April 2025 Investor Presentation

Investor Presentation April 2025

2 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Cautionary Statements Forward-Looking Statements: This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including sales volume, revenue, expenses, tax rates, earnings and cash flows; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; opportunities for investments, acquisitions and other transactions; anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries; anticipated liquidity, capital resources, financing and stockholder returns; sufficiency of contractual protections; and prices for gold, silver, copper, and other metals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including in Item 1A, Risk Factors of our most recent Annual Report on Form 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. Third-party Information: The disclosures herein relating to properties and operations on the properties in which we hold stream or royalty interests are based in most cases on information publicly disclosed by the operators of these properties and information available in the public domain. Additionally, we may from time to time receive information from operators that is not publicly disclosed by the operators. For example, some of the reserve and resource estimates and metallurgical recoveries disclosed in this presentation are based on information provided to us directly by operators but that is not publicly disclosed by the operators. We do not independently prepare or verify information publicly disclosed by or provided directly to us by the operators, and, as the holder of stream and royalty interests, we do not have access to the properties or operations or to sufficient data to do so. In certain cases, operators disclose information to us that we are not permitted ourselves to disclose to the public. We are dependent on the operators of the properties to provide information to us. There can be no assurance that such third-party information is complete or accurate. Mineral Reserves and Mineral Resources: Our stream or royalty interests often cover only a portion of the publicly reported mineral reserves, mineral resources, and production of a property or operation and information publicly reported by operators may relate to a larger property or operation than the area covered by our stream or royalty interest. There are numerous uncertainties inherent in estimates of mineral reserves, mineral resources and production, many of which are outside the operators’ control. As a result, estimates of mineral reserves, mineral resources, and production are subjective and necessarily depend upon a number of assumptions, including, among others, reliability of historical data, geologic and mining conditions, metallurgical recovery, metal prices, operating costs, capital expenditures, development and reclamation costs, mining technology improvements, and the effects of government regulation. Mineral resources are subject to future exploration and development and associated risks and may never convert to mineral reserves. If any of the assumptions that operators make in connection with estimates of mineral reserves, mineral resources, or production are incorrect, actual production could be significantly lower than estimated, which could adversely affect our future revenue and the value of our investments. In addition, if operators’ estimates with respect to the timing of production are incorrect, we may experience variances in expected revenue from period to period. The disclosures in this presentation include resource and reserve information provided by operators that are foreign issuers and is not based on the Securities and Exchange Commission’s definitions for mineral resources and mineral reserves. We do not reconcile the resource and reserve estimates provided by the operators with the definitions of mineral resources and mineral reserves used by the Securities and Exchange Commission. The resource and reserve information furnished with this report cannot be included in the documents we file with the Securities and Exchange Commission. References to Years: All references in this presentation to years are to the twelve months ended or ending December 31 of the referenced year, unless otherwise noted. Non-GAAP Financial Measures: We refer to Adjusted EBITDA, Adjusted EBITDA margin, Net Debt, Cash G&A and other Non-GAAP financial measures that our management believes are a useful tool to assess our operating results. For a definition of these terms and a reconciliation to the most directly comparable GAAP measure, see “Non-GAAP Measures” at the end of this slide presentation.

3 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Precious Metals Exposure with Consistent Financial Performance Royal Gold provides a differentiated model with disciplined capital management and a focus on shareholder returns LOW RISK LEVERAGE TO GOLD HISTORY OF CONSISTENT EXECUTION UNIQUE BUSINESS MODEL DIVERSIFIED PORTFOLIO W. GROWTH POTENTIAL ATTRACTIVE VALUATION

4 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Company Overview Opportunity to capture value in the precious metals sector without incurring many of the costs and risks associated with mining operations Gold Silver Copper Others Royalty Interests: An interest in real property (generally) that provides a right to a percentage of revenue or metals produced from a mining project after deducting specified costs Stream Interests: A contractual arrangement to purchase metal production from a mining project at a predetermined price Calendar 2024 Revenue Split: COUNTRIES 1 17 GOLD-FOCUS 2 76% 1 – As of December 31, 2024. 2 – Calendar 2024. 3 – April 1, 2025 closing price of $164.26/sh. 4 – As of March 31, 2025 STREAMS 67% ROYALTIES 33% Producing Development Evaluation Exploration Dual Business Segments... ...Across A Diverse, Gold-Focused Portfolio... ...With Standout Performance PROPERTIES 4 175 $10.8B MARKET CAP. 3 $719M REVENUE 2 $1.2B TOTAL AVAILABLE LIQUIDITY 1 29/4 EMPLOYEES/OFFICES 1 301,500 GOLD EQUIVALENT OZ 2 Canada United States Dominican Rep. Chile Ghana Mexico Botswana Brazil Australia Other

5 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 $34.9 $30.4 $10.8 $3.9 $3.9 $2.2 WPM FNV RGLD TFPM OR SAND $1,027.6 $829.5 $529.5 $213.5 $159.9 $135.4 Royal Gold is Large Enough to Compete, Small Enough to Show Growth Operating Cash Flow 1 ($M) Market Capitalization 2 ($B) • Significant cash flow provides a source of financing for large transactions • “Small” transactions, like Khoemaca u ($265M), can move the needle for Royal Gold RGLD 1 – Full year 2024. 2 – As of April 1, 2025. Source: Company reports, FactSet.

6 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Precious Metals Exposure with Consistent Financial Performance Royal Gold provides a differentiated model with disciplined capital management and a focus on shareholder returns LOW RISK LEVERAGE TO GOLD HISTORY OF CONSISTENT EXECUTION UNIQUE BUSINESS MODEL DIVERSIFIED PORTFOLIO W. GROWTH POTENTIAL ATTRACTIVE VALUATION

7 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Exposure to Gold and Optionality with Reduced Risks Exposure to Gold Exploration Upside / Optionality No Direct Exposure to Operating Costs No Direct Exposure to Capital Costs Portfolio Diversification Sustainable Dividend Senior Operating Companies ETFs, Bars and Coins Junior Operating Companies Development and Exploration Companies

8 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Gold Leverage with Market-Leading Return β S&P 0.52 β Gold 1.75 Beta vs. Gold Price Will provide higher leverage to gold... Beta vs. S&P 500 ...with lower exposure to general market risk A stable, sustainable investment... Beta calculation for the period 4/1/15 – 3/31/25. Source: Bloomberg, FactSet 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 RGLD GDX Spot Gold SP500 DJIA 5.65 3.96 4.46 3.77 1.23 ...with a heritage of market outperformance (5/22/06 – 4/1/25) Indexed since the formation of the GDX

9 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Precious Metals Exposure with Consistent Financial Performance Royal Gold provides a differentiated model with disciplined capital management and a focus on shareholder returns LOW RISK LEVERAGE TO GOLD HISTORY OF CONSISTENT EXECUTION UNIQUE BUSINESS MODEL DIVERSIFIED PORTFOLIO W. GROWTH POTENTIAL ATTRACTIVE VALUATION

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.

11 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Financing and Capital Allocation Strategy Drives Shareholder Returns • Existing cash balances • Cash flow from operations • Debt (revolving credit facility) • Equity, when accretive TOTAL AVAILABLE LIQUIDITY $1.2B UNDRAWN CREDIT FACILITY $1B Financing strategy – prioritizes non-dilutive forms of capital in the order of: 1 – Working capital and drawn / undrawn credit facility as of December 31, 2024. Liquidity 1 $US M WORKING CAPITAL $190M 2024 Sources / Uses $104 $530 $(250) $(103) $(105) $20 $195 Beginning Cash Balance (December 31, 2023) Operating Cash Flow Debt Drawn / (Repaid) Dividends Investments Misc. Ending Cash Balance (December 31, 2024) $US M

12 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Credit Facility is a Flexible and Strategic Financing Tool • $1B credit facility with uncommitted $250M accordion feature • Strong and diversified syndicate: BNS, CIBC, BofA, BMO, NBF, RBC, GS, TD • Maturity date: June 28, 2028 • Current drawn interest rate of SOFR + 1.20% $0 Debt Outstanding 1 : $0 $250 $500 $750 $1,000 $1,250 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Total Available Credit Facility Amount Drawn Acquisitions: Pueblo Viejo Andacollo Wassa & Prestea Rainy River Repayment of convertible notes Precautionary draw at beginning of pandemic Acquisitions: Cortez royalties (Rio Tinto and Idaho) Credit facility is low-cost instrument to manage liquidity 1 – As of December 31, 2024. Acquisitions: Red Chris Xavantina Cote

13 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 17% 19% 14% 18% 20% 31% 21% 24% 21% 34% 22% 15% 23% 29% 34% 35% 25% 22% 23% 23% 19% 17% 22% 24% 20% $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend Payout Ratio Gold Price $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 $3,200 Growing and Sustainable Dividend Despite Gold Price Volatility Dividend CAGR (2000-2025) 15% Cum. Common Stock Dividends Paid 1 $1.0B US$/share US$/oz Royal Gold is the only precious metal company in the S&P High Yield Dividend Aristocrats Index Source: Company reports, FactSet. 1 – Since inception of the RGLD dividend in July 2000 through January 17, 2025

14 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Robust Due Diligence Drives Disciplined Approach to Acquisitions Due diligence process includes: $8 $35 $273 $312 $330 $200 $35 $276 $938 $70 $11 $273 $11 $340 $889 $106 $50 $0 $200 $400 $600 $800 $1,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Commitments (US$ M) Alturas, Barrick Mara Rosa, Amarillo Back River, B2Gold Cactus, Arizona Sonoran Xavantina II, Ero Copper 33 transactions ~ 1 transaction/year $4B Khoemaca u, Cupric Castelo de Sonhos, TriStar Troy, Revett Silver Taparko, High River Gold Andacollo, Teck Mount Milligan I, Thompson Creek Mount Milligan II, Thompson Creek Tulsequah, Chieftain Mount Milligan III, Thompson Creek Ruby Hill, IMC Asset, Operator Cortez (additional royalty), Barrick Red Chris, Newcrest Xavantina I, Ero Copper Côté Gold, IAMGOLD • Technical − Geology, reserve/resource definition − Mining − Metallurgy − Operating and capital costs − Infrastructure − Geotechnical • Legal − Title, permitting, mining law • ESG − Environmental impact − Social license − Community impact • Financial/Credit analysis • Management references Wassa & Prestea, Golden Star Andacollo, Teck Rainy River, New Gold Pueblo Viejo, Barrick Pascua Lama (additional royalty), Barrick Cortez (additional royalties), Barrick Great Bear, Kinross Lawyers, Benchmark Metals La Fortuna (El Morro), Xstrata Cortez (additional royalties), Barrick Goldrush, Barrick Phoenix, Rubicon Ilovitza, Euromax Manh Choh (Tetlin), Contango

15 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Sound Investment Stewardship Practices are Fundamental to Success RISK RATING LOW MEDIUM HIGH SEVERE 0 1 2 3 4 5 6 7 Jun-19 Jun-20 Sep-21 Oct-22 Oct-23 Nov-24 A AA AA AA ESG RATING 23.4 22.8 18.8 9.1 9.7 10.9 0 10 20 30 40 50 60 2019 2020 2021 2022 2023 2024 AAA AA A BBB BB B CCC Source: MSCI; see disclaimer at end of presentation for additional information Source: Sustainalytics A Materially better market perception with improved disclosure AA

16 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Precious Metals Exposure with Consistent Financial Performance Royal Gold provides a differentiated model with disciplined capital management and a focus on shareholder returns LOW RISK LEVERAGE TO GOLD HISTORY OF CONSISTENT EXECUTION UNIQUE BUSINESS MODEL DIVERSIFIED PORTFOLIO W. GROWTH POTENTIAL ATTRACTIVE VALUATION

17 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 9.3 12.0 15.4 4.9 7.6 3.4 Reserves at Stream Acquisition Production Subject to Stream Net Reserve Changes Reserves at Dec. 31, 2024 Potential Resource Conversion Potential Total Reserves + Resources Exposure to Resource Growth and Metal Price Optionality 1 - Reserves as of December 31, 2014 2 - Production from 2015 to 2024 3 - Reflects adjustment related to effective date of acquisition, metal recoveries, etc. 4 - Measured, Indicated and Inferred resources 5 - Attributable to Barrick’s 60% interest 6 - As of December 31, 2024, pre-tax PUEBLO VIEJO of Initial Investment Recovered 6 95% WASSA Millions of Gold Ounces 5 1.6 0.7 8.4 1.4 0.5 7.7 Reserves at Stream Acquisition Production Subject to Stream Net Reserve Changes Reserves at Mar. 31, 2024 Potential Resource Conversion Potential Total Reserves + Resources 2 of Initial Investment Recovered 5 170% 1 - Reserves as of December 31, 2014 2 - Production from 2015 to 2024 3 - Reflects adjustments related to effective date of acquisition, metal recoveries, etc. 4 - Measured, Indicated and Inferred resources (as of March 31, 2024) 5 - As of December 31, 2024, pre-tax, and includes initial investment and net revenue from Prestea/Bogoso Millions of Gold Ounces 1 3 4 Mine expansions and resource growth can significantly enhance returns with no cost to Royal Gold 1 2 3 4

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

19 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Adjusted EBITDA 2 /Revenue 81% Operating Cash Flow/Revenue 74% Cash G&A 3 Expenses/Revenue 4% Efficiency Drives High Margins 1 – Calendar 2024. 2 – Adjusted EBITDA is a non-GAAP financial measure. See Appendix for additional information 3 – Cash G&A is a non-GAAP financial measure and is calculated as G&A Expense of $40.9M less Non-Cash Employee Stock Compensation Expense of $11.9M. See Appendix for additional information US$ 719M Revenue US$ 586M Adjusted EBITDA US$ 530M Operating Cash Flow US$ 29M Cash G&A 3 CASH FLOW METRICS 1

20 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Cost Structure and Business Model Reduce Inflation Exposure Operator costs tend to increase with commodity prices while Royal Gold’s costs remain stable 1 – This is a non-GAAP measure calculated as total costs and expenses ($289M), less DD&A ($144M), and non-cash employee stock compensation expense ($12M), per GEO (301,500) for calendar 2024. 2 – Industry average total cash costs per ounce for 2024 - based on reported/actual data where available; Source: S&P Market Intelligence. 3 – Breakdown of 2024 calendar Cash G&A; Cash G&A is a non-GAAP financial measure. Cash G&A Production Taxes Cost of Sales Labor Energy Reagents Other Onsite TCRC & Shipment Royalty 0 100 200 300 400 500 600 700 800 900 1000 Royal Gold Producers Comparison of Cost Structures: Metal Price Dependent Subject To Inflation 2 Metal Price Dependent Subject To Inflation US$/oz 1 Royal Gold Cash G&A Expense 3 : 62% 12% 7% 6% 5% 8% Salaries Accounting, tax and legal ESG Office Business Development Other

