1.58x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x 4.00x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 15.1x -5 5 15 25 35 45 55 65 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 30 Trading at Historically Attractive Multiples Royalty model trades at a premium due to cash flow consistency, embedded growth, and minimal operating risk 1) Sell-side consensus estimates. Source: CapIQ, Peers include Franco-Nevada, Wheaton Precious Metals, OR Royalties, and Triple Flag. Royal Gold Peer Range 1 Price to NAV Price to Cash Flow Royal Gold Peer Range 1