34 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Stream/Royalty Acquisition Process EXPLORATION • Interest is typically in the form of a royalty, and may include a right to finance future project development • Financing proceeds are generally directed towards exploration or early project development activities DEVELOPMENT • Interest typically in the form of a stream, or a royalty with a right to finance further project development • Financing proceeds are generally directed towards project development activities PRODUCTION • Interest typically in the form of a stream • Financing proceeds are generally directed towards production expansion, development of new projects, or other corporate requirements STREAM • A right to purchase metal production at a predetermined price ROYALTY • A right to a percentage of revenue or metals produced from the project after deducting specified costs, if any ROYALTIES ROYALTIES STREAMING STREAMING Royal Gold Payment Royal Gold Engagement Phase of Project Development Royal Gold’s role in the mining value chain can be tailored to fit the needs of the operating partner