18 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Business Model is Highly Efficient and Scalable $2,221 $410 $2,384 $1,791 $2,786 $24,807 $842 $513 $1,540 $950 $496 $19,337 $1,331 $20,075 $9,962 $29,093 $364,618 $2,690 $2,555 $508 $1,410 $957 ENTERPRISE VALUE 1 /EMPLOYEE 2 (US$ 000s as of March. 31, 2025) TOTAL REVENUE/EMPLOYEE 2 (US$ 000s 12 Mo. ended December. 31, 2024) 3 1 – Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. 2 – Employee count as of December 31, 2024, except for Apple, which is as of September 28, 2024, and Barrick, which is as of December 31, 2023. 3 – Twelve months ended December 31, 2024, except for Apple, which is twelve months ended September 28, 2024. Source: Capital IQ