February 2026 Investor Presentation

Investor Presentation February 2026

2 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Cautionary Statements Forward-Looking Statements: This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including sales volume, revenue, expenses, tax rates, earnings and cash flows; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; opportunities for investments, acquisitions and other transactions; anticipated benefits from investments, acquisitions and other transactions, including the Sandstorm Gold and Horizon Copper transaction; receipt and timing of future metal deliveries; anticipated liquidity, capital resources, financing and stockholder returns; sufficiency of contractual protections; borrowings and repayments under our revolving credit facility; and prices for gold, silver, copper, and other metals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm Gold and Horizon Copper; failure to realize the anticipated benefits from the Sandstorm Gold and Horizon Copper transaction in the timeframe expected or at all; risks associated with joint arrangement interests acquired as part of the transaction; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including in Item 1A, Risk Factors of our most recent Annual Report on Form 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. Third-party Information: Certain information provided in this presentation, including information about historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties. Mineral Reserves and Mineral Resources: Our stream and royalty interests often cover only a portion of the publicly reported mineral reserves, mineral resources, and production of a property or operation, and information publicly reported by operators may relate to a larger property or operation than the area covered by our stream or royalty interest. There are numerous uncertainties inherent in estimates of mineral reserves, mineral resources, and production, many of which are outside the operators’ control. As a result, estimates of mineral reserves, mineral resources, and production are subjective and necessarily depend upon a number of assumptions, including, among others, reliability of historical data, geologic and mining conditions, metallurgical recovery, metal prices, operating costs, capital expenditures, development and reclamation costs, mining technology improvements, and the effects of government regulation. Mineral resources are subject to future exploration and development and associated risks and may never convert to mineral reserves. If any of the assumptions that operators make in connection with estimates of mineral reserves, mineral resources, or production are incorrect, actual production could be significantly lower than estimated, which could adversely affect our future revenue and the value of our investments. In addition, if operators’ estimates with respect to the timing of production are incorrect, we may experience variances in expected revenue from period to period. The disclosures in this presentation may include resource and reserve information provided by operators that are foreign issuers which is not based on the Securities and Exchange Commission’s definitions for mineral resources and mineral reserves. We do not reconcile the resource and reserve estimates provided by the operators with the definitions of mineral resources and mineral reserves used by the Securities and Exchange Commission. The resource and reserve information included in this presentation cannot be included in the documents we file with the Securities and Exchange Commission.

3 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 81 29 254 Producing Development Eval./Expl. 82% 2025 Adjusted EBITDA margin 1 68% of 2025 revenue from North America Interests in 364 properties 2 spread across operators, mines and jurisdictions Optionality from long-life assets (e.g., Cortez, MARA, Great Bear) High margin with dividend growth Highly diversified portfolio Optimal size advantage in a small sector Embedded growth and optionality Gold-focused portfolio Limited capital and operating cost exposure Stable margin profile compared to mining operators Limited operating risk Gold Silver Copper Other Strategic focus on precious metals No Energy. No Diversions. 2025 revenue from gold 15% Dividend CAGR (2000-2026) $66.2 $48.6 $24.2 $8.0 $7.5 WPM FNV RGLD OR TFPM Right-sized to compete and show growth Market Cap. 3 ($B) 78% 1 – Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for additional information. 2 – As of December 31, 2025. Our evaluation of the property interests acquired through the acquisitions of Sandstorm Gold and Horizon Copper remains ongoing, including ongoing mineral title work. Readers are cautioned that the summary property information in this presentation may change as a result of our ongoing evaluation, which changes may be material. 3 – As of February 13, 2026. Royalty Model Delivering Gold Exposure With Strong Returns and Built-in Growth — Without the Risks of Operating Mines Organic growth pipeline (number of properties) 2

4 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Precious Metals Exposure with Consistent Financial Performance Gold-Focused Portfolio

5 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 $320 $413 $443 $430 $468 $562 $654 $603 $606 $719 $1,030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gold Silver Copper Other Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, currency depreciation and inflation Why Gold? $1B Revenue (2025) Gold is the dominant driver of revenue (US$M) 12% CAGR 300,300 GEOs 1 (2025) 89% 2025 revenue from precious metals 40+ Years of Consistent, Gold-Focused Execution 1 – See Appendix for additional information about gold equivalent ounces (“GEO”).