21 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Precious Metals Exposure with Consistent Financial Performance Royal Gold provides a differentiated model with disciplined capital management and a focus on shareholder returns LOW RISK LEVERAGE TO GOLD HISTORY OF CONSISTENT EXECUTION UNIQUE BUSINESS MODEL DIVERSIFIED PORTFOLIO W. GROWTH POTENTIAL ATTRACTIVE VALUATION

22 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Global Portfolio in Attractive Jurisdictions PRINCIPAL PROPERTIES 1 2 3 4 ANDACOLLO Region IV, Chile CORTEZ Nevada, USA MOUNT MILLIGAN British Columbia, Canada PUEBLO VIEJO Sanchez Ramirez, Dominican Republic 1 - As of March 31, 2025. 40 PRODUCING 19 DEVELOPMENT 50 EVALUATION 66 EXPLORATION PROPERTIES 1 175 1 4 3 2

23 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Portfolio Interests are Weighted Toward Established Mining Camps of total 2024 revenue 26% Producing* Development* Evaluation* Exploration* royalty interests 12 of total 2024 revenue 15% royalty interests 37 * Only portions of map showing. For full distribution of properties see our Asset Handbook royalty interests 6 royalty interests 29 stream and royalty interests 14 ~50% of 2024 revenue and >50% of total property interests are in established mining regions

24 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Well-Diversified Portfolio Reduces Single-Asset Risk Portfolio is gold-focused and diverse with respect to counterparty, asset, mine type and geography For 2024. * Mine type defined by metal that provides majority revenue 67% 33% BY BUSINESS SEGMENT Stream Royalty 76% 12% 9% 3% BY METAL Gold Silver Copper Other BY OPERATOR 26% Centerra 19% Barrick 11% Newmont 7% Chifeng 7% Teck 6% New Gold 5% Ero Copper 5% MMG 15% Other BY MINE 26% Mount Milligan 12% Pueblo Viejo 10% Cortez 7% Wassa 7% Andacollo 6% Peñasquito 6% Rainy River 5% Xavantina 21% Other BY MINE TYPE 59% Gold 26% Gold/Copper 14% Copper 1% Other BY COUNTRY 35% Canada 17% United States 12% Dominican Republic 7% Mexico 7% Ghana 7% Chile 6% Brazil 5% Botswana 4% Australia 1% Other

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.

26 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Growth Projects Underway at Producing and Development Assets Mount Milligan PFS underway to define long-term outlook and potential mine life extension post 2035 Cortez Goldrush ramping up, Fourmile and Robertson projects advancing, other exploration underway Pueblo Viejo Plant expansion ramping up, new tailings storage facility advancing Andacollo Water availability improved, 2025 copper production guidance +26% over 2024 Khoemaca u Expansion feasibility study underway, 2025 copper production guidance +23% over 2024 Peñasquito 2025 production from higher gold grade Peñasco pit Bellevue Production run rate of >200,000 oz/year targeted after Q2 2025 Mara Rosa First full year, 2025 gold production guidance 94,000-104,000 oz Manh Choh First full year, 2025 gold production guidance 200,000 oz Côté Gold First full year, 2025 gold production guidance 360,000-400,000 oz (royalty covers ~2/3) Back River First production expected Q2 2025 Wassa Southern Extension could add multi-decades beyond the reserve life KOTH Commissioning of 20% expanded processing facility expected Q2 2026 Voisey's Bay Underground mine extension project completed, ramping up to full production in H2 2026 Great Bear PEA completed September 2024 indicates production of ~500,000/oz/year, exploration continuing Catalysts for 2025 and beyond Mount Milligan, Canada Expansions, extensions and new production add to portfolio revenue and duration Great Bear, Canada

27 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Recent Transactions Enhance Royal Gold Portfolio • ~ $1.2B of gold-focused investments since June 30, 2021 without raising equity • Funding with cash and debt provides shareholders with full exposure to high quality and long duration assets in low-risk jurisdictions Long Mine Lives Low-risk Jurisdictions Long Term Prod. & Resource Growth Potential Near Term Revenue Contribution Counterparty Strength Commodity Focus Xavantina Red Chris Cortez 1 Gold 20+ year average USA Canada Brazil Red Chris Cortez 1 Great Bear Xavantina Côté Back River Ero Copper Iamgold B2Gold Newmont NGM/Barrick Kinross Strategic objective: Further strengthen and diversify the portfolio by adding high quality precious metals assets 1 – Two separate transactions with different sellers

28 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 CORTEZ USA RED CHRIS CANADA • Additional royalties provide exposure to entire Cortez Complex, with overlapping royalties creating high royalty rates • Longer-term potential being evaluated at Fourmile, Robertson, Hanson and Swift • 1% NSR royalty on producing copper/ gold/silver mine • Pre-Feasibility Study for transition from open pit to large-scale underground operation indicates 36-year mine life • Far East Ridge has the potential to become the fifth porphyry center along the Red Chris porphyry corridor XAVANTINA BRAZIL • 25% gold stream on producing gold mine with significant near-mine and regional exploration potential • Dual strategy to extend mine life and expand mine/mill feed • NX 60 Project expected to sustain gold production of 50-60k oz/year in 2025-2027 Recent Additions Expected to Provide Further Longer-Term Growth CÔTÉ CANADA • 1% NSR royalty on the Chester 3 claims covering ~70% of current reserves • Expected 18-year mine life, with average production of 495k oz/year for 1 st 6 years • First gold pour achieved in March 2024 and commercial production reached August 2, 2024 GREAT BEAR CANADA • 2% NSR royalty on 9,140 hectare land package • Targeting development of a high-grade, long- life mining complex • September 2024 PEA highlights an initial LOM of ~12 years with total production of ~5.3M oz of gold; drilling below current resource shows potential for further resource expansion BACK RIVER CANADA • ~1.1% equivalent GSR royalty over Back River District; adds to existing royalty position and results in equivalent ~3.3% GSR royalty over Goose Project after 780k oz of production • Goose Project construction underway, first production expected in Q2 2025 • Expected gold production of 3.3M oz from Goose Project over 15-year mine life

29 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Precious Metals Exposure with Consistent Financial Performance Royal Gold provides a differentiated model with disciplined capital management and a focus on shareholder returns LOW RISK LEVERAGE TO GOLD HISTORY OF CONSISTENT EXECUTION UNIQUE BUSINESS MODEL DIVERSIFIED PORTFOLIO W. GROWTH POTENTIAL ATTRACTIVE VALUATION

30 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Peer Range RGLD Trading at Historically Attractive Multiples ** Peers include Franco-Nevada, Wheaton Precious Metals, Osisko Gold Royalties, Sandstorm, and Triple Flag. Source: CapIQ 19.3x 1.96x P / NAV 1.96x P / CF 19.3x 0x 10x 20x 30x 40x 50x 60x Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Peer Range RGLD

31 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Precious Metals Exposure with Consistent Financial Performance Royal Gold provides a differentiated model with disciplined capital management and a focus on shareholder returns LOW RISK LEVERAGE TO GOLD HISTORY OF CONSISTENT EXECUTION UNIQUE BUSINESS MODEL DIVERSIFIED PORTFOLIO W. GROWTH POTENTIAL ATTRACTIVE VALUATION

Appendix

33 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Gold is uncorrelated, and is a diversifier that provides a hedge against systemic risk, currency depreciation and inflation Gold is a Unique Strategic Asset Gold has performed well relative to other asset classes Annual Gold Return and Inflation US$ returns, 1971 – Dec. 31, 2023 Median returns over past four Fed tightening cycles Tightening cycles starting Feb. 1994, Jun. 1999, Jun. 2004, Dec. 2015 Source: World Gold Council publications “Gold as a strategic asset 2024 edition” and “Gold mid-year outlook 2022” ” Correlation of Gold vs. US Stock Returns Weekly returns in US$, 1994 – Dec. 31, 2023 Gold has typically outperformed following the first rate hike of a Fed tightening cycle Annualized return over the past 3, 5, 10 and 20 years Returns from December 31, 2003 – December 31, 2023 Value of Currencies and Broad Commodities Relative to Gold Value in ounces of US$ gold, Jan. 2000 – December 31, 2023

34 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Stream/Royalty Acquisition Process EXPLORATION • Interest is typically in the form of a royalty, and may include a right to finance future project development • Financing proceeds are generally directed towards exploration or early project development activities DEVELOPMENT • Interest typically in the form of a stream, or a royalty with a right to finance further project development • Financing proceeds are generally directed towards project development activities PRODUCTION • Interest typically in the form of a stream • Financing proceeds are generally directed towards production expansion, development of new projects, or other corporate requirements STREAM • A right to purchase metal production at a predetermined price ROYALTY • A right to a percentage of revenue or metals produced from the project after deducting specified costs, if any ROYALTIES ROYALTIES STREAMING STREAMING Royal Gold Payment Royal Gold Engagement Phase of Project Development Royal Gold’s role in the mining value chain can be tailored to fit the needs of the operating partner

35 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Stream/Royalty Detail ROYALTIES • Royalties are typically cash-settled • A royalty is typically structured as gross smelter return (GSR), net smelter return (NSR), net value (NVR), gross value (GV) or net profits interest (NPI). The difference is the amount of deductions permitted prior to calculation of the royalty, ranging from zero deductions (GSR) to defined capital and operating costs (NPI). • In certain jurisdictions, a royalty is an interest in real property that “runs with the land” in the event of an ownership transfer of mineral rights, even if the transfer occurs through bankruptcy. Often, it is registered in government records on the title to the mineral rights. • The sale of a royalty is often treated as a disposition of mineral interests and subject to upfront taxation to the operator. STREAMS • Streams are typically settled by delivery of physical metal. • A stream is typically structured as the purchase by the streaming company of a percentage of metal produced in return for an upfront cash investment and an ongoing cash price per unit of metal delivered. • A stream is structured as a contractual arrangement. An analysis of the credit profile of a counterparty is an important part of due diligence for streams. • The sale of a stream is not taxable upfront in most jurisdictions, so it is a more tax-efficient source of finance. STREAMS 67% ROYALTIES 33% Royal Gold 2024 Revenue Split From a cash flow perspective, streams and royalties are comparable in that the revenue from a stream less the ongoing cash price paid roughly equals a royalty-like interest in production

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%

37 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 <$100M $100 < $200M $200 < $300M $300 < $400M $400 < $500M $500M+ History of Stream Transactions 2004 – 2024 Source: Royal Gold, internal tracking files Most stream transactions have been smaller than $300M <$100M ~50% Average Size $196M Transactions 2004-2024 132 Transactions >$500M 18 11 Balance sheet restructurings 6 Project Development 1 M&A

38 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 ESG Overview: Sustainability Is Our Business Model Royal Gold is committed to sustainability at the corporate and local levels, and seeks counterparties with leading approaches to ESG practices Environmental Social Governance Committed to supporting social causes where we have investments and in our local communities Committed to analyzing and mitigating the environment around us; sponsors of innovation and best practices in mining Committed to good corporate governance, promoting long-term shareholder interests Endorse the Responsible Gold Mining Principles of the World Gold Council and the ICMM 10 Mining Principles Committed to supporting local charities and social causes Charitable giving budget for 2024 $1.5M Annual paid leave for employees to volunteer with non- profit organizations of their choosing 2 Days Invested with Alamos Gold for construction of medical clinic in Matarachi, Mexico $400k Committed over 5 years to support Golden Star Oil Palm Plantation Ltd. near Wassa mine in Ghana $750k

39 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Experienced Independent Directors Highly capable, independent board, with deep experience across the gold sector William Hayes Fabiana Chubbs Kevin McArthur Independent Director Independent Director Independent Director Chair of the Board Retired EVP Project Development and Corporate Affairs Placer Dome Retired CFO Eldorado Gold Retired Executive Chairman and CEO Tahoe Resources Jamie Sokalsky Ronald Vance Sybil Veenman Retired Director and President and CEO Barrick Gold Retired SVP Corporate Development Teck Resources Retired General Counsel Barrick Gold Independent Director Independent Director Independent Director

40 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Experienced Management Team Senior Management William Heissenbuttel Paul Libner Randy Shefman Daniel Breeze Alistair Baker Allison Forrest Jason Hynes Martin Raffield President and CEO of Royal Gold, Inc. SVP and CFO SVP and General Counsel SVP, Corporate Development, RGLD Gold AG SVP, Investor Relations and Business Development, Royal Gold Corp. VP, Investment Stewardship SVP, Strategy and Business Development, Royal Gold Corp. SVP, Operations David Crandall VP, Corporate Secretary and Chief Compliance Officer

41 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Management Compensation Structure • Short Term Incentives focused on financial, operational, strategic, and individual performance • Long Term Incentives involve total shareholder return over multiple periods • All incentives that could be impacted by metal prices alone are addressed by holding prices steady throughout an award timeframe • Guaranteed salaries or other compensation, special benefits, defined benefit pension plans, repricing of stock options without shareholder approval are NOT part of the compensation program Short-term and long-term incentive program seeks to align compensation with the factors that drive and measure total shareholder return 1 – Compensation breakdown for 2023. Please refer to the 2024 Proxy Statement for additional detail. Compensation breakdown: 1

42 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Top 5 42% Top 6-10 12% Top 11-20 8% Other Identifiable 26% Remainder 12% US Domicile and Register are Unique U.S. BASED • Only U.S. based streaming and royalty company • Member of >200 U.S. indices • 66M shares outstanding; lowest in the GDX index Register Breakdown Source: NASDAQ, per 13-F filings; December 31, 2024 or as available. Dominant Orientation Retail 12% Passive 43% Active 45%

43 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Shareholder Base Reflects Company’s Unique Position • 38% of investors are Index investors • High-quality shareholder register, with large and long-term institutional investors comprising the majority of the register Investor Styles Ownership Trends Shareholder base is institutional with some unique characteristics Source: NASDAQ, per 13-F filings; December 31, 2024 or as available 42.3% 42.4% 42.7% 43.7% 42.9% 42.8% 40.2% 41.1% 11.9% 11.6% 11.6% 11.2% 11.2% 13.6% 13.2% 13.7% 8.0% 8.2% 7.8% 7.1% 7.7% 8.3% 7.9% 8.3% 25.6% 25.1% 25.2% 24.1% 23.8% 22.9% 24.8% 25.3% 11.7% 12.3% 12.5% 13.7% 14.5% 12.3% 13.9% 11.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% December-24 September-24 June-24 March-24 December-23 September-23 June-23 March-23 Top 5 Top 6-10 Top 11-20 Other Identifiable Remainder (Retail) Index 38% Growth 27% Value 12% H.Fund 5% Retail 12%

