our acquisition of Sandstorm Gold and Horizon Copper, as well as the largest single stream or royalty acquisition in our history at the Kansanshi mine. Our single-asset transactions were characterized by creative structuring solutions that demonstrated both the flexibility and the increasing attractiveness of streaming and royalty financing relative to other sources of capital. Higher gold and silver prices, combined with growing investor interest in the sector, supported a material increase in equity issuance by mining companies compared to recent years. The majority of these equity financings were directed toward advancing earlier-stage development projects, with approximately two-thirds of announced transactions valued at less than $50 million. Debt issuance by mining companies remained robust among diversified and bulk commodity companies but was comparatively subdued within the precious metals sector, potentially reflecting the continued emergence of streaming as a credible and increasingly accepted alternative to debt. 2020 2021 2022 2023 2024 2025 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 MINING EQUITY ISSUANCE (US$ MILLION) 🟇 Precious 🟇 Base 🟇 Diversified, Bulk & Other MINING DEBT ISSUANCE (US$ MILLION) $25,000 $20,000 $15,000 $10,000 $5,000 $0 2020 2021 2022 2023 2024 2025 🟇 Precious 🟇 Base 🟇 Diversified, Bulk & Other 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 🟇 Stream and Royalty 🟇 Corporate TRANSACTION DEAL VALUE (US$ BILLION) Source: National Bank Financial Stream and Royalty Sector Update, December 2025 INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 22