19 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Adjusted EBITDA 2 /Revenue 81% Operating Cash Flow/Revenue 74% Cash G&A 3 Expenses/Revenue 4% Efficiency Drives High Margins 1 – Calendar 2024. 2 – Adjusted EBITDA is a non-GAAP financial measure. See Appendix for additional information 3 – Cash G&A is a non-GAAP financial measure and is calculated as G&A Expense of $40.9M less Non-Cash Employee Stock Compensation Expense of $11.9M. See Appendix for additional information US$ 719M Revenue US$ 586M Adjusted EBITDA US$ 530M Operating Cash Flow US$ 29M Cash G&A 3 CASH FLOW METRICS 1