44 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 6.3% 6.6% 7.6% 6.4% 6.4% 6.3% 4.1% 2.1% 0.4% 0.1% 9.8% 9.8% 19.5% 9.1% 9.1% 9.6% 12.1% 2.3% 1.1% 0.4% Andacollo Mt. Milligan Golden Star Rainy River Pueblo Viejo Khoemacau Xavantina Red Chris Cortez (Rio Tinto) Cortez (Idaho) Apr-09 Jul-10 May-15 Jul-15 Aug-15 Feb-19 Jun-21 Aug-21 Aug-22 Dec-22 15.9 14.6 9.8 9.6 9.5 6.0 3.6 3.5 2.5 2.2 2.56x 2.27x 5.56x 1.56x 2.63x 2.22x 2.50x 1.61x 1.19x 0.83x The Right Assets Should Show Return Growth Over Time Less time in portfolio Assets with growth potential provide multiples of payback and higher returns as mine lives lengthen Deal Date: Years Since: Expected Payback Over LOM: Source: Scotia Capital Research, included are 10 largest individual (ie. non-portfolio) acquisitions. IRR at Deal Date IRR at December 2024

45 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Assets with Growth Potential Provide Excess Returns Over Time 1 – Refers to Legacy Royalties only; 2 – Consensus NAV (available analyst estimates) as of February 3, 2025. • As of December 31, 2024, cash flow received to date and forward Street estimates of stream/royalty net asset values exceed initial investments for our largest interests 1 • Optionality from resource conversion is not always included in NAV estimates Less time in portfolio Royal Gold has a track record of adding value through investing in assets with growth potential $81 $100 $782 $610 $525 $265 $729 $602 $443 $1,134 $577 $481 $74 $599 $232 $1,124 $791 $504 $468 Cortez Penasquito Mount Milligan Pueblo Viejo Andacollo Khoemacau Initial Investment CF Received (End 2023) Consensus NAV (Current) 2 1 Years in portfolio: 34 19 16 11 11 6 Includes 2022 transactions for Rio Tinto Royalty ($525M) and for Idaho Royalty ($204M)

46 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Our Investing Success Rate is High Royal Gold is an effective steward of shareholder capital • Royal Gold has invested ~$5.0Bn of capital in royalty and stream assets • Impairments have been limited over a long investing history • Impairments account for <3% of Total Invested Capital (excluding Pascua- Lama, which remains in the portfolio) USD Millions $4,986 $370 $130 $0 $1,000 $2,000 $3,000 $4,000 $5,000 Total Invested Capital Pascua-Lama, Phoenix Gold, and Wolverine account for 94% of Total Impairments Total Impairments Total Impairments excluding Pascua- Lama Pascua-Lama royalty remains in our portfolio

47 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Transactions in 2022 expanded Royal Gold’s royalty exposure to the entirety of the Cortez Complex Cortez Royalties: Exposure Covers the Entire Cortez Complex Legacy Royalty position Rio Tinto Royalty Acquired August 2, 2022 Idaho Royalty Acquired December 29, 2022 Notes: 1. Location of claim areas shown are approximate. 2. Location of gold deposits and targets shown are based on disclosures by NGM and other public sources and are approximate. 3. The Idaho Royalty will apply to any claims located or acquired by Barrick or NGM within the Idaho area of interest (“AOI”) shown. 4. Claims shown as subject to the Rio Tinto Royalty are based on our interpretation of matters in current public record and could be modified by matters not of record. 5. Map does not show the entire area of interest for the Rio Tinto Royalty. 6. For further detail on claim areas and royalty rates, see the next slide titled “Overlapping Royalties at Cortez Create High Royalty Rates.”

48 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Overlapping Royalties at Cortez Create High Royalty Rates Rio Tinto Royalty Idaho Royalty Royalty Rate Approximate Blended Rate 3 GSR1, GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1 4.91% NVR GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1C 4.52% NVR 5 Cortez Hills Underground Oxide mill, roaster, autoclave Cortez Pits Open Pit Oxide mill, heap leach, roaster Fourmile Underground Roaster, autoclave Goldrush Underground Roaster, autoclave Goldrush SE Underground Roaster, autoclave 2.2% NVR2 1.0% NVR 6 Robertson Open Pit Oxide mill, heap leach 0.45% Producing Pipeline Open Pit Heap leach, oxide mill, roaster, autoclave 8% GSR Heap leach, oxide mill, roaster Open Pit Crossroads Simplified Royalty Rates Legacy Zone CC Zone Mine/Deposit/Area Mine Type Ore Process Detailed Royal Gold Royalty Coverage and Rates Legacy Royalties 2 Royalty Applicable Royalty Rate Royalty Rate Royalty Rate 8 Development 9.4% 1.6% Approximate Blended GSR Rate 1 0.45% GSR 1.2% GVR 7 0.24% GSR 1. Approximate equivalent royalty after blending the detailed royalty rates. Assumes total deduction to the Rio Tinto Royalty of 3% for the Legacy Royalties and the Idaho Royalty, and a 60% conversion from NVR to GSR rates. 2. Legacy Royalties are those royalties held by Royal Gold prior to August 2, 2022, and consist of overlapping royalties on the Pipeline and Crossroads deposits, with additional royalties covering a portion of the Goldrush deposit and other exploration areas. 3. The overlapping royalties in the Legacy Zone are equivalent to an approximate 8% GSR royalty. 4. GSR1 and GSR2 are sliding-scale gross value royalties that vary from a rate of 0.4% at gold prices less than $210/oz to 5.0% at gold prices greater than $470/oz. 5. A small portion of the Crossroads deposit has a royalty rate of 4.91%. 6. NVR2 covers the south-east extension of the Goldrush Project on the Flying T Ranch. 7. The Rio Tinto Royalty is a sliding-scale gross value royalty that varies from a rate of 0.0% at gold prices less than $400/oz to 3.0% at gold prices greater than $900/oz on 40% of the production from the undivided Cortez Complex, excluding the existing Robertson deposits. Deductions from the royalty payment are limited to third party royalties that existed prior to January 1, 2008, which include the Legacy Royalties and the Idaho Royalty. For details of the Rio Tinto Royalty calculation see the January 5, 2023, press release Royal Gold Announces Acquisition of Additional Royalty Interests on the World-Class Cortez Gold Complex in Nevada and Outlines Simplified Approach to Describing Royal Gold’s Multiple Royalty Interests at Cortez 8. Idaho Royalty rates are rounded. See previous slide for accompanying notes to royalty map

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

50 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Advancing High-Quality Targets a Continued Focus Robertson - Record of Decision received mid- November 2024 - FS underway Cortez Hills Underground (CHUG) - Drilling from underground platforms to test extensions and target feeder zones below the mine - Mineralization extends 500m west from the first discovery hole - Hanson target has potential to be added to reserves in the upcoming years - Follow-up drilling planned for 2025 Distal - Infill drilling confirmed continuity of above mining-grade material near surface Goldrush - Drilling continues from underground at Goldrush; from surface at Fourmile Swift 2 - NGM continuing to earn in - Drilling has intersected higher-grade mineralization Fourmile (100% Barrick) - 2025 expenditure of $75-85M planned, including targeting resource growth along strike to the north - Mineral resources covers 1/3 of overall orebody Sophia/Dorothy - Targeting extension of existing mineral resources - Assessing options for independent exploration decline 1. Location of gold deposits and targets shown are based on disclosures by NGM and other public sources and are approximate. 2. The Idaho Royalty (0.45% GSR) will apply to any NGM interest acquired on the Swift property. Focus on conversion and addition of inventory at CHUG, Cortez Pits, Crossroads and Robertson

51 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 8.0% 2.8% 25.1% 1. Initial Expectation 2. Resource Conversion 3. Gold Price Optionality Case Study Mulatos – Alamos Gold • Royal Gold acquired 1.5% NSR from Kennecott Minerals in Dec. 2005, 2M oz cap reached in March 2019 • Pre-tax return ~36%. Excess return from mine life extension (2016 through 2025) and higher gold price • Key to growth potential is exploration success and ability of operator to find and convert resources to reserves and then to production 1.9 1.7 1.1 2.6 3.0 4.3 YE 2005 YE 2018 2P Reserves M&I Resources 6.5 7 YE 2005 YE 2018 Reserves & Resources Contained Gold M oz Mine Life Years Acquisition Return %age 1 - Initial Expectation based on 2P reserve processed at 15,000 t/d, assumed $450/oz flat gold price 2 - Resource Conversion based on actual production at $450/oz flat gold price 3 - Actual royalty revenue received 1. Return on initial acquisition based on mine feasibility study at date of acquisition 1 2. Additional return resulting from resource conversion and mine life extension 2 3. Additional return resulting from exposure to higher gold price received over the extended mine life 3 Return Drivers Royal Gold seeks to provide exposure to resource growth and metal price optionality. Resource growth and mine life extensions can significantly enhance returns over time.

52 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 World Gold Council – 247 Initiative

53 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Non-GAAP Measures Overview of non-GAAP financial measures: Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgement. Non-GAAP financial measures used by management in this presentation or elsewhere include the following: 1. Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. 2. Net debt (or net cash) is a non-GAAP financial measure that is calculated by the Company as debt (excluding debt issuance costs) as of a date minus cash and equivalents for that same date. Net debt (or net cash) to trailing twelve months (TTM) adjusted EBITDA is a non-GAAP financial measure that is calculated by the Company as net debt (or net cash) as of a date divided by the TTM adjusted EBITDA (as defined above) ending on that date. We believe that these measures are important to monitor leverage and evaluate the balance sheet. Cash and equivalents are subtracted from the GAAP measure because they could be used to reduce our debt obligations. A limitation associated with using net debt (or net cash) is that it subtracts cash and equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. We believe that investors may find these measures useful to monitor leverage and evaluate the balance sheet. 3. Adjusted net income and adjusted net income per share are non-GAAP financial measures that are calculated by the Company as net income and net income per share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliations below. We consider these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of our operating results excluding items that we believe are not indicative of our fundamental ongoing operations. The tax effect of adjustments is computed by applying the statutory tax rate in the applicable jurisdictions to the income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero.

54 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Non-GAAP Measures Overview of non-GAAP financial measures: 4. Free cash flow is a non-GAAP financial measure that is calculated by the Company as net cash provided by operating activities for a period minus acquisition of stream and royalty interests for that same period. We believe that free cash flow represents an additional way of viewing liquidity as it is adjusted for contractual investments made during such period. Free cash flow does not represent the residual cash flow available for discretionary expenditures. We believe it is important to view free cash flow as a complement to our consolidated statements of cash flows. 5. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. 6. Total Cash Cost per GEO is a non-GAAP financial measure that is calculated by the Company by subtracting depreciation, depletion and amortization, impairment of royalty interests and non-cash employee stock compensation from total costs and expenses for a period and dividing the result by total GEOs for the same period. We believe Total Cash Costs per GEO provides a useful comparison to an operator’s total cash costs per ounce.

55 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Non-GAAP Measures Adjusted EBITDA, Adjusted EBITDA margin, net debt/cash and net debt/cash to TTM adjusted EBITDA: Reconciliation of non-GAAP financial measures to U.S. GAAP measures Three Months Ended December 31, Year Ended December 31, (amounts in thousands) 2024 2023 2024 2023 Net income and comprehensive income 107,521 $ 62,963 $ 332,479 $ 240,132 Depreciation, depletion and amortization 33,737 40,090 144,426 164,937 Non-cash employee stock compensation 2,579 2,354 11,892 9,696 Fair value changes in equity securities 24 (25) 66 147 Other non-recurring adjustments — — — 2,440 Interest and other, net (179) 3,396 3,741 20,915 Income tax expense 26,078 13,356 93,613 42,008 Non-controlling interests in operating income of consolidated subsidiaries (113) (183) (456) (692) Adjusted EBITDA $ 169,647 $ 121,951 $ 585,760 $ 479,583 Net income margin 53% 41% 46% 40% Adjusted EBITDA margin 84% 80% 81% 79% Three Months Ended December 31, September 30, June 30, March 31, (amounts in thousands) 2024 2024 2024 2024 Net income and comprehensive income $ 107,521 $ 96,330 $ 81,320 $ 47,309 Depreciation, depletion and amortization 33,737 36,177 35,747 38,765 Non-cash employee stock compensation 2,579 2,977 3,348 2,988 Fair value changes in equity securities 24 425 63 (447) Interest and other, net (179) 581 1,709 1,630 Income tax expense 26,078 21,510 18,991 27,033 Non-controlling interests in operating income of consolidated subsidiaries (113) (88) (112) (143) Adjusted EBITDA $ 169,647 $ 157,912 $ 141,066 $ 117,135 Net income margin 53% 50% 47% 32% Adjusted EBITDA margin 84% 81% 81% 79% TTM adjusted EBITDA $ 585,760 Debt $ — Cash and equivalents (195,498) Net debt / (cash) $ (195,498) Net debt / (cash) to TTM adjusted EBITDA (0.33)x

56 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Non-GAAP Measures Cash G&A: Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Three Months Ended December 31, Year Ended December 31, (amounts in thousands) 2024 2023 2024 2023 General and administrative expense $ 8,909 $ 9,741 $ 40,934 $ 39,761 Non-cash employee stock compensation (2,579) (2,354) (11,892) (9,696) Cash G&A $ 6,330 $ 7,387 $ 29,042 $ 30,065 Three Months Ended December 31, September 30, June 30, March 31, (amounts in thousands) 2024 2024 2024 2024 General and administrative expense $ 8,909 $ 10,102 $ 10,511 $ 11,412 Non-cash employee stock compensation (2,579) (2,977) (3,348) (2,988) Cash G&A $ 6,330 $ 7,125 $ 7,163 $ 8,424 TTM cash G&A $ 29,042

57 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Non-GAAP Measures Adjusted net income and adjusted net income per share: Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Three Months Ended December 31, Year Ended December 31, (amounts in thousands, except per share data) 2024 2023 2024 2023 Net income and comprehensive income attributable to Royal Gold common stockholders $ 107,408 $ 62,780 $ 332,023 $ 239,440 Fair value changes in equity securities 24 (25) 66 147 Other non-recurring adjustments — — — 2,440 Discrete tax expense related to Mount Milligan Cost Support Agreement — — 13,008 — Other discrete tax expense (benefit) — — 1,279 (8,462) Tax effect of adjustments (7) 7 (18) (685) Adjusted net income and comprehensive income attributable to Royal Gold common stockholders $ 107,432 $ 62,762 $ 346,358 $ 232,880 Net income attributable to Royal Gold common stockholders per diluted share $ 1.63 $ 0.95 $ 5.04 $ 3.63 Fair value changes in equity securities — — — — Other non-recurring adjustments — — — 0.04 Discrete tax expense related to Mount Milligan Cost Support Agreement — — 0.20 — Other discrete tax expense (benefit) — — 0.02 (0.13) Tax effect of adjustments $ — $ — $ — $ (0.01) Adjusted net income attributable to Royal Gold common stockholders per diluted share $ 1.63 $ 0.95 $ 5.26 $ 3.53

58 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Non-GAAP Measures Free cash flow: Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Three Months Ended December 31, Year Ended December 31, (amounts in thousands) 2024 2023 2024 2023 Net cash provided by operating activities $ 141,053 $ 101,088 $ 529,503 $ 415,792 Acquisition of stream and royalty interests (46,881) — (102,564) (2,678) Free cash flow $ 94,172 $ 101,088 $ 426,939 $ 413,114 Net cash used in investing activities $ (46,906) $ (2) $ (77,680) $ (2,829) Net cash used in financing activities $ (26,531) $ (99,820) $ (360,492) $ (427,382)

59 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Non-GAAP Measures Total cash cost per GEO: Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) (amounts in thousands, except gold price, GEO, and per GEO amounts) Total costs and expenses $ 289,496 Depreciation, depletion and amortization (144,426) Non-cash employee stock compensation (11,892) Total Cash Costs $ 133,178 Revenue $ 719,395 Average LBMA PM fixing price for gold for 2023 2,386 GEOs 301,500 Total costs and expenses per GEO $ 960 Total Cash Costs per GEO $ 442 2024 The Year Ended December 31,

60 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Certain Other Measures We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this presentation and elsewhere include the following: 1. Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. 2. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. 3. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. 4. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period.

