36 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $0 $1 $2 $3 $4 $5 US$ Billions Stream Funds (LHS) YE Gold Price (RHS) Stream and Royalty Financing is Significant Stream and royalty financing has become a mainstream source of capital to the global mining industry PROJECT DEVELOPMENT 59% BALANCE SHEET RESTRUCTURING/ VALUE CREATION 35% USE OF PROCEEDS All Industry Participants Total Stream Investments by all companies $25.8B MERGERS & ACQUISITIONS 4% Primarily Balance Sheet Restructuring Primarily Project Development Project Development Streaming is a flexible product that is relevant throughout the commodity cycle Source: Royal Gold – internal tracking files OTHER 2%