20 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2025 Cost Structure and Business Model Reduce Inflation Exposure Operator costs tend to increase with commodity prices while Royal Gold’s costs remain stable 1 – This is a non-GAAP measure calculated as total costs and expenses ($289M), less DD&A ($144M), and non-cash employee stock compensation expense ($12M), per GEO (301,500) for calendar 2024. 2 – Industry average total cash costs per ounce for 2024 - based on reported/actual data where available; Source: S&P Market Intelligence. 3 – Breakdown of 2024 calendar Cash G&A; Cash G&A is a non-GAAP financial measure. Cash G&A Production Taxes Cost of Sales Labor Energy Reagents Other Onsite TCRC & Shipment Royalty 0 100 200 300 400 500 600 700 800 900 1000 Royal Gold Producers Comparison of Cost Structures: Metal Price Dependent Subject To Inflation 2 Metal Price Dependent Subject To Inflation US$/oz 1 Royal Gold Cash G&A Expense 3 : 62% 12% 7% 6% 5% 8% Salaries Accounting, tax and legal ESG Office Business Development Other