Less than $100M $100M+ $200M+ $300M+ $400M+ $500M+ History of Stream Transactions from 2004 to 2026 1 Most stream transactions have been smaller than $300M with larger streams appearing in the last few years 41 Source: Royal Gold, internal tracking files. 1) January 1, 2004 to March 25, 2026. $185M $375M 2004-2022 2023-2026 Average Transaction Size 147 Total transactions 14 Balance sheet restructurings 7 Project development 1 Merger & acquisition 22 Transactions > $500M since 2004 40% transacted since 2020