61 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Other Disclaimers DISCLAIMER STATEMENT FOR USE OF MSCI ESG RATING THE USE BY ROYAL GOLD OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF ROYAL GOLD BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’ AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

62 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets GOLD RESERVES Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (%) Footnotes Andacollo Principal 100% of Payable Gold 128,800 0.10 414 117,700 0.10 378 246,500 0.10 793 60% 1 Cortez Principal Legacy Zone: approx. 9.4% GSR Equivalent CC Zone: 0.45%-2.2% GSR Equivalent 1,790 1.74 100 211,000 2.16 14,630 212,790 2.15 14,730 Undisclosed 2 Mount Milligan Principal 35% of Payable Gold, 18.75% of Payable Copper 215,640 0.34 2,387 34,386 0.39 435 250,026 0.35 2,822 Undisclosed 3 Peñasquito Principal 2.0% NSR 123,700 0.55 2,200 167,300 0.45 2,400 291,000 0.49 4,600 59% 4 Pueblo Viejo Principal 7.5% of Payable Gold, 75.0% of Payable Silver 39,000 2.23 2,800 140,000 2.02 9,100 179,000 2.07 11,900 82% 5 Bald Mountain Producing 1.75% to 2.5% Sliding-Scale NSR 17,191 0.79 436 — — — 17,191 0.79 436 Undisclosed 6 Bellevue Producing 2.0% NSR, 2.0% NSR (gold), 1.5% NSR (all other metals) — — — 5,350 6.05 1,040 5,350 6.05 1,040 97% 7 Canadian Malartic Producing 1.0% to 1.5% Sliding-Scale NSR (gold only) 16,685 0.41 222 — — — 16,685 0.41 222 90% 8 Côté Gold Producing 1.0% NSR 92,541 1.09 3,234 71,709 0.91 2,093 164,251 1.01 5,327 92% 10 Dolores Producing 3.25% NSR (gold only), 2.0% NSR (silver only) 1,200 0.34 13 — — — 1,200 0.34 13 Undisclosed 11 El Limón Producing 3.0% NSR — — — 3,377 5.89 640 3,377 5.89 640 89-91% 13 Goldstrike Producing 0.9% NSR 17,392 2.41 1,349 5 1.14 0 17,397 2.41 1,349 74% 14 Gwalia Producing 1.5% NSR 460 4.19 62 21,200 3.08 2,100 21,660 3.10 2,162 95% 16 King Of The Hills Producing 1.5% NSR 9,500 0.59 181 59,980 0.99 1,911 69,480 0.94 2,092 92% 17 LaRonde Zone 5 Producing 2.0% NSR 4,450 2.10 301 4,523 2.30 334 8,973 2.20 635 95% 18 Leeville Producing 1.8% NSR 3,485 8.76 981 2,325 6.20 463 5,811 7.73 1,445 76% 19 Mara Rosa Producing 1.0% NSR, 1.75% NSR 11,791 1.20 456 12,014 1.16 446 23,805 1.18 902 Undisclosed 20 Marigold Producing 2.0% NSR — — — 121,578 0.46 1,784 121,578 0.46 1,784 74% 21 Meekatharra Producing 1.5% NSR, A$10 per ounce (gold only) 1.5% to 2.5% NSR (gold only) 0.45% NSR 530 2.11 36 4,062 2.93 382 4,592 2.83 418 85-92% 22 Rainy River Producing 6.5% of Payable Gold, 60% of Payable Silver 22,578 0.57 415 37,295 1.67 2,007 59,873 1.26 2,422 95% 23 Red Chris Producing 1.0% NSR — — — 288,429 0.60 5,560 288,429 0.60 5,560 55% 24 South Laverton Producing 1.5% NSR, 4.0% NPI (gold only) A$6.00 per ounce (gold only) A$10.00 per ounce (gold only) 10,403 1.49 500 6,305 2.73 554 16,708 1.96 1,054 83% 26 Southern Cross Producing 1.5% NSR 3,750 2.65 320 5,810 3.68 688 9,560 3.28 1,008 Undisclosed 27 Twin Creeks Producing 2.0% GPR (gold only) 535 3.16 54 — — — 535 3.16 54 Variable 28 Wassa Producing 10.5% of Payable Gold 4,268 2.15 295 6,029 2.07 401 10,297 2.10 696 96% 29 Wharf Producing 0.0% to 2.0% Sliding-Scale GSR (gold only) 4,749 1.11 169 18,216 0.91 530 22,965 0.95 700 79% 30 Williams Producing 0.97% NSR — — — 14,536 1.80 843 14,536 1.80 843 86-95% 31 Xavantina Producing 25.0% of Payable Gold 290 8.58 80 1,216 7.80 305 1,506 7.95 385 93% 32 Proven Probable Proven and Probable CONTINUED ON NEXT PAGE

63 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets GOLD RESERVES (Continued from previous page) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (%) Footnotes Back River Development 3.3% GSR on Goose, 3.2-4.0% GSR on George 8,008 5.54 1,426 10,683 6.29 2,160 18,691 5.97 3,586 92-95.5% 33 Bateman Gold Development 1.0% NSR — — — 320 6.07 62 320 6.07 62 88% 34 Bogoso and Prestea Development 5.5% of Payable Gold — — — 856 10.97 302 856 10.97 302 Undisclosed 35 Castelo de Sonhos Development 1.5% NSR — — — 38,700 1.09 1,360 38,700 1.09 1,360 98% 36 Don Mario Development 3.0% NSR 2,057 1.83 121 — — — 2,057 1.83 121 Undisclosed 37 Hasbrouck Mountain Development 1.5% NSR 5,561 0.70 126 25,618 0.55 452 31,179 0.58 578 40-80% 38 Kundip Development 1.0% to 1.5% GVR (gold only) — — — 3,950 1.73 220 3,950 1.73 220 95% 39 Kutcho Creek Development 2.0% NSR 1,700 0.37 20 4,310 0.51 71 6,010 0.47 92 58-66% 40 La India Development 3.0% NSR — — — 7,320 2.56 602 7,320 2.56 602 91% 41 Manh Choh Development 3.0% NSR, 28% NSR (silver only) — — — 4,122 7.64 1,013 4,122 7.64 1,013 Undisclosed 42 Marban Development 0.5-0.75% (Marban Alliance claims) 1.0-1.5% (Horizon claims) Sliding-Scale NSR (gold only) — — — 42,929 0.88 1,212 42,929 0.88 1,212 94% 43 NuevaUnión Development 1.4% NSR 116,040 0.55 2,052 88,620 0.36 1,026 204,660 0.47 3,078 66% 45 Pine Cove Development 7.5% NPI — — — 233 1.53 11 233 1.53 11 87% 46 Red Dam Development 2.5% GSR (gold), 2.5% NSR (silver) — — — 2,900 1.25 117 2,900 1.25 117 Undisclosed 47 Ulysses Development 0.9% NSR 1,310 3.16 133 2,220 3.05 218 3,530 3.09 351 88% 49 SILVER RESERVES Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (%) Footnotes Khoemacau Principal 100% of Payable Silver 7,220 22.40 5,200 23,490 18.95 14,310 30,710 19.76 19,510 84% 89 Peñasquito Principal 2.0% NSR 123,700 37.92 150,800 167,300 30.08 161,800 291,000 33.41 312,600 80% 4 Pueblo Viejo Principal 7.5% of Payable Gold, 75.0% of Payable Silver 39,000 12.76 16,000 140,000 12.89 58,000 179,000 12.86 74,000 73% 5 Dolores Producing 3.25% NSR (gold only), 2.0% NSR (silver only) 1,200 15.55 600 — — — 1,200 15.55 600 Undisclosed 11 El Limón Producing 3.0% NSR — — — 3,377 5.42 589 3,377 5.42 589 Undisclosed 13 Rainy River Producing 6.5% of Payable Gold, 60% of Payable Silver 22,578 2.17 1,572 37,295 3.98 4,771 59,873 3.30 6,343 60% 23 Don Mario Development 3.0% NSR 2,057 48.71 3,221 — — — 2,057 48.71 3,221 Undisclosed 37 Hasbrouck Mountain Development 1.5% NSR 5,561 14.31 2,558 25,618 9.65 7,946 31,179 10.48 10,504 17-24% 38 Kutcho Creek Development 2.0% NSR 1,700 24.70 1,350 4,310 39.51 5,475 6,010 35.32 6,825 58-71% 40 La India Development 3.0% NSR — — — 7,320 5.31 1,250 7,320 5.31 1,250 Undisclosed 41 Manh Choh Development 3.0% NSR, 28% NSR (silver only) — — — 4,122 13.49 1,787 4,122 13.49 1,787 Undisclosed 42 NuevaUnión Development 1.4% NSR 116,040 3.00 11,192 88,620 2.33 6,648 204,660 2.71 17,840 66% 45 Proven Probable Proven and Probable Proven Probable Proven and Probable

64 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets COPPER RESERVES Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Footnotes Mount Milligan Principal 35% of Payable Gold, 18.75% of Payable Copper 215,640 0.17 828 34,386 0.18 134 250,026 0.17 962 Undisclosed 3 Red Chris Producing 1.0% NSR — — — 288,429 0.51 3,221 288,429 0.51 3,221 84% 24 Voisey's Bay Producing 2.7% NVR 15,539 0.80 274 15,549 0.84 288 31,088 0.82 562 80-85% 92 Don Mario Development 3.0% NSR 2,057 1.89 86 — — — 2,057 1.89 86 Undisclosed 37 Kutcho Creek Development 2.0% NSR 1,700 1.64 61 4,310 1.77 168 6,010 1.73 230 87.6-94.5% 40 Las Cruces Development 1.5% NSR (copper only) 16,000 1.23 434 25,600 1.08 608 41,600 1.14 1,042 85% 93 NuevaUnión Development 1.4% NSR 116,040 0.58 1,484 88,620 0.42 821 204,660 0.51 2,304 88% 45 LEAD RESERVES Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Footnotes Peñasquito Principal 2.0% NSR 123,700 0.37 1,009 167,300 0.31 1,143 291,000 0.34 2,152 73% 4 ZINC RESERVES Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Footnotes Peñasquito Principal 2.0% NSR 123,700 0.94 2,563 167,300 0.63 2,324 291,000 0.76 4,887 82% 4 Kutcho Creek Development 2.0% NSR 1,700 2.38 89 4,310 2.98 284 6,010 2.81 373 64-89% 40 NICKEL RESERVES Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Footnotes Voisey's Bay Producing 2.7% NVR 15,539 1.72 589 15,549 1.88 644 31,088 1.80 1,234 68-86% 92 Proven Probable Proven and Probable Proven Probable Proven and Probable Proven Probable Proven and Probable Proven Probable Proven and Probable

65 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets COBALT RESERVES Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (kt) (%) (Mlb) (%) Footnotes Voisey's Bay Producing 2.7% NVR 15,539 0.10 34 15,549 0.12 41 31,088 0.11 75 68-86% 92 COAL RESERVES Metallurgical Current Stream/ Recovery Property Category Royalty Interest (%) Footnotes Skyline Producing 1.412988% GV (coal) Undisclosed 97 POTASH RESERVES Metallurgical Current Stream/ Tonnes K O Grade Contained KCl Tonnes K O Grade Contained KCl Tonnes K O Grade Contained KCl Recovery Property Category Royalty Interest (kt) (%) (k tons) (kt) (%) (k tons) (kt) (%) (k tons) (%) Footnotes Allan Producing $0.36 to $1.44 per ton (potash), $0.25 per ton (potash) 37,600 24.70 16,782 97,600 24.70 43,562 135,200 24.70 60,344 100% 99 Proven Probable Proven and Probable 6,895 — Proven Probable 6,895 Proven and Probable Tonnes (kt) Tonnes (kt) Tonnes (kt) Proven Probable Proven and Probable

