62 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2025 Non-GAAP Measures Adjusted net income and adjusted net income per share: Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Three Months Ended December 31, Year Ended December 31, (amounts in thousands, except per share data) 2024 2023 2024 2023 Net income and comprehensive income attributable to Royal Gold common stockholders $ 107,408 $ 62,780 $ 332,023 $ 239,440 Fair value changes in equity securities 24 (25) 66 147 Other non-recurring adjustments — — — 2,440 Discrete tax expense related to Mount Milligan Cost Support Agreement — — 13,008 — Other discrete tax expense (benefit) — — 1,279 (8,462) Tax effect of adjustments (7) 7 (18) (685) Adjusted net income and comprehensive income attributable to Royal Gold common stockholders $ 107,432 $ 62,762 $ 346,358 $ 232,880 Net income attributable to Royal Gold common stockholders per diluted share $ 1.63 $ 0.95 $ 5.04 $ 3.63 Fair value changes in equity securities — — — — Other non-recurring adjustments — — — 0.04 Discrete tax expense related to Mount Milligan Cost Support Agreement — — 0.20 — Other discrete tax expense (benefit) — — 0.02 (0.13) Tax effect of adjustments $ — $ — $ — $ (0.01) Adjusted net income attributable to Royal Gold common stockholders per diluted share $ 1.63 $ 0.95 $ 5.26 $ 3.53