26 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Growth Projects Underway at Producing and Development Assets Mount Milligan PFS underway to define long-term outlook and potential mine life extension post 2035 Cortez Goldrush ramping up, Fourmile and Robertson projects advancing, other exploration underway Pueblo Viejo Plant expansion ramping up, new tailings storage facility advancing Andacollo Water availability improved, 2025 copper production guidance +26% over 2024 Khoemaca u Expansion feasibility study underway, 2025 copper production guidance +23% over 2024 Peñasquito 2025 production from higher gold grade Peñasco pit Bellevue Production run rate of >200,000 oz/year targeted after Q2 2025 Mara Rosa First full year, 2025 gold production guidance 94,000-104,000 oz Manh Choh First full year, 2025 gold production guidance 200,000 oz Côté Gold First full year, 2025 gold production guidance 360,000-400,000 oz (royalty covers ~2/3) Back River First production expected Q2 2025 Wassa Southern Extension could add multi-decades beyond the reserve life KOTH Commissioning of 20% expanded processing facility expected Q2 2026 Voisey's Bay Underground mine extension project completed, ramping up to full production in H2 2026 Great Bear PEA completed September 2024 indicates production of ~500,000/oz/year, exploration continuing Catalysts for 2025 and beyond Mount Milligan, Canada Expansions, extensions and new production add to portfolio revenue and duration Great Bear, Canada