11 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Financing and Capital Allocation Strategy Drives Shareholder Returns • Existing cash balances • Cash flow from operations • Debt (revolving credit facility) • Equity, when accretive TOTAL AVAILABLE LIQUIDITY $1.2B UNDRAWN CREDIT FACILITY $1B Financing strategy – prioritizes non-dilutive forms of capital in the order of: 1 – Working capital and drawn / undrawn credit facility as of December 31, 2024. Liquidity 1 $US M WORKING CAPITAL $190M 2024 Sources / Uses $104 $530 $(250) $(103) $(105) $20 $195 Beginning Cash Balance (December 31, 2023) Operating Cash Flow Debt Drawn / (Repaid) Dividends Investments Misc. Ending Cash Balance (December 31, 2024) $US M