25 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Potential for Organic Growth from Portfolio Pipeline • Producing • Revenue generating PRODUCTION 40 • Published reserve • Not currently in production DEVELOPMENT 19 • Published resource • No published reserve EVALUATION 50 • Earliest stage of development EXPLORATION 66 Properties at various stages of development provide optionality and organic revenue growth potential 1 - As of March 31, 2025.