ANNUAL CHANGE IN GOLD-BACKED ETFs BY REGION 🟇 North America 🟇 Europe 🟇 Asia 🟇 Other Total AUM Data as of 31 December 2025. Source: World Gold Council 2004 2007 2010 2013 2016 2019 2022 2025 -1,000 -500 0 500 1,000 0 150 300 450 600 Tonnes $ billion FORECAST UNITED STATES FEDERAL DEBT HELD BY THE PUBLIC (% OF GDP) Source: Congressional Budget Office 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% ANNUAL AND CUMULATIVE NET GOLD DEMAND FROM CENTRAL BANKS (TONNES) 🟇 Central bank net purchases Cumulative total Data as of December 31, 2025. Source: World Gold Council 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 400 800 1,200 0 2,000 4,000 6,000 8,000 10,000 12,000 US DEBT HELD BY CENTRAL BANKS (% OF TOTAL DEBT) CENTRAL BANK GOLD HOLDINGS (% OF CURRENCY RESERVES) CB Gold Holdings (lhs) US Debt Held by Foreign Central Banks (rhs) Source: Crescat Capital, Federal Reserve St. Louis, World Gold Council, Incrementum AG INTRODUCTION ABOUT ROYAL GOLD GOVERNANCE OUR PEOPLE OPERATORS AND COMMUNITIES INVESTMENT STEWARDSHIP APPENDICES Royal Gold | 2025-2026 Investment Stewardship Report 21