6 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 1.63 β Gold 0.53 β S&P 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 9.83 6.35 5.42 2.79 Beta calculation for the period 1/1/16 – 12/31/25. Source: Bloomberg, FactSet. Indexed since the formation of the GDX (5/22/06 – 2/13/26) Beta vs. Gold Price Will provide higher leverage to gold... Beta vs. S&P 500 ...with lower exposure to general market risk RGLD SP500 Spot Gold GDX A stable, sustainable investment... ...with a heritage of market outperformance Gold Leverage with Market-Leading Return

7 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Precious Metals Exposure with Consistent Financial Performance High Margin with Dividend Growth

8 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 1 – Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See Appendix for additional information. 2 – Calendar 2025. 3 – Cash G&A and Cash G&A margin are non-GAAP financial measures. Cash G&A is calculated as G&A Expense of $49.2M less Non-Cash Employee Stock Compensation Expense of $11.8M. See Appendix for additional information. US $1.030B Revenue US $848M Adjusted EBITDA 1 US $705M Operating Cash Flow US $37M Cash G&A 3 2025 Cash Flow Metrics 2 82% Adjusted EBITDA 1 /Revenue 68% Operating Cash Flow/Revenue 4% Cash G&A 3 Expenses/Revenue ~80% Adjusted EBITDA Margin 1 Sustained Over the Last 5 Years

9 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 1 – As of December 31, 2025. Periods shown in graphic for comparative purposes as not all peers have reported full year 2025 results; on February 18, 2026, Royal Gold reported 2025 revenue of $1B and had 39 employees. 2 – Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. 3 – Employee count as of December 31, 2024, except for Apple, which is as of September 28, 2024. 4 – Twelve months ended September 30, 2025, except for Glencore, Rio Tinto, and Anglo American which are as of June 30, 2025. Source: Capital IQ. $2,558 $444 $2,538 $2,103 $3,098 $29,576 $969 $545 $1,542 $895 $396 $24,942 $1,548 $22,851 $15,776 $37,000 $447,180 $4,185 $3,343 $588 $1,612 $1,004 Enterprise Value 2 /Employee 3 (US$ 000s as of September 30, 2025) Total Revenue/Employee 3 (US$ 000s 12 Mo. ended September 30, 2025) 4 Business Model is Highly Efficient and Scalable A global business operated by just 39 people across 4 offices 1

10 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 17% 19% 14% 18% 20% 31% 21% 24% 21% 34% 22% 15% 23% 29% 34% 35% 25% 22% 23% 23% 19% 17% 22% 24% 20% $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividend Payout Ratio Gold Price $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 $3,200 $3,600 $4,000 $4,400 Dividend US$/share Gold US$/oz Source: Company reports, FactSet. 1 – Since inception of the RGLD dividend in July 2000 through January 16, 2026. Royal Gold is the only precious metal company in the S&P High Yield Dividend Aristocrats Index Dividend CAGR (2000-2026) 15% Cumulative Common Stock Dividends Paid 1 $1.2B Growing and Sustainable Dividend Despite Gold Price Volatility

11 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Precious Metals Exposure with Consistent Financial Performance Highly Diversified Portfolio

12 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 364 Properties 1 30 Countries Global Portfolio Positioned in Low-Risk Jurisdictions 81 Producing 29 Dev. 76 Evaluation 178 Exploration Exposure across mining lifecycle supports optionality and revenue growth potential 1 – As of December 31, 2025. Our evaluation of the property interests acquired through the acquisitions of Sandstorm Gold and Horizon Copper remains ongoing, including ongoing mineral title work. Readers are cautioned that the summary property information in this presentation may change as a result of our ongoing evaluation, which changes may be material.

