16 ROYAL GOLD, INC. | INVESTOR PRESENTATION | DECEMBER 2025 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 1 2 3 4 5 6 7 8 9 10 $/oz Time 0 500 1000 1500 2000 2500 3000 3500 1 2 3 4 5 6 7 8 9 10 $/oz Time Royalty/Streamer Margins Expand with Gold Price Producers Royalty/Streamers Gold price Operating costs Margin expands as gold price increases Margin is relatively static Relatively fixed cost base Costs increase with inflation