66 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets GOLD RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (kt) (g/t) (koz) (%) Footnotes Andacollo Principal 100% of Payable Gold 65,700 0.11 232 325,800 0.09 943 1,175 52,400 0.08 135 60% 1 Cortez Principal Legacy Zone: approx. 9.4% GSR Equivalent CC Zone: 0.45%-2.2% GSR Equivalent — — — 99,000 1.68 5,360 5,360 165,920 1.72 9,200 Undisclosed 2 Mount Milligan Principal 35% of Payable Gold, 18.75% of Payable Copper 118,289 0.25 966 141,571 0.30 1,367 2,333 7,795 0.34 84 Undisclosed 3 Peñasquito Principal 2.0% NSR 37,400 0.25 300 157,300 0.22 1,100 1,400 22,800 0.14 100 59% 4 Pueblo Viejo Principal 7.5% of Payable Gold, 75.0% of Payable Silver 11,000 1.70 600 50,000 1.80 2,900 3,500 4,800 1.56 240 82% 5 Bald Mountain Producing 1.75% to 2.5% Sliding-Scale NSR 82,095 0.66 1,739 — — — 1,739 — — — Undisclosed 6 Bellevue Producing 2.0% NSR, 2.0% NSR (gold), 1.5% NSR (all other metals) — — — — — — — 5,200 8.80 1,471 97% 7 Canadian Malartic Producing 1.0% to 1.5% Sliding-Scale NSR (gold only) — — — — — — — — — — 90% 8 Celtic/Wonder North Producing 1.5% NSR 370 2.27 27 3,240 2.16 225 252 6,060 2.10 410 Undisclosed 9 Côté Gold Producing 1.0% NSR 24,387 0.47 366 122,704 0.69 2,737 3,103 42,414 0.61 832 92% 10 Dolores Producing 3.25% NSR (gold only), 2.0% NSR (silver only) 3,000 0.41 39 600 1.49 29 68 900 1.58 46 Undisclosed 11 Don Nicolas Producing 2.0% NSR 249 4.32 35 877 5.82 164 199 4,664 2.32 348 88-85% 12 El Limón Producing 3.0% NSR — — — 9,484 2.03 620 620 1,566 4.45 224 89-91% 13 Goldstrike Producing 0.9% NSR 6 0.98 0 117 1.17 4 5 67 1.07 2 74% 14 Granite Creek Producing 3.0% NSR and 2.94% NSR 21,340 1.67 1,144 7,973 1.89 485 1,629 2,272 5.22 381 Undisclosed 15 Gwalia Producing 1.5% NSR 3,640 3.91 458 33,800 3.10 3,370 3,828 7,100 3.87 883 95% 16 King Of The Hills Producing 1.5% NSR — — — 14,960 3.16 1,522 1,522 10,740 1.38 476 92% 17 LaRonde Zone 5 Producing 2.0% NSR — — — 10,594 2.27 774 774 10,437 3.38 1,134 95% 18 Leeville Producing 1.8% NSR 2,936 6.36 600 1,309 5.61 236 836 3,439 6.70 741 76% 19 Mara Rosa Producing 1.0% NSR, 1.75% NSR 1,809 0.93 54 6,686 0.90 194 248 100 0.53 2 Undisclosed 20 Marigold Producing 2.0% NSR — — — 235,499 0.20 1,534 1,534 12,835 0.37 152 73% 21 Meekatharra Producing 1.5% NSR, A$10 per ounce (gold only) 1.5% to 2.5% NSR (gold only) 0.45% NSR 1,357 3.25 142 19,256 1.83 1,132 1,274 24,091 2.19 1,700 85-92% 22 Rainy River Producing 6.5% of Payable Gold, 60% of Payable Silver 457 1.50 22 11,319 2.24 815 837 1,388 2.76 123 95% 23 Red Chris Producing 1.0% NSR — — — 478,143 0.34 5,227 5,227 88,714 0.35 998 55% 24 Ruby Hill Producing 3.0% NSR — — — 225,600 0.56 4,076 4,076 170,910 0.66 3,650 Undisclosed 25 South Laverton Producing 1.5% NSR, 4.0% NPI (gold only) A$6.00 per ounce (gold only) A$10.00 per ounce (gold only) 4,874 2.54 398 20,008 2.26 1,452 1,850 12,513 2.12 854 83%-92% 26 Southern Cross Producing 1.5% NSR 2,014 7.54 488 13,423 4.25 1,832 2,320 10,419 4.42 1,481 Undisclosed 27 Twin Creeks Producing 2.0% GPR (gold only) 97 1.54 5 283 1.19 11 16 22 0.75 1 Undisclosed 28 Wassa Producing 10.5% of Payable Gold 3,237 3.89 405 4,469 4.43 636 1,041 61,083 3.37 6,620 95% 29 Williams Producing 0.97% NSR — — — 11,260 2.18 789 789 1,234 1.46 58 89-94% 31 Xavantina Producing 25.0% of Payable Gold — — — — — — — 311 4.50 45 93% 32 Measured Indicated Inferred CONTINUED ON NEXT PAGE

67 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets GOLD RESOURCES (Continued from previous page) (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (kt) (g/t) (koz) (%) Footnotes Back River Development 3.3% GSR on Goose, 3.2-4.0% GSR on George 1,699 6.77 370 13,062 5.63 2,365 2,735 13,794 6.44 2,856 92-95.5% 33 Bateman Gold Development 1.0% NSR — — — 1,704 4.63 254 254 1,424 3.84 176 88% 34 Bogoso and Prestea Development 5.5% of Payable Gold — — — 454 2.26 33 33 2,660 5.30 453 Undisclosed 35 Castelo de Sonhos Development 1.5% NSR — — — 38,400 1.18 1,459 1,459 26,100 0.88 741 98% 36 Don Mario Development 3.0% NSR 135 1.84 8 4,422 0.44 63 71 1,671 0.45 24 Undisclosed 37 Hasbrouck Mountain Development 1.5% NSR 777 0.32 8 6,171 0.32 64 72 4,682 0.37 56 40-80% 38 Kundip Development 1.0% to 1.5% GVR (gold only) — — — 710 1.75 40 40 3,150 2.96 300 95% 39 Kutcho Creek Development 2.0% NSR 103 0.20 1 413 2.08 28 28 2,145 0.41 28 58-66% 40 La India Development 3.0% NSR — — — 2,142 6.08 419 419 6,154 4.23 837 91% 41 Manh Choh Development 3.0% NSR, 28% NSR (silver only) — — — 622 2.32 46 46 14 4.12 2 Undisclosed 42 Marban Development 0.5-0.75% (Marban Alliance claims) 1.0-1.5% (Horizon claims) Sliding-Scale NSR (gold only) — — — 9,670 1.76 548 548 1,898 2.54 155 94% 43 Ming Development 1.0% NSR 241 2.68 21 74 1.98 5 25 62 2.12 4 Undisclosed 44 NuevaUnión Development 1.4% NSR 2,880 0.47 44 71,010 0.59 1,347 1,391 205,586 0.28 1,851 68% 45 Pine Cove Development 7.5% NPI — — — — — — — — — — 87% 46 Relief Canyon Development 2.0% NSR 8,402 0.90 243 7,197 0.66 152 395 1,885 0.28 17 83% 48 Ulysses Development 0.9% NSR 290 6.11 57 1,880 4.00 242 299 2,200 2.97 210 Undisclosed 49 Alturas Evaluation Up to a 1.06% NSR (gold), up to a 1.59% NSR (copper) — — — 58,000 1.18 2,200 2,200 130,000 0.86 3,600 Undisclosed 50 Berg Evaluation 1.0% NSR 34,000 0.03 34 976,000 0.02 709 743 542,000 0.02 284 55% 51 Bronson Slope Evaluation 1.0% NSR — — — — — — — 155,190 0.32 1,620 Variable 52 Burnakura Evaluation 1.5% to 2.5% NSR (gold only) — — — 2,237 1.54 111 111 815 1.37 36 Undisclosed 53 Buttercup Bore Evaluation 2.0% GVR (gold only) — — — 38 2.57 3 3 423 1.76 24 Undisclosed 54 Caber Evaluation 1.0% NSR 800 0.30 8 700 0.20 5 12 20 0.10 0 Undisclosed 55 Doby George Evaluation 2.0% NSR — — — 12,922 0.98 407 407 4,999 0.73 118 Variable 56 Follansbee Evaluation 2.0% NSR — — — — — — — 1,589 7.61 389 Undisclosed 57 Gold River Evaluation 1.5% NSR — — — 690 5.29 117 117 5,273 6.06 1,028 Undisclosed 58 Great Bear Evaluation 2.0% NSR 1,839 2.57 152 31,029 2.67 2,661 2,813 22,691 4.54 3,315 95% 59 High Lake Evaluation 1.5% NSR — — — 7,900 1.30 330 330 6,000 1.30 251 75% 60 Holt Evaluation 0.00013 x Au price NSR (gold only) 5,806 4.29 800 5,884 4.75 898 1,698 9,097 4.48 1,310 Undisclosed 61 Island Mountain Evaluation 2.0% NSR 450 0.43 6 1,823 0.38 22 29 5,947 0.31 60 Undisclosed 62 Jaguar Evaluation 1.5% NSR — — — 1,300 0.30 13 13 400 0.30 4 40% 63 Kubi Village Evaluation 3.0% NPI 660 5.28 112 660 5.70 121 233 670 5.34 115 93% 64 CONTINUED ON NEXT PAGE Measured Indicated Inferred

68 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets GOLD RESOURCES (Continued from previous page) (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (kt) (g/t) (koz) (%) Footnotes Lawyers Evaluation 0.5% NSR 35,987 1.10 1,268 41,764 1.02 1,373 2,641 6,616 1.21 258 92% 65 Long Valley Evaluation 1.0% NSR — — — 63,699 0.59 1,217 1,217 22,051 0.64 453 80-90% 66 Meekatharra – Sabbath Evaluation A$1.00/tonne — — — 51 1.98 3 3 73 2.14 5 92% 67 Mt. Fisher Evaluation A$5.00/oz (gold only) 53 3.78 6 165 3.24 17 24 310 2.57 26 Undisclosed 68 Niblack Evaluation 1.0% to 3.0% NSR — — — 5,851 1.84 346 346 214 1.51 10 72% 69 Nieves Evaluation 2.0% NSR — — — 33,040 0.04 43 43 58,030 0.04 74 80% 70 North Island Evaluation 10.0% NPI — — — 513,164 0.26 4,368 4,368 444,905 0.21 2,956 47% 71 Nutmeg Mountain Evaluation 1.0% to 2.0% NSR — — — 51,660 0.61 1,006 1,006 17,860 0.48 275 80% 72 Paddington Evaluation 1.75% NSR (gold only) — — — — — — — 380 2.46 30 Undisclosed 73 Pascua-Lama Evaluation 0.81% to 5.45% NSR (gold), 1.09% NSR (copper) 35,156 1.66 1,880 276,452 1.41 12,500 14,380 15,400 1.74 863 Undisclosed 74 Phillips Find Evaluation A$10.00/oz (gold only) — — — 540 2.40 42 42 193 2.08 13 Undisclosed 75 Pinnacles Evaluation 1.5% NSR — — — 310 4.11 41 41 299 3.85 37 Undisclosed 76 Quinns Austin Evaluation 1.5% NSR 463 0.30 4 703 0.22 5 9 318 0.18 2 Undisclosed 77 Red October Evaluation 1.5% NSR 105 8.29 28 608 5.37 105 133 635 5.44 111 Undisclosed 78 San Juan Silver (Bulldog) Evaluation 3.0% NSR, 1.0% NSR — — — — — — — 2,341 0.45 34 Undisclosed 79 Schaft Creek Evaluation 3.5% NPI 166,000 0.20 1,067 1,127,200 0.15 5,436 6,503 316,700 0.14 1,425 73% 80 Shasta Evaluation 0.5% NSR — — — 12,578 0.99 401 401 15,432 0.77 382 95% 81 Tambor Evaluation 4.0% NSR — — — 456 3.94 58 58 596 4.91 94 Undisclosed 82 Temora Evaluation 12.5% NPI — — — 25,000 0.47 381 381 215,000 0.26 1,827 Undisclosed 83 Ulu Evaluation 5.0% NSR — — — 2,500 7.53 605 605 1,261 5.57 226 90% 84 Van Uden Evaluation 1.5% NSR 326 1.72 18 1,601 1.52 78 96 3,451 1.28 142 Undisclosed 85 Wallbrook Evaluation 1.5% NSR — — — 394 1.77 22 22 514 1.59 26 98% 86 Wildcat Evaluation 1.0% to 2.0% NSR — — — 60,000 0.39 746 746 22,500 0.29 210 52-73% 87 Wolverine Evaluation 0.0% to 9.445% NSR (gold and silver only) 553 1.40 25 911 1.49 44 69 539 1.37 24 Undisclosed 88 Measured Indicated Inferred

69 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets SILVER RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (kt) (g/t) (koz) (%) Footnotes Khoemacau Principal 100% of Payable Silver 5,580 17.02 3,053 15,010 21.91 10,574 13,627 61,500 22.67 44,816 84% 89 Peñasquito Principal 2.0% NSR 37,400 24.45 29,400 157,300 25.13 127,100 156,500 22,800 25.51 18,700 79% 4 Pueblo Viejo Principal 7.5% of Payable Gold, 75.0% of Payable Silver 11,000 8.48 3,000 50,000 8.71 14,000 17,000 4,800 7.78 1,200 74% 5 Dolores Producing 3.25% NSR (gold only), 2.0% NSR (silver only) 3,000 30.07 2,900 600 77.76 1,500 4,400 900 55.30 1,600 Undisclosed 11 Don Nicolas Producing 2.0% NSR 249 5.50 44 877 7.02 198 242 4,664 2.14 320 Undisclosed 12 El Limón Producing 3.0% NSR — — — 9,484 0.66 200 200 1,566 3.52 177 Undisclosed 13 Rainy River Producing 6.5% of Payable Gold, 60% of Payable Silver 457 1.84 27 11,319 6.02 2,192 2,219 1,388 2.58 115 60% 23 Ruby Hill Producing 3.0% NSR — — — 225,600 14.25 103,357 103,357 170,910 13.45 73,911 Undisclosed 25 Don Mario Development 3.0% NSR 135 55.27 240 4,422 4.83 687 927 1,671 3.53 190 Undisclosed 37 Hasbrouck Mountain Development 1.5% NSR 777 7.76 194 6,171 7.35 1,458 1,652 4,682 6.55 986 17-24% 38 Kutcho Creek Development 2.0% NSR 103 27.99 93 413 153.71 2,042 2,135 2,145 32.05 2,210 58-71% 40 La India Development 3.0% NSR — — — 2,142 9.25 637 637 6,154 4.65 921 Undisclosed 41 Manh Choh Development 3.0% NSR, 28% NSR (silver only) — — — 622 9.10 182 182 14 9.10 4 Undisclosed 42 Ming Development 1.0% NSR 241 20.10 156 74 14.66 35 191 62 16.10 32 Undisclosed 44 NuevaUnión Development 1.4% NSR 2,880 3.00 278 71,010 3.67 8,371 8,649 205,586 2.33 15,423 66% 45 Relief Canyon Development 2.0% NSR 8,402 3.44 929 7,197 0.63 145 1,074 1,885 0.08 5 Undisclosed 48 Berg Evaluation 1.0% NSR 34,000 4.57 5,000 976,000 4.62 145,000 150,000 542,000 3.73 65,000 66% 51 Bronson Slope Evaluation 1.0% NSR — — — — — — — 155,190 2.71 13,500 Variable 52 Caber Evaluation 1.0% NSR 800 10.00 257 700 10.00 225 482 20 6.00 4 Undisclosed 55 High Lake Evaluation 1.5% NSR — — — 7,900 83.00 21,081 21,081 6,000 84.00 16,204 83% 60 Jaguar Evaluation 1.5% NSR — — — 1,300 97.00 4,054 4,054 400 106.00 1,363 49% 63 Lawyers Evaluation 0.5% NSR 35,987 38.46 44,500 41,764 28.37 38,100 82,600 6,616 34.79 7,400 88% 65 Niblack Evaluation 1.0% to 3.0% NSR — — — 5,851 29.04 5,462 5,462 214 18.17 125 76% 69 Nieves Evaluation 2.0% NSR — — — 33,040 50.10 53,220 53,220 58,030 30.38 56,683 81% 70 Quinns Austin Evaluation 1.5% NSR 463 4.38 65 703 3.28 74 139 318 2.74 28 Undisclosed 77 Rock Creek Evaluation 1.0% NSR — — — — — — — 90,796 50.95 148,736 88% 90 San Juan Silver (Bulldog) Evaluation 3.0% NSR, 1.0% NSR — — — — — — — 2,341 507.68 38,203 89% 79 Schaft Creek Evaluation 3.5% NPI 166,000 1.50 8,006 1,127,200 1.20 43,488 51,494 316,700 1.10 11,200 48% 80 Shasta Evaluation 0.5% NSR — — — 12,578 35.03 14,166 14,166 15,432 28.72 14,249 77% 81 Wildcat Evaluation 1.0% NSR, 1.0% to 2.0% NSR — — — 60,000 3.32 6,400 6,400 22,500 2.76 2,000 Undisclosed 87 Wolverine Evaluation 0.0% to 9.445% NSR (gold and silver only) 553 364.32 6,482 911 323.78 9,488 15,970 539 333.29 5,776 Undisclosed 88 Measured Indicated Inferred