13 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 2025 Revenue By Operator 2025 Revenue By Mine 22% 17% 10% 8% 7% 5% 5% 3% 23% Centerra Barrick Newmont Teck New Gold Chifeng MMG First Quantum Other No single operator materially drives revenue 22% 13% 7% 7% 7% 7% 5% 4% 3% 25% Mt. Milligan Pueblo Viejo Andacollo Rainy River Peñasquito Cortez Wassa Khoemacau Kansanshi Other No individual mine materially dominates the portfolio By Consensus Asset NAV (%) 1,2,3,4 Diversified Portfolio Reduces Single-Asset & Counterparty Risk -- 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Royal Gold Sandstorm / Horizon Royal Gold has the largest mining asset portfolio and lowest asset NAV concentration in the sector 1 – Consensus asset NAV (available analyst estimates) as of June 25, 2025. 2 – Kansanshi estimated by Royal Gold based on stream parameters without exercise of the Acceleration Options or potential cash price increase to 35%, using public information for the Kansanshi production schedule provided by First Quantum Ltd. (including the most recent 3-year guidance and NI 43-101 production schedule), consensus commodity prices as of August 5, 2025, and a 5% discount rate. 3 – Cortez excludes Sandstorm’s Robertson royalty. 4 -- Consensus asset NAV based on estimates from two or more brokers except for Antamina NPI, Hugo North Extension and Hod Maden JV interest, which are based on a sole broker estimate.

14 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Precious Metals Exposure with Consistent Financial Performance Limited Operating Risk

15 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 ETFs, Bars and Coins Senior Operating Companies Junior Operating Companies Dev. & Expl. Companies Exposure to Gold Exploration Upside / Optionality Portfolio Diversification Sustainable Dividend No Direct Exposure to Operating Costs No Direct Exposure to Capital Costs 1 Exposure to Gold and Optionality with Reduced Risks 1 – Excludes the 30% non-operating equity interest in the entity that owns the Hod Maden project.

16 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 1 2 3 4 5 6 7 8 9 10 $/oz Time 0 500 1000 1500 2000 2500 3000 3500 1 2 3 4 5 6 7 8 9 10 $/oz Time Royalty/Streamer Margins Expand with Gold Price Producers Royalty/Streamers Gold price Operating costs Margin expands as gold price increases Margin is relatively static Relatively fixed cost base Costs increase with inflation

17 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Operator costs tend to rise with commodity prices while RGLD’s costs remain stable (US$/oz) Cash G&A Production Taxes Cost of Sales Labor Energy Reagents Other Onsite TCRC & Shipment Royalty RGLD Producers ~$677 ~$1,098 Metal price dependent Subject to inflation 1 2 Metal price dependent Subject to inflation RGLD Cash G&A Expense 3 : 1 – This is a non-GAAP measure calculated as total costs and expenses ($392M), less DD&A ($177M), and non-cash employee stock compensation expense ($12M), per GEO (300,300) for calendar 2025. 2 – Industry average total cash costs per ounce for 2025 – based on reported/actual data where available; Source: S&P Market Intelligence. 3 – Breakdown of 2025 calendar Cash G&A; Cash G&A is a non-GAAP financial measure. Cost Structure and Business Model Reduce Inflation Exposure 60% 16% 8% 5% 1% 10% Salaries Accounting, tax and legal Office Sustainability / Donations Business Development Other

18 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Precious Metals Exposure with Consistent Financial Performance Optimal Size Advantage in a Small Sector

19 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 $1,027.6 $829.5 $529.5 $213.5 $159.9 1 –Full year 2024 shown for comparative purposes as not all peers have reported full year 2025 results; on February 18, 2026, Royal Gold reported operating cash flow of $704.8M. 2 – As of February 13, 2026. Source: Company reports, FactSet. 3 – Stream and royalty transactions 2006-2025; Royal Gold database. Smaller than $300M 296 Are less than $100M 73% Average transaction size $111M Large Enough to Compete, Small Enough to Show Growth Royal Gold is the right size for a sector with typically smaller transactions 356 stream/royalty transactions in the past 20 years 3 : Operating Cash Flow 1 ($M) Market Capitalization 2 ($B) $66.2 $48.6 $24.2 $7.5 $8.0 WPM FNV RGLD TFPM OR RGLD

