Limit equity dilution Up to 3x Net Debt/EBITDA if we can reduce to 2x within one year Maintain ~$100M cash on hand Continue growing dividend Capital Allocation Priorities Royal Gold’s growth is based on a consistent approach with 3 priorities 1) December 31, 2025. 2) March 31, 2026. 3) Cash + undrawn Revolving Credit Facility. Maintain strong balance sheet and liquidity Return capital to shareholders Invest in accretive growth Lowest in GDX $1.90 per Share 0.8% Yield CURRENT LEVELS PARAMETERS 84.5M Shares Outstanding 25 consecutive years of growth 0.8x Net Debt/EBITDA 1 $600M Debt (~5% interest rate) 2 $224M Cash 1 ~$1B Available Liquidity 1,3 23