23 ROYAL GOLD, INC. | INVESTOR PRESENTATION | DECEMBER 2025 Robust Development Pipeline Provides Organic Growth Potential 2025 2030+ Warintza Solaris Resources Oyu Tolgoi (HNE) Rio Tinto MARA Glencore Great Bear Kinross Fourmile (Cortez) Nevada Gold Mines Back River B2Gold Platreef Ivanhoe Mines Robertson (Cortez) Nevada Gold Mines Hod Maden (JV Interest) SSR Mining Gualcamayo ASIA Group Cactus Arizona Sonoran