63 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2025 Non-GAAP Measures Free cash flow: Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Three Months Ended December 31, Year Ended December 31, (amounts in thousands) 2024 2023 2024 2023 Net cash provided by operating activities $ 141,053 $ 101,088 $ 529,503 $ 415,792 Acquisition of stream and royalty interests (46,881) — (102,564) (2,678) Free cash flow $ 94,172 $ 101,088 $ 426,939 $ 413,114 Net cash used in investing activities $ (46,906) $ (2) $ (77,680) $ (2,829) Net cash used in financing activities $ (26,531) $ (99,820) $ (360,492) $ (427,382)