19 ROYAL GOLD, INC. | INVESTOR PRESENTATION | DECEMBER 2025 $1,027.6 $829.5 $529.5 $213.5 $159.9 1 – Full year 2024. 2 – As of November 28, 2025. Source: Company reports, FactSet. 3 – Stream and royalty transactions 2005-2024; Royal Gold database. Smaller than $300M 296 Are less than $100M 73% Average transaction size $107M Large Enough to Compete, Small Enough to Show Growth Royal Gold is the right size for a sector with typically smaller transactions 325 stream/royalty transactions in the past 20 years 3 : Operating Cash Flow 1 ($M) Market Capitalization 2 ($B) $50.0 $40.5 $17.2 $6.9 $6.6 WPM FNV RGLD TFPM OR RGLD