61 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2025 Non-GAAP Measures Cash G&A: 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 General and administrative expense $ 8,909 $ 9,741 $ 40,934 $ 39,761 Non-cash employee stock compensation (2,579) (2,354) (11,892) (9,696) Cash G&A $ 6,330 $ 7,387 $ 29,042 $ 30,065 Three Months Ended December 31, September 30, June 30, March 31, (amounts in thousands) 2024 2024 2024 2024 General and administrative expense $ 8,909 $ 10,102 $ 10,511 $ 11,412 Non-cash employee stock compensation (2,579) (2,977) (3,348) (2,988) Cash G&A $ 6,330 $ 7,125 $ 7,163 $ 8,424 TTM cash G&A $ 29,042