70 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets COPPER RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Footnotes Mount Milligan Principal 35% of Payable Gold, 18.75% of Payable Copper 118,289 0.17 433 141,571 0.13 418 851 7,795 0.14 24 Undisclosed 3 Johnson Camp Producing 2.5% NSR — — — — — — — 55,818 0.38 472 48% 91 Red Chris Producing 1.0% NSR — — — 478,143 0.37 3,900 3,900 88,714 0.36 704 81% 24 Voisey's Bay Producing 2.7% NVR 1,124 0.99 25 881 1.05 20 45 7,523 0.80 133 80-85% 92 Don Mario Development 3.0% NSR 135 1.75 5 4,422 0.50 49 54 1,671 0.38 14 Undisclosed 37 Kutcho Creek Development 2.0% NSR 103 1.64 4 413 6.62 60 64 2,145 1.22 58 87.6-94.5% 40 Las Cruces Development 1.5% NSR (copper only) 4,900 2.07 223 900 2.84 56 280 9,400 1.08 224 Undisclosed 93 Ming Development 1.0% NSR 241 2.40 13 74 1.98 3 16 62 1.75 2 Undisclosed 44 NuevaUnión Development 1.4% NSR 2,880 0.42 27 71,010 0.51 798 825 205,586 0.30 1,364 89% 45 Berg Evaluation 1.0% NSR 34,000 0.31 232 976,000 0.23 4,949 5,181 542,000 0.17 2,031 82% 51 Bronson Slope Evaluation 1.0% NSR — — — — — — — 155,190 0.09 317 Variable 52 Caber Evaluation 1.0% NSR 800 1.10 19 700 1.20 19 38 20 1.00 0 Undisclosed 55 High Lake Evaluation 1.5% NSR — — — 7,900 3.00 522 522 6,000 1.80 238 89% 60 Jaguar Evaluation 1.5% NSR — — — 1,300 0.50 14 14 400 0.30 3 76% 63 Los Chancas Evaluation 0.375% NSR — — — 150,000 0.50 1,648 1,648 1,433,000 0.45 14,165 82-84% 94 Niblack Evaluation 1.0% to 3.0% NSR — — — 5,851 0.94 121 121 214 0.93 4 94% 69 North Island Evaluation 10.0% NPI — — — 513,164 0.19 2,183 2,183 444,905 0.15 1,431 86% 71 Pascua-Lama Evaluation 0.81% to 5.45% NSR (gold), 1.09% NSR (copper) 35,156 0.10 77 276,452 0.09 559 636 15,400 0.05 18 Undisclosed 74 Quinns Austin Evaluation 1.5% NSR 463 1.22 12 703 0.97 15 28 318 0.85 6 Undisclosed 77 Rock Creek Evaluation 1.0% NSR — — — — — — — 90,796 0.66 1,317 92% 90 Schaft Creek Evaluation 3.5% NPI 166,000 0.32 1,171 1,127,200 0.25 6,213 7,384 316,700 0.19 1,327 87% 80 Temora Evaluation 12.5% NPI — — — 25,000 0.34 187 187 215,000 0.30 1,422 Undisclosed 83 LEAD RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Footnotes Peñasquito Principal 2.0% NSR 37,400 0.28 231 157,300 0.24 832 1,063 22,800 0.24 121 72% 4 High Lake Evaluation 1.5% NSR — — — 7,900 0.30 52 52 6,000 0.40 53 81% 60 San Juan Silver (Bulldog) Evaluation 3.0% NSR, 1.0% NSR — — — — — — — 2,341 1.40 72 74% 79 Measured Indicated Inferred Measured Indicated Inferred

71 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets ZINC RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Footnotes Peñasquito Principal 2.0% NSR 37,400 0.69 569 157,300 0.59 2,046 2,615 22,800 0.57 287 80% 4 Kutcho Creek Development 2.0% NSR 103 1.86 4 413 9.92 90 95 2,145 1.56 74 64-89% 40 Caber Evaluation 1.0% NSR 800 6.10 108 700 5.90 91 199 20 8.00 4 Undisclosed 55 High Lake Evaluation 1.5% NSR — — — 7,900 3.50 610 610 6,000 4.30 569 93% 60 Jaguar Evaluation 1.5% NSR — — — 1,300 7.20 206 206 400 7.80 69 89% 63 Niblack Evaluation 1.0% to 3.0% NSR — — — 5,851 1.73 223 223 214 1.38 7 90% 69 Quinns Austin Evaluation 1.5% NSR 463 1.41 14 703 1.47 23 37 318 1.17 8 Undisclosed 77 San Juan Silver (Bulldog) Evaluation 3.0% NSR, 1.0% NSR — — — — — — — 2,341 1.10 57 81% 79 NICKEL RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Footnotes Voisey's Bay Producing 2.7% NVR 1,124 1.19 29 881 1.45 28 58 7,523 1.80 299 68-86% 92 Bell Creek Evaluation A$1.00 to A$2.00/tonne 11,400 0.84 211 12,700 0.64 179 390 1,700 0.55 21 Undisclosed 95 Cosmos Evaluation 1.5% NSR (all metals other than gold), $10 per ounce (gold) — — — 4,340 2.02 194 194 1,950 2.16 93 Undisclosed 96 COBALT RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Footnotes Voisey's Bay Producing 2.7% NVR 1,124 0.06 1 881 0.08 1 1 7,523 0.12 20 68-86% 92 Bell Creek Evaluation A$1.00 to A$2.00/tonne 11,400 0.05 13 12,700 0.03 8 21 1,700 0.03 1 Undisclosed 95 MOLYBDENUM RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Footnotes Berg Evaluation 1.0% NSR 34,000 0.03 22 976,000 0.03 646 668 542,000 0.02 239 70% 51 North Island Evaluation 10.0% NPI — — — 513,164 0.01 87 87 444,905 0.01 56 74% 71 Schaft Creek Evaluation 3.5% NPI 166,000 0.02 77 1,127,200 0.02 398 474 316,700 0.02 133 59% 80 Measured Indicated Inferred Measured Indicated Inferred Measured Indicated Inferred Measured Indicated Inferred

72 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Mineral Resources and Reserves for Portfolio Assets COAL RESOURCES (M) + (I) Metallurgical Current Stream/ Contained Recovery Property Category Royalty Interest (kt) (%) Footnotes Horizon Coal Evaluation 0.50% GV (coal) 143,094 Undisclosed 98 POTASH RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes K O Grade Contained KCl Tonnes K O Grade Contained KCl Contained KCl Tonnes K O Grade Contained KCl Recovery Property Category Royalty Interest (kt) (%) (k tons) (kt) (%) (k tons) (k tons) (kt) (%) (k tons) (%) Footnotes Allan Producing $0.36 to $1.44 per ton (potash), $0.25 per ton (potash) 1,156,000 22.10 461,673 2,031,200 22.49 825,653 1,287,326 933,200 22.50 379,340 100% 99 LITHIUM RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Li O Grade Contained Li ₂ O Tonnes Li O Grade Contained Li ₂ O Contained Li ₂ O Tonnes Li O Grade Contained Li ₂ O Recovery Property Category Royalty Interest (kt) (%) (kt) (kt) (%) (kt) (kt) (kt) (%) (kt) (%) Footnotes Yellowknife Lithium Exploration 2.0% NPI — — — — — — — 45,181 1.00 452 Undisclosed 100 URANIUM RESOURCES (M) + (I) Metallurgical Current Stream/ Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Recovery Property Category Royalty Interest (kt) (%) (Mlb) (kt) (%) (Mlb) (Mlb) (kt) (%) (Mlb) (%) Footnotes La Jara Mesa Evaluation $0.25/lb (uranium) — — — 1,411 0.28 7 7 720 0.24 3 Undisclosed 101 Westmoreland Evaluation 1.0% NSR — — — 18,686 0.11 36 36 9,022 0.10 16 Undisclosed 102 Measured Indicated Inferred Tonnes (kt) Tonnes (kt) Tonnes (kt) Measured Indicated Inferred 40,626 Measured Indicated Inferred 102,468 40,626 Measured Indicated Inferred

73 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Footnotes for Mineral Resources and Reserves General Footnotes Set forth below are the definitions of mineral resources and mineral reserves used by U.S. Securities and Exchange Commission under Regulation S-K Item 1300 (“SK-1300”). Mineral resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. • Measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. • Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. • Inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. Mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Mineral reserves are subdivided into two categories, in descending order of geological certainty: • Proven mineral reserve is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. • Probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. Royal Gold has disclosed a number of reserve estimates that are provided by operators that are foreign issuers and are not based on the U.S. Securities and Exchange Commission’s definitions for proven and probable reserves. For Canadian issuers, definitions of “mineral reserve,” “proven mineral reverse,” and “probable mineral reserve” conform to the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions of these terms as of the effective date of estimation as required by National Instrument 43-101 (“NI 43-101”) of the Canadian Securities Administrators. For Australian issuers, definitions of “mineral reserve,” “proven mineral reserve,” and “probable mineral reserve” conform with the Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, as amended (“JORC”). Royal Gold does not reconcile the reserve estimates provided by the operators with definitions of reserves used by the U.S. Securities and Exchange Commission. The reserves and resources and metallurgical recoveries reported are either estimates received from the various operators or are based on information provided to Royal Gold or are derived from publicly available information from the operators of the various properties including NI 43-101 or JORC reports filed by operators. Royal Gold is not able to reconcile the reserve and resource estimates prepared in reliance on National Instrument 43-101 or JORC with definitions of the U.S. Securities and Exchange Commission. Metallurgical recoveries are not included in the calculation of contained metals as these can be variable within a deposit depending on material type and process path. Recoveries are generally unknown for projects with resources that do not have processing methods identified. Mineral resources are tabulated in addition to (exclusive of) mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. “Contained ounces” or “contained pounds” do not take into account recovery losses in mining and processing.

74 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Footnotes for Mineral Resources and Reserves Property-Specific Footnotes Metal prices are dollars per ounce for gold (Au) and silver (Ag) and dollars per pound for copper (Cu), lead (Pb), zinc (Zn), and nickel (Ni). GOLD 1. Andacollo resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Metal prices used for reserves determination were $1,500 Au and $3.25 Cu and the cut-off grade for reserves is 0.2% Cu. No separate metals price or cut-off information is disclosed for resources. Our stream interest covers gold only. Copper resources and reserves exist but are not presented because they are not subject to our stream. Our stream interest at Andacollo is 100% of payable gold until 900,000 ounces are delivered, 50% thereafter. 2. Cortez resources and reserves are reported under CIM and SK-1300 standard, and included in Newmont SK-1300 disclosure (with the exception of Fourmile, which is reported only under CIM standards) and have an effective date of 12/31/2023. Resource quantities are back-calculated from Barrick’s 61.5% to Royal Gold’s 100% for NGM areas. Values may differ due to rounding and significant digits effects. Metal prices used for reserves are $1,300. Cut-off grades and process recoveries vary by project area. For more details regarding our royalty interests at Cortez, please see our website. 3. Mount Milligan resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Metal prices used for reserves determination are $1,500 Au and $3.50 Cu and the cut-off grade is $8.65 NSR. Metal prices used for resources determination are $1,800 Au and $3.75 Cu and the NSR cut-off is $8.46. Specific process recoveries are not disclosed by the operator. Royal Gold also holds a life of mine free cash flow interest (“FCF Interest”), payable annually, of 5% of the cumulative free cash flow generated from Mount Milligan after the earlier of (i) the first fiscal year following delivery of both 375,000 ounces of gold and 30,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. The FCF Interest will increase to 10% after the earlier of (i) the first fiscal year following the delivery of both 665,000 ounces of gold and 60,000 tonnes of copper from January 1, 2024, and (ii) January 1, 2036. 4. Peñasquito resources and reserves are reported under SK-1300 and have an effective date of 12/31/2023. Metal prices used for reserves are $1,400 Au, $20.00 Ag, $1.00 Pb and $1.20 Zn. Prices used for resources are $1,600 Au, $23.00 Ag, $1.20 Pb, and $1.45 Zn. Cut-off grade varies with level of silver, lead and zinc credits. 5. Pueblo Viejo resources and reserves are reported under CIM and SK-1300 standards and have an effective date of 12/31/2023. Royal Gold’s stream interest is 60%, corresponding to Barrick’s 60% share of the project. Metal prices used for reserves are $1,300 Au and $18.00 Ag. Metal prices used for resources are $1,700 Au and $21.00 Ag. Specific cut-off grades are not disclosed. Our stream interest at Pueblo Viejo is 7.5% of payable gold until 990,000 ounces are delivered, 3.75% thereafter, and 75% of payable silver until 50 million ounces are delivered, 37.5% thereafter. 6. Bald Mountain resources are reported to CIM standards as of 12/31/2016. Reserves use a gold price of $1,200, resources use a gold price of $1,400. Specific cut-off grades and recoveries are not disclosed. The royalty is based on a sliding scale, which caps at 2.5% at gold prices above $425 per ounce. 7. Bellevue resources and reserves are reported under JORC standards and have an effective date of 5/4/2022. Gold price for reserves is AUS$1,700 and the cut-off grade is 3.5 g/t Au. Gold price for resources is AUS$1,750 and cut-off grade is 3.5 g/t Au. The royalty rate varies depending on the tenement. It is 2.0% NSR royalty on all metals produced from the mining leases M36/25 and M36/299 and the exploration license E36/535, and a 2.0% NSR on gold and 1.5% NSR on all other metals produced from the mining lease M36/24. 8. Canadian Malartic resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Reserves and resources use a $1,300 Au price and a cut-off grade of 0.41 g/t Au. The royalty is based on a sliding scale, which caps at 1.5% at a gold price equal to or above $350 per ounce. 9. Celtic/Wonder North resources are reported to JORC standards as of 3/31/2022. Gold price assumption is AUS$2,250 and resources use a 0.5 g/t Au cut-off grade. 10. Côté Gold resources and reserves are reported to CIM standards with an effective date of 12/31/2023. 70% of reported reserves and resources are expected to fall within the Royal Gold royalty ground. Reserves and resources use gold prices of $1,400 and $1,500, respectively. Specific cut-off grades are not disclosed by the operator. 11. Dolores resources and reserves are reported under CIM standards and have an effective date of 6/30/2024. Metal prices used for reserves are $1,850 Au and $21.00 Ag. Prices for resources are $1,950 Au and $23.00 Ag. Cut-off grades and specific Au and Ag recoveries vary by material type and process.

