37 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2025 <$100M $100 < $200M $200 < $300M $300 < $400M $400 < $500M $500M+ History of Stream Transactions 2004 – 2023 Source: Royal Gold, internal tracking files Most stream transactions have been smaller than $300M <$100M 50% Average Size $189M Transactions 2004-2023 123 Transactions >$500M 15 10 Balance sheet restructurings 4 Project Development 1 M&A