50 ROYAL GOLD, INC. | INVESTOR PRESENTATION | DECEMBER 2025 Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Total cash cost per GEO: (amounts in thousands, except gold price, GEO, and per GEO amounts) Total costs and expenses $ 289,496 Depreciation, depletion and amortization (144,426) Non-cash employee stock compensation (11,892) Total Cash Costs $ 133,178 Revenue $ 719,395 Average LBMA PM fixing price for gold for 2024 2,386 GEOs 301,500 Total costs and expenses per GEO $ 960 Total Cash Costs per GEO $ 442 The Year Ended December 31, 2024