5 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 $34.9 $30.4 $10.8 $3.9 $3.9 $2.2 WPM FNV RGLD TFPM OR SAND $1,027.6 $829.5 $529.5 $213.5 $159.9 $135.4 Royal Gold is Large Enough to Compete, Small Enough to Show Growth Operating Cash Flow 1 ($M) Market Capitalization 2 ($B) • Significant cash flow provides a source of financing for large transactions • “Small” transactions, like Khoemaca u ($265M), can move the needle for Royal Gold RGLD 1 – Full year 2024. 2 – As of April 1, 2025. Source: Company reports, FactSet.