20 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Precious Metals Exposure with Consistent Financial Performance Embedded Growth and Optionality

21 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 5x 12x 23x 167x 110x Shares Outstanding Avg. Gold Price Cash G&A Expenses Operating Cash Flow Revenue Growth from Calendar 2000 through 2025: Growth does not require increased G&A $5.1B Cumulative cash flow 84.5M Shares outstanding, the lowest share count in the GDX $7.8B Cumulative revenue Growth not dependent on gold price Accretive Growth Financed Without Significant Equity Dilution

22 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 1.9 1.7 1.1 2.6 3.0 4.3 YE 2005 YE 2018 2P Reserves M&I Resources +1.3 Moz added through exploration and conversion (Contained Gold M oz) 1 – Initial Expectation based on 2P reserve processed at 15,000 t/d, assumed $450/oz flat gold price, 2 – Resource Conversion based on actual production at $450/oz flat gold price, 3 – Actual royalty revenue received. Case Study: Embedded Optionality Unlocks Return Uplift 8.0% 2.8% 25.1% 1.4x increase in R&R helped drive 4.5x return uplift Acquisition return (%) Initial expectation at date of acquisition Additional return from resource conversion and mine life extension 2 Additional return from exposure to higher gold price received over the extended mine life 3 +35.9% Mulatos – Alamos Gold • Acquired 1.5% NSR in 2005, capped at 2M oz; cap reached in 2019 • Pre-tax return of ~36% vs. 8% base case • Return uplift driven by resource growth and gold price appreciation • Realized over 14 years with no incremental capital post-acquisition

23 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Robust Development Pipeline Provides Organic Growth Potential 2026 2030+ Warintza Solaris Resources Oyu Tolgoi (HNE) Rio Tinto MARA Glencore Great Bear Kinross Fourmile (Cortez) Barrick Mining Back River B2Gold Platreef Ivanhoe Mines Robertson (Cortez) Nevada Gold Mines Hod Maden SSR Mining Gualcamayo ASIA Group Cactus Arizona Sonoran

24 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Peer Range RGLD P / NAV 1.93x P / CF 19.4x 0x 10x 20x 30x 40x 50x 60x Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Peer Range RGLD ** Peers include Franco-Nevada, Wheaton Precious Metals, OR Royalties, and Triple Flag. Source: CapIQ. Trading at Historically Attractive Multiples Royalty model trades at a premium due to cash flow consistency, embedded growth, and minimal operating risk 19.4x 1.93x

Appendix

26 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Gold is a Unique Strategic Asset Gold is uncorrelated and is a diversifier that provides a hedge against systemic risk, currency depreciation and inflation Gold has performed well relative to other asset classes Annual Gold Return and Inflation US$ returns, 1971 – Dec. 31, 2024 Source: World Gold Council publications “Gold as a strategic asset 2025 edition” Correlation of Gold vs. US Stock Returns Weekly returns in US$, 1994 – Dec. 31, 2024 Annualized return over the past 1, 3, 5, 10 and 20 years Returns from December 31, 2004 – December 31, 2024 Value of Currencies and Broad Commodities Relative to Gold Value in ounces of US$ gold, Jan. 2000 – December 31, 2024 Gold price tends to increase in periods of systemic risk

27 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Gold Momentum Builds Strongest ETF Inflows Since 2020 and Historical Rallies Averaging Over 1,000 Days Source: World Gold Council publications “Gold Demands Trends Q3 2025” and “Gold hits US$4,000/oz - trend or turning point?” Strongest YTD Inflows for Gold ETFs since 2020 Quarterly ETF demand and AUM, by region (as of September 30, 2025) Previous Major Gold Rallies Have Lasted on average 1,062 days Percentage return from trough to peak during gold price rallies (as of October 9, 2025) Strong investment demand amid geopolitical tensions, dollar weakness, US Fed cut expectations, equity and bond market risks Gold performance driven by:

