36 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2025 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 $- $1 $2 $3 $4 $5 US$ Billions Stream Funds YE Gold Price Stream and Royalty Financing is Significant Stream and royalty financing has become a mainstream source of capital to the global mining industry OTHER 2% PROJECT DEVELOPMENT 57% BALANCE SHEET RESTRUCTURING/ VALUE CREATION 36% USE OF PROCEEDS All Industry Participants Total Stream Investments by all companies $23.3B MERGERS & ACQUISITIONS 5% Primarily Balance Sheet Restructuring Primarily Project Development Project Development Streaming is a flexible product that is relevant throughout the commodity cycle Source: Royal Gold – internal tracking files