10 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 4x 9x 18x 125x 76x Shares Outstanding Avg. Gold Price Cash G&A Expenses Operating Cash Flow Revenue Change from Calendar 2000 through 2024 Accretive Growth Financed Without Significant Equity Dilution Cumulative Revenue $6.8B Cumulative Operating Cash Flow $4.4B Cum. Cash G&A 1 Expenses $383M Up to $2,386 /ounce Only 65.7M shares Since calendar year 2000: 1 – G&A Expense less Non-Cash Employee Stock Compensation Expense. For the period calendar 2000 through 2024 cumulative G&A Expense was $513M and Non-Cash Employee Stock Compensation Expense was $130M.