75 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Footnotes for Mineral Resources and Reserves 12. Don Nicolas is a producing property, but no reserves are disclosed. Resources are disclosed under CIM standards as of 4/1/2024. A gold price of $1,550 is used for resource reporting, with cut-offs of 0.3 g/t Au for open-pit and 1.95 g/t Au for underground. 13. El Limón resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Metal prices used for reserves were $1,500 Au and $23.00 Ag and cut-off grades range from 1.15 to 1.2 g/t Au in the open-pit and 2.3 to 3.36 g/t Au in the underground. For resources, gold prices of $1,600-1,700 and silver prices of $20.00-24.00 are used, with cut-off grades of 1.00 to 1.23 g/t Au in open-pits and 2.25 g/t in underground. 14. Goldstrike resources and reserves are reported under CIM standards and have an effective date of 12/31/2022. $1,700 Au price is used for resources and reserves with a cut-off grade of 0.027 to 0.034 oz/t. 15. Granite Creek resources are reported to CIM standards with an effective date of 5/4/2021. There are no reserves reported for Granite Creek. The property is considered a production property because test mining produced gold ounces during the year. Gold price used for resources is $1,800 for open-pit and $1,600 for underground. Cut-off grades are 0.35 g/t open-pit and 5 g/t for underground. For more details regarding our royalty interests at Granite Creek, please see our website. 16. Gwalia resources and reserves are reported under JORC standards and have an effective date of 12/31/2023. Gwalia, Tower Hill, and Harbour Lights areas are attributable to our royalty interest. AUS$2,000 Au price is used for reserves with a cut-off grade of 4.0 g/t. AUS$2,500 is used for resources with a cut-off grade of 2.5 g/t. 17. King of the Hills resources and reserves are reported under JORC standards and have an effective date of 6/30/2024. AUS$2,000 Au price is used for reserves, with cut-off grades of 0.4 g/t Au for open-pit and 1.3 g/t for underground. Resources use an AUS$3,500 pit shell with 0.4 g/t Au for open-pit resource and 1.0 g/t for underground. 18. LaRonde Zone 5 resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Reserves and resources are reported using gold prices of $1,400 and $1,650, respectively. Cut-off grades vary by material type and depth but are not less than 1.56 g/t Au. 19. Leeville resources and reserves are reported under CIM standards and included in Newmont SK-1300 disclosure and have an effective date of 12/31/2023. Gold prices used for reserves and resources are $1,300 and $1,700, respectively. Cut-off grades range from 0.145 to 0.197 oz/t. 20. Mara Rosa resources and reserves are reported to JORC standards with an effective date of 12/31/2022. Gold price of $1,800 was used for both reserves and resources. Specific recoveries and cut-off grades are not disclosed by the operator. 21. Marigold resources and reserves are reported under SK-1300 standards and have an effective date as of 12/31/2022. Gold prices used for reserves are $1,350, with a cut-off of 0.069 g/t payable Au. Gold prices used for resources are $1,750, with a cut-off of 0.069 g/t payable Au. 22. Meekatharra resources and reserves are reported under JORC standards and have an effective date of 6/30/2024. Metal prices used are AUS$2,400 for resources and reserves and cut-off grades vary by material and depth. The 1.5% to 2.5% NSR royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12 month period and at a rate of 2.5% on production above 75,000 ounces during that 12 month period. 23. Rainy River resources and reserves are reported under CIM standards and have an effective date of 12/31/2023. Reserves use $1,400 Au and $19.00 Ag prices. Resources use $1,500 Au and $21.00 Ag prices. Cut-off grades for both resources and reserves are 0.3 g/t AuEq for open-pit 1.7 g/t AuEq for underground. Our stream interest at Rainy River is 6.5% of the gold produced and contained in doré until 230,000 gold ounces have been delivered, 3.25% thereafter, , and 60% of payable silver produced and contained in doré until 3.1 million ounces are delivered, 30% thereafter 24. Red Chris resources and reserves are reported under SK-1300 and have an effective date of 12/31/2023. The operator reports their 70% ownership which is back-calculated to our 100% royalty coverage. Reserves use $1,300 Au and $3.00 Cu prices. Resources use $1,400 Au and $3.00 Cu prices. Cut-off grades vary with copper credits. 25. Ruby Hill does not have current reserves disclosed. We classify it as a producing property because of revenue from ongoing heap leaching. Ruby Hill resources are estimated under CIM standards with an effective date of 6/30/2021. Resources use a $1,650 Au price with 0.1 g/t open-pit and 3.6 g/t underground Au cut-off grades.

76 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Footnotes for Mineral Resources and Reserves 26. South Laverton resources and reserves are reported under JORC standards and have an effective date of 3/31/2024. The operator reports resources and reserves for Carosue Dam, of which our royalties cover certain deposit areas. Reserves and resources use AUS$1,850 and AUS$2,250 respectively. Cut-off grades are 0.56 g/t Au. The A$6.00 per ounce royalty is payable once 265,745 ounces of gold have been produced and the A$10.00 per ounce royalty is payable once 160,333 ounces of gold have been produced from certain South Laverton tenements. The thresholds have not been met for either A$ per ounce royalty. 27. Southern Cross resources and reserves are reported to JORC standards and have an effective date of 7/24/2016. Reserves use a gold price of AUS$1,600 and a cut-off grade of 0.69 g/t Au. 28. Twin Creeks reports resources and reserves to CIM standards with an effective date of 12/31/2022. The Twin Creeks royalty is now a part of the Turquoise Ridge JV, operated by Nevada Gold Mines. Reserves and resources use gold prices of $1,300 and $1,700 respectively. Cut-off grades are 0.005 oz/t Au for leach and 0.022 oz/t for mill material. 29. Wassa resources and reserves are reported to JORC standards with an effective date of 3/31/2024. Resources and reserves use a gold price of $2,500 and cut-off grades of 1.34 g/t for underground and 0.5 g/t for open-pit. Our stream interest at Wassa is 10.5% of payable gold until 240,000 ounces are delivered, 5.5% thereafter. 30. Wharf reserves are reported to SK 1300 standards with an effective date of 12/31/2023. A gold price of $1,600 and a cut-off Au grade of 0.01 oz/short ton was used for reserve reporting. The royalty is based on a sliding scale, which caps at 2.0% at gold prices above $500 per ounce. 31. Williams resources and reserves are reported to CIM standards with an effective date of 12/31/2023. For reserves, a gold price of $1,400 was used, with cut-off grades of 0.43 g/t for open-pit and 2.43 g/t for underground. For resources, a gold price of $1,700 was used, with cut-off grades of 0.36 g/t for open-pit and 1.95 g/t for underground. 32. Xavantina reports resource and reserves to CIM standards as of 12/31/2023. Resources and reserves use a gold price of $1,650/oz, and cut-off grade is $72/t. No measured or indicated resources are reported because 100% of measured and indicated resources report to reserves. Our stream interest at Xavantina is 25% of payable gold until 93,000 ounces are delivered, 10% thereafter. 33. Back River resources and reserves are reported to CIM standards with an effective date of 1/15/2023. Reserves and resources use gold prices of $1,500 and $1,550 respectively. Cut-off grades vary from 1.6 to 1.74 g/t for open-pit and 3.5 to 4.1 g/t for underground. Royalty revenue from the Goose Project is expected based on the following royalty rates and cumulative production thresholds: 0.7% NSR royalty rate until the receipt of C$5 million of royalty revenue, declining to 0.35% thereafter, on all gold produced from startup through to the cumulative production of 400,000 ounces; 2.5% GSR royalty rate on all gold produced after the cumulative production of 400,000 ounces up to a cumulative total of approximately 780,000 ounces; and 3.3% GSR royalty rate on all production above cumulative production of approximately 780,000 ounces. Royalty revenue from the George portion is expected based on an approximate 3.2-4.0% GSR royalty rate, which is payable after cumulative production of 800,000 ounces. 34. Bateman Gold resources and reserves are reported to JORC standards with an effective date of 12/31/2023. Royal gold royalty covers 80% of the McFinley resource area of the Red Lake property according to Evolution Mining. Gold price used for reserves is AUS$1,800 and the cut-off grade is 3.5 g/t Au. Gold price used for resources is AUS$2,500 with a cut-off grade of 2.5 g/t Au. 35. Bogoso and Prestea resources and reserves are reported under CIM standards with an effective date of 12/31/2020. Gold prices used for reserves and resources were $1,300 and $1,500, respectively. Cut-off grades vary by deposit area. 36. Castelo de Sonhos resources and reserves are reported to CIM standards with an effective date of 10/4/2023. Resources and reserves use a gold price of $1,550 and an NSR cut-off of $12.00 per tonne. Royal Gold also holds an option to purchase an additional 1.0% NSR royalty for a further investment of $5.0 million to $8.0 million to be determined by reference to mineralized material at Castelo de Sonhos when the option is exercised. 37. Don Mario resources and reserves are reported to CIM standards and have an effective date of 9/30/2023. Metal prices used for reserves were $1,600 Au, $18.00 Ag, and $3.00 Cu. Resource prices are $1,700 Au, $3.25 Cu. Cut-off grade is 0.3 g/t Au. 38. Hasbrouck Mountain resources and reserves are reported to CIM standards with an effective date of 1/11/2023. Metal prices used for reserves are $1,790 for Au and $21.50 for Ag. For resources, $1,850 Au and $22.75 Ag are used. Cut- off grade is 0.007 opt Au.

77 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Footnotes for Mineral Resources and Reserves 39. Kundip resources and reserves are reported to JORC standards with an effective date of 12/31/2023. The Royal Gold royalty area covers only certain deposit areas. Metal prices used are AUS$2,946 Au, AUS$42 Ag and AUS$7.57 and cut- off grade is 0.5 g/t AuEq for open pit and 2.0 g/t AuEq for underground. The royalty pays at a rate of 1.0% on the first 250,000 ounces of gold produced, 1.5% thereafter. 40. Kutcho Creek resources and reserves are reported to CIM standards with an effective date of 7/30/2021. Royal Gold royalty area covers approximately 35% of the reported resources, including 100% of Esso area and 25% of Main area. Sumac is outside the Royal Gold royalty area. Metal prices used for both reserves and reserves are $1,600 Au, $20.00 Ag, $3.50 Cu and $1.15 Zn. NSR cut-off grades for reserves are C$38.40 for oxide open-pit, C$55.00 for sulfide open-pit, and C$129.45 for underground. Resource cut-off grades are 0.45% Cu equivalent for open-pit, 0.95-1.05% Cu equivalent for underground. 41. La India resources and reserves are reported to CIM standards with an effective date of 2/28/2022. Royal Gold royalty area covers portions of the property and excludes others. Metal prices for reserves are $1,600 Au and $20.00 silver, and reserves cut-off is 0.6 g/t Au. Gold price for resources is $1,800, and resource cut-off grades range from 0.5 to 0.65 g/t Au for open-pit and 2.0 g/t Au for underground. 42. Manh Choh resources and reserves are reported to CIM standards with an effective date of 12/31/2023. Reserves are reported using metal prices of $1,400 Au and $17.50 Ag. Resources are reported using metal prices of $1,700 Au and $21.30 Ag. Specific cut-off grades and recoveries are not reported. 43. Marban reserves and resources are reported to CIM standards with and effective date of 8/17/2022. Royal Gold royalty claims cover only the Marban deposit. Additional resource areas on the claim block are outside the royalty area. Reserves are reported using $1,600 Au price and 0.3 g/t Au cut-off grade. Resources are reported using a $1,900 Au pit shell and cut-off grades of 0.3 g/t Au open-pit and 3.0 g/t Au for underground. The 0.5% to 0.75% sliding-scale NSR relates to certain claims included in the Marban Alliance property, and a 1.0% to 1.5% sliding-scale NSR relates to certain claims in the Horizon property. At a gold price below $350 per ounce, the royalty rate is 0.5% for the Marban Alliance and 1.0% for Horizon, which increases to 0.75% for the Marban Alliance and 1.5% for Horizon at a gold price equal to or above $350 per ounce. 44. Ming resources and reserves are reported under CIM standards with an effective date of 3/31/2022. A portion of the 1807 zone falls on Royal Gold royalty ground. While the Ming mine has reserves as of the effective date, it is not known whether any portion of reserves falls on Royal Gold ground. Resources use metal prices of $1,300 Au, $17.00 Ag, and $2.99 Cu and a cut-off grade of 1% Cu. 45. NuevaUnión resources and reserves are reported to CIM standards and have an effective date of 12/31/2023. Royal Gold royalty covers approximately 30% of the La Fortuna section of NuevaUnión. Mineral reserves use prices of $1,200 Au and $3.00 Cu, with a NSR cut-off of $10.55. Resources use prices of $1,500 Au and $3.50 Cu, with a NSR cut-off of $9.12. 46. Pine Cove resources and reserves are reported to CIM standards and have an effective date of 9/1/2021. Royal Gold royalty claims cover Pine Cove stockpile and an estimated 60% of Argyle resource area. Reserves and resources use a gold price of $1,550. Cut-off grade for reserves is 0.56 g/t Au, and cut-off grade for resources is 0.50 g/t Au. 47. Red Dam resources and reserves are reported to JORC standards with an effective date of 12/31/2023. We do not have separate disclosure of resources. Metal prices used are AUS$1,800 for reserves. Cut-off grade used was 0.53 g/t Au. Specific metallurgical recovery was not disclosed. 48. Relief Canyon resources are reported to CIM standards and have an effective date of 6/30/2022. We estimate 69% of Resources as attributable to our royalty area. No reserves are reported for Relief Canyon. Metal prices used for resources are $1,500 Au and $22.00 Ag. Specific cut-off grade is not reported. 49. Ulysses resources and reserves are reported to JORC standards with an effective date of 12/31/2023. Metal prices used are AUS$2,300 and cut-off grades are 0.7 g/t for open pit and 1.8 g/t for underground. 50. Alturas resources are disclosed to CIM standards with an effective date of 12/31/2023. Commodity prices of $1,700 Au and $21.00 for Ag for used for disclosure. Specific cut-off grades were not disclosed. 51. Berg resources are disclosed to CIM standards with an effective date of 6/7/2023. Metal prices used for resources are $1,800 Au, $23.00 Ag, $4.00 Cu and $15.00 Mo. Cut-off grade is 0.3% Cu.

