18 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2025 Business Model is Highly Efficient and Scalable $2,221 $410 $2,384 $1,791 $2,786 $24,807 $783 $513 $1,625 $950 $491 $19,661 $1,528 $22,852 $12,326 $27,878 $294,981 $2,213 $2,109 $550 $1,504 $888 ENTERPRISE VALUE 1 /EMPLOYEE 2 (US$ 000s as of December. 31, 2024) TOTAL REVENUE/EMPLOYEE 2 (US$ 000s 12 Mo. ended December. 31, 2024) 3 1 – Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. 2 – Employee count as of December 31, 2024, except for Apple, which is as of September 28, 2024, and Newmont, Barrick, Glencore, Rio Tinto, and Anglo American, which are as of December 31, 2023. 3 – Twelve months ended December 31, 2024, except for Newmont, which is twelve months ended September 30, 2024, and Apple, which is twelve months ended September 28, 2024, and Glencore, Rio Tinto, and Anglo American, which are twelve months ended of June 30, 2024. Source: Capital IQ