12 ROYAL GOLD, INC. | INVESTOR PRESENTATION | DECEMBER 2025 Global Portfolio Positioned in Low-Risk Jurisdictions Exposure across mining lifecycle supports optionality and revenue growth potential 1 – As of September 30, 2025. 2 – Property count as reported by Sandstorm and Horizon, reflecting their methodologies for counting interests and determining property stages, which are different from Royal Gold’s methodologies. 42 40 18 26 50 23 62 132 Exploration Advanced Exploration Evaluation Development Producing Royal Gold 1 Sandstorm/ Horizon 2