78 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Footnotes for Mineral Resources and Reserves 52. Bronson Slope resources are reported to CIM standards with an effective date of 12/31/2023. Royal Gold interests are estimated as covering 30% of the Bronson Slope resources. An NSR cut-off of C$10.00 per tonne is used for resource reporting. Metal price assumptions are $1600 for Au, $20.00 for Ag and $4.00 for Cu. Specific recoveries are not disclosed. The royalty shall be greater of 1% NSR; and 8.25% Net Operating Profits. 53. Burnakura resources are reported to CIM standards with an effective date of 7/17/2018. Cut-off grades used are 0.5 g/t for open-pit and 3.0 g/t for underground. Specific metallurgical recoveries and metal prices are not disclosed. The royalty pays at a rate of 1.5% for the first 75,000 ounces produced in any 12 month period and at a rate of 2.5% on production above 75,000 ounces during that 12 month period. 54. Buttercup Bore resources are reported to JORC standards with an effective date of 7/1/2022. Royal Gold royalty ground covers approximately 50% of Snook zone. Resources are evaluated within pit shells designed at AUS$2,600 and use a cut-off grade of 0.80 g/t Au. Specific recoveries used are not disclosed. 55. Caber resources are reported to JORC standards with an effective date of 12/31/2021. Caber is part of the Matagami polymetallic VMS district but Glencore no longer discloses resource separately for Caber. Specific metal prices and cut- off grades are not disclosed. The operator has the option to purchase half of the 1.0% NSR for $500,000. 56. Doby George resources are reported under CIM standards with an effective date of 10/20/2021. Gold price used for resources is $1,800, with cut-off grades of 0.2 g/t Au for oxide, 0.3 g/t for mixed, and 1.2 g/t for reduced material. The royalty becomes payable once 400,000 ounces have been produced. 57. Follansbee resources are reported to 43-101 standards with an effective date of 11/30/2009. Cut-off grade for resources is 5.1 g/t Au. Metal prices used are not disclosed. The operator has the option to purchase half the 2% NSR on the basis of $500,000 for each 0.5% of the NSR acquired and in doing so and having paid $1 million, leaving a 1% NSR. 58. Gold River resources are reported to CIM standards with an effective date of 6/30/2023. Gold price of $1,200 was used for resource reporting, with a cut-off grade of $1,200. 59. Great Bear resources are reported to CIM standards with an effective date of 12/31/2023. Resources are reported using a $1,700 gold price and cut-off grades of 0.5 g/t Au for open-pit and 2.3 to 2.5 g/t Au for underground. 60. High Lake resources are reported to JORC standards with an effective date of 12/31/2023. Resources are reported at a 2.0% CuEq cut-off for open-pit and a 4.0% CuEq cut-off for underground. Specific metals price assumptions are not disclosed. The operator has the option to purchase 0.5% of the 1.5% NSR for $1 million. 61. Holt resources are reported to CIM standards with an effective date of 12/31/2023. Resources are reported using an Au price of $1,500 and a 2.5 g/t cut-off grade. 62. Island Mountain resources were estimated to 43-101 standards with effective date of 8/11/2010. Only a small portion of the resource is attributed to Royal Gold royalty ground. Specific cut-off grades, metal prices, and recoveries are not disclosed. 63. Jaguar resources are reported to JORC standards and have an effective date of 12/31/2023. Our royalty covers only the Triumph deposit area. Metals prices used for resources are $1,793 Au, $26.10 Ag, $4.30 Cu, and $1.05 Zn. NSR cut- off is set at AUD$100. 64. Kubi Village resources are reported to CIM standards with an effective date of 3/11/2022. Resources are reported using a $1,750 Au price and a 2.0 g/t cut-off. The operator has the right to purchase the entire 3% NPI for $2 million within 6 months of a feasibility study. 65. Lawyers resources are reported to CIM Standards and have an effective date of 8/20/2024. Metal prices of $1,850 Au and $24.00 Ag were used for the estimate, with cut-off grades of 0.4 g/t AuEq for open-pit and 1.5 g/t AuEq for underground resource. 66. Long Valley resources are reported to CIM standards with an effective date of 9/21/2020. Resources are reported at a $1,800 Au price, with cut-offs of 0.17 g/t for oxide and 0.21 g/t for mixed and sulfide material. 67. Meekatharra – Sabbath resources are reported to JORC standards with an effective date of 6/30/2024. Resources use a $1,700 Au price and a cut-off of 0.5 g/t. The royalty applies on production above 10,000 ounces. 68. Mt. Fisher resources are reported to JORC standards with an effective date of 11/2/2022. Resources use a $1,750 Au price and a 0.5 g/t Au cut-off. The royalty is capped at 500,000 ounces.

79 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Footnotes for Mineral Resources and Reserves 69. Niblack resources are reported to CIM standards with an effective date of 2/14/2022. Resources use metal prices of $1,650 Au, $20.00 Ag, $3.50 Cu, and $1.10 Zn and a $100 NSR cut-off. The royalty rate is 1.0% for each ton of ore having a value of less than $115 per ton; 2.0% for each ton of ore having a value between $115 and $135 per ton; and 3.0% for each ton of ore having a value greater than $135 per ton. 70. Nieves resource was reported to NI 43-101 standards with an effective date of 10/31/2012. Metal prices used were $1,375 for Au and $26.00 for Ag. Cut-off grade was 15 g/t Ag. 71. North Island resources are reported to CIM standards with an effective date of 3/1/2024. Resources use metal prices of $1,650 Au, $3.25 Cu, and $10.00 Mo, and a cut-off grade of 0.1% Cu. 72. Nutmeg Mountain resources are reported to CIM standards with an effective date of 6/22/2023. Resources use a $1,750 Au price and a 0.30 g/t cut-off grade. A $325,000 payment is due upon production of the first 100,000 ounces. Once production reaches 200,000 ounces, the royalty begins paying on a sliding scale, which caps at 2.0% at a gold price equal to or above $425 per ounce. 73. Paddington resources are reported to JORC standards with an effective date of 12/31/2014. Resources are reported at a cut-off grade of 0.80 g/t Au based on a gold price of $2,000. Royal gold royalty covers a single claim which includes the Natal project. 74. Pascua–Lama resources are reported to CIM standards with an effective date of 12/31/2023. Approximately 20% of the royalty is limited to the first 14.0 million ounces of gold produced from the project. Also, 24% of the royalty can be extended beyond 14.0 million ounces produced for $4.4 million. In addition, a one-time payment totaling $8.4 million will be made if gold prices exceed $600 per ounce for any six-month period within the first 36 months of commercial production. The royalty is based on a sliding scale, which caps at 5.45% at a gold price equal to or above $800 per ounce. 75. Phillips Find resources are reported to JORC standards with an effective date of 6/30/2024. Cut-off for mineral resources is 0.5 g/t Au near surface and 2.0 g/t below 140m asl. Metal prices and recoveries used are not disclosed. The royalty applies to production above 40,000 ounces and is capped at $1 million. 76. Pinnacles resources are disclosed to JORC standards with an effective date of 12/15/2020. Cut-off grades uses are 0.5 g/t for open-pit and 1.0 g/t for underground. Specific gold prices and recoveries are not disclosed. 77. Quinns Austin resources are disclosed to JORC standards with an effective date of 4/6/2010. Metal prices used are $1,135 Au, $18.00 Ag, $3.61 Cu, and $1.09 Zn, with a cut-off grade of 0.4% Cu. 78. Red October resources are disclosed to JORC standards with an effective date of 6/30/2024. Specific metal prices, recoveries and cut-off grades are not disclosed. 79. San Juan Silver (Bulldog) resources are disclosed to SK 1300 standards with an effective date of 12/31/2023. Metal prices used are $1,700 Au, $21.00 Ag, $1.15 Pb and $1.35 Zn. NSR cut-offs are $100 to $175 per ton. The royalty rate is 3.0% on Homestake and Emerald unpatented claims; 1.0% on Emerald patented claims. 80. Schaft Creek resources are reported to CIM standards with an effective date of 12/31/2023. Metal prices used are $1,200 Au, $20.00 Ag, $3.00 Cu, and $10.00 Mo. NSR cut-off is $4.31. 81. Shasta resources are reported to CIM standards with an effective date of 2/11/2023. Metal prices used are $1,800 Au and $20.00 Ag. Cut-off grade is 0.4 g/t AuEq. 82. Tambor resources are reported to NI 43-101 standards with an effective date of 12/10/2003. RG royalty area covers Guapinal, South Cliff, and Poza del Coyote zones. A cut-off grade of 0.3 g/t Au was used. Specific metal prices and metallurgical recoveries were not disclosed. The operator has the right to purchase half of the 4.0% NSR for $2 million within 24 months of commercial production. 83. Temora resources are disclosed to JORC standards with an effective date of 12/31/2016. Specific metal prices and cut-off grades are not disclosed. 84. Ulu resources are disclosed to CIM standards with an effective date of 2/18/2021. A gold price of C$1,500 and cut-off grade of 4 g/t Au were used. The royalty applies to production above 675,000 ounces. 85. Van Uden resources are disclosed to JORC standards with an effective date of 2/1/2013. Resources used a cut-off grade of 0.5 g/t Au. No metal prices or metallurgical recoveries were disclosed. 86. Wallbrook resources are disclosed to JORC standards with an effective date of 5/1/2024. Resources used a cut-off grade of 0.4 g/t Au and are reported inside an AUS$3,950 pit shell.

80 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Footnotes for Mineral Resources and Reserves 87. Wildcat resources are disclosed to CIM standards with an effective date of 6/28/2023. A gold price of $1,800 and a cut-off grade of 0.15 g/t were used. The 1.0% NSR royalty applies to the SS lode claims only. The additional royalty pays 1.0% NSR on gold production between 500,000 ounces and 1.0 million ounces and increases to a 2.0% NSR on production in excess of 1.0 million ounces. This royalty applies to various claims on the property. 88. Wolverine resources are disclosed to NI 43-101 standards with an effective date of 1/30/2015. Cut-off grades and metal prices used were not disclosed. The gold royalty rate is based on the price of silver per ounce and is based on a sliding scale, which caps at 9.445% at a silver price equal to or above $7.50 per ounce. SILVER 89. Khoemacau resources and reserves are disclosed to JORC standards with an effective date of 12/31/2023. Royal Gold AOI covers the Zone 5 and Mango deposit areas. Royal Gold has a stream interest in silver production only, Khoemacau includes copper resources and reserves not listed here. Resources and reserves both use $23.00 Ag, with a $65.00/t NSR cut-off. Our stream interest at Khoemacau is 100% of payable silver produced. 90. Rock Creek resources are reported to SK-1300 and NI 43-101 standards with an effective date of 12/31/2023. Metal prices used are $21.00 Ag and $3.00 Cu, with an NSR cut-off grade of $24.50. COPPER 91. Johnson Camp resources are reported under CIM standards with an effective date of 2/21/2022. Copper prices of $4.00 and a cut-off grade of 0.2% Cu are used for resource reporting. 92. Voisey’s Bay resources and reserves are reported to SK-1300 standards with an effective date of 12/31/2023. Commodity prices used are $3.86 Cu, $9.14 Ni, and $17.20 Co. NSR cut-off is $28.35 for open-pit and $210-$250 for underground. 93. Las Cruces resources and reserves are reported to CIM standards with an effective date of 9/30/2023. Copper price used is $3.80 with a cut-off grade of $50.60 NSR. 94. Los Chancas resources are reported to SK-1300 standards with an effective date of 12/31/2023. Resources use $3.80 Cu prices and NSR cut-offs of $6.11 for heap leach and $7.64 for mill and flotation material. NICKEL 95. Bell Creek resources are reported to JORC standards with an effective date of 2/10/2019. Specific commodity prices and cut-off grades are not disclosed. The royalty is A$1.00 per tonne on the first 5 million tonnes of production, A$2.00 per tonne thereafter. 96. Cosmos resources are reported to JORC standards with an effective date of 6/30/2024. Royal Gold royalty interest covers AM5, AM6, and Mt. Goode. Resources are not currently reported for Mt. Goode due to changes in metal price assumptions. Odysseus is outside the royalty interest. AUS$27,010/t Ni price and cut-off grades of 1.0% Ni for underground are used for resources. COAL 97. Skyline reserves were reported with an effective date of 12/31/2012. The operator provides annual reserves updates, but does not disclose the portion of reserves attributable to our royalty. Specific commodity prices were not disclosed. 98. Horizon resources were reported with an effective date of 12/31/2011.

81 ROYAL GOLD, INC. | INVESTOR PRESENTATION | APRIL 2025 Footnotes for Mineral Resources and Reserves POTASH 99. Allan resources and reserves are reported to CIM standards with an effective date of 12/31/2023. Royal gold interest applies to 40% of produced potash, so reserves and resources are reported as 40% of the total. Specific cut-off grades and commodity prices are not disclosed. The $0.36 to $1.44 per ton potash royalty rate varies based on annual potash production and is based on a sliding scale, which caps at $1.44 per ton at prices above $23.00. The royalty is 100% of the sliding scale for the first 600,000 attributable tons produced during a calendar year. For 600,000 to 800,000 tons, the royalty reduces to 50%. After 800,000 tons, the royalty rate is 25% of the $1.44. An additional $0.25 per ton royalty is capped at 600,000 attributable tons, or a maximum of $150,000 per annum. LITHIUM 100. Yellowknife resources are reported to 43-101 standards with an effective date of 10/1/2024. Cut-off grades of 0.4% and 0.5% Li 2 O were used. Specific metals prices and recoveries were not disclosed. URANIUM 101. La Jara Mesa resources were reported with an effective date of 7/2/2007. Resources are reported at a cut-off grade of 0.05% U 3 O 8 . La Jara Mesa royalty is payable on per pound of uranium produced above eight million pounds. 102. Westmoreland resources were reported to JORC standards with an effective date of 4/20/2016. Resources are reported at a cut-off grade of 0.02% U3O8 and a metal price assumption of $65.00/lb U 3 O 8 .

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