1.7X 1.6X 1.3X 1.2X 1.0X FNV WPM RGLD TFPM OR Consensus P/NAV 19.7X 17.5X 16.8X 14.4X 12.7X FNV OR WPM TFPM RGLD Consensus P/CF 30 Portfolio Growth and Duration Not Valued in the Market Royal Gold trades in line with or below smaller, less diversified peers on both P/NAV and P/CF Source: CapIQ Consensus Estimates as of August 3, 2026. $ 41 B $ 49 B $ 17 B $ 6 B $6B Market capitalization ($B) $4 1 B $ 49 B $ 17 B $ 6 B $6B Market capitalization ($B)