Cash G&A Production Taxes Cost of Sales Labor Energy Reagents Other Onsite TCRC & Shipment Royalty RGLD Producers ~$677/oz ~$1,098/oz 1 2 60% 16% 8% 5% 1% 10% Salaries Accounting, tax and legal Office Sustainability / Donations Business Development Other RGLD Cash G&A Expense 3 Metal price dependent Subject to inflation Cost Structure and Business Model Reduce Inflation Exposure Operator costs tend to rise with commodity prices while RGLD’s costs remain stable 19 1) This is a non-GAAP measure calculated as total costs and expenses ($392M), less DD&A ($177M), and non-cash employee stock compensation expense ($12M), per GEO (300,300) for calendar 2025. 2) Industry average total cash costs per ounce for 2025; based on reported/actual data where available; Source: S&P Market Intelligence. 3) Breakdown of 2025 calendar Cash G&A; Cash G&A is a non-GAAP financial measure. Subject to inflation Metal price dependent