49 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 NGM Expects Significant Production Growth from the Cortez Complex 1. 2026-2029 based on production profile provided in Barrick’s November 2024 Investor Day. 2. Calculated from Barrick’s disclosure of its 61.5% share of production and grossed up to determine production for 100% of entire property. 3. Approximate royalty rates – see prior slide for detail. Production mix expected to evolve with new deposits Goldrush (1.6% GSR 3 ): • +400,000 oz/year by 2028 Robertson (0.45% GSR 3 ): • Feasibility study underway; first production in 2027 • Key source of oxide mill feed Fourmile (1.6% GSR 3 ): • 2023 conceptual PEA outlined 300,000-400,000 oz/year over 15+ year mine life; Barrick now indicating potential for >500,000 oz/year over more than 2 decades • Pre-feasibility study planned to begin in 2025 • 100% owned by Barrick Planned conversion of resources to reserves has potential to extend open pit operations to at least 2038 and underground operations to at least 2052 0 200 400 600 800 1,000 1,200 1,400 2024 Actual 2025 2026 2027 2028 2029 Cortez - 100% Production 1,2 (k oz) High gold production expected with mining of ore in the Crossroads pit following waste stripping, as well as continued ramp-up at Goldrush 722k oz 680-765k oz