$49B $41B $17B $6B $6B $1,905M $1,494M $705M $313M $246M ($100) $400 $900 $1,400 $1,900 $2,400 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 WPM FNV RGLD TFPM OR 21 Large Enough to Compete, Small Enough to Show Growth Royal Gold is right-sized for our sector 1) Source: Company reports. 12 months ended December 31, 2025 shown. 2) Source: CapIQ. As of August 3, 2026. 3) 2006–2025; Royal Gold database. 296 Smaller than $300M 73% Less than $100M $111M Average size of transaction 356 Stream/royalty transactions over 20 years 3 Operating Cash Flow 1 Market Capitalization 2