28 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Stream/Royalty Acquisition Process Royal Gold’s role in the mining value chain can be tailored to fit the needs of the operating partner EXPLORATION • Interest is typically in the form of a royalty, and may include a right to finance future project development • Financing proceeds are generally used toward exploration or early project development DEVELOPMENT • Interest is typically in the form of a stream, or a royalty with a right to finance further project development • Financing proceeds are generally used toward project development PRODUCTION • Interest is typically in the form of a stream • Financing proceeds are generally used toward production expansion, development of new projects, or other corporate purpose STREAM • A purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement ROYALTY • A right to receive a percentage or other denomination of mineral production from a mining operation, after deducting specific costs (if any) ROYALTIES ROYALTIES STREAMING STREAMING Royal Gold Payment Royal Gold Engagement Phase of Project Development

29 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Stream/Royalty Detail From a cash flow perspective, streams and royalties are comparable in that the revenue from a stream less the ongoing cash price paid roughly equals a royalty-like interest in production ROYALTIES • Royalties are typically cash-settled. • A royalty is typically structured as gross smelter return (GSR), net smelter return (NSR), net value (NVR), gross value (GV) or net profits interest (NPI). The difference is the amount of deductions permitted prior to calculation of the royalty, ranging from zero deductions (GSR) to defined capital and operating costs (NPI). • In certain jurisdictions, a royalty can be an interest in real property that “runs with the land” in the event of an ownership transfer of mineral rights, even if the transfer occurs through bankruptcy. Often, it is registered in government records on the title to the mineral rights. • The sale of a royalty is often treated as a disposition of mineral interests and subject to upfront taxation to the operator. STREAMS • Streams are typically settled by delivery of metal. • A stream is typically structured as the purchase by the streaming company of a percentage of metal produced in return for an upfront cash investment and an ongoing cash price per unit of metal delivered. • A stream is structured as a contractual arrangement. An analysis of the credit profile of a counterparty is an important part of due diligence for streams. • The sale of a stream is not taxable upfront in most jurisdictions, so it is a more tax-efficient source of finance. STREAMS 67% ROYALTIES 33% Royal Gold 2025 Revenue Split

30 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Stream Financing is Significant Stream financing has become a mainstream source of capital to the global mining industry PROJECT DEVELOPMENT 58% BALANCE SHEET RESTRUCTURING/ VALUE CREATION 36% USE OF PROCEEDS All Industry Participants Total Stream Investments by all companies $28.3B 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 OTHER 1% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $0 $1 $2 $3 $4 $5 US$ Billions Stream Funds (LHS) YE Gold Price (RHS)

31 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 History of Stream Transactions 2004 – 2025 Most stream transactions have been smaller than $300M <$100M $100 < $200M $200 < $300M $300 < $400M $400 < $500M $500M+ Source: Royal Gold, internal tracking files <$100M ~50% Average Size $198M Transactions 2004-2025 143 Transactions >$500M 20 12 Balance sheet restructurings 7 Project Development 1 M&A

32 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Robust Due Diligence Drives Disciplined Approach to Acquisitions Due diligence process includes: $8 $35 $273 $312 $330 $200 $35 $276 $938 $70 $11 $273 $11 $340 $889 $106 $1,263 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Commitments (US$ M) Alturas, Barrick Mara Rosa, Amarillo Back River, B2Gold Cactus, Arizona Sonoran 37 asset transactions 1 1-2 / year $5B Khoemaca u, Cupric Castelo de Sonhos, TriStar Troy, Revett Silver Taparko, High River Gold Andacollo, Teck Mount Milligan I, Thompson Creek Mount Milligan II, Thompson Creek Tulsequah, Chieftain Mount Milligan III, Thompson Creek Ruby Hill, IMC Asset, Operator Cortez (additional royalty), Barrick Red Chris, Newcrest Xavantina I, Ero Copper Côté Gold, IAMGOLD • Technical − Geology, reserve/resource definition − Mining − Metallurgy − Operating and capital costs − Infrastructure − Geotechnical • Legal − Title, permitting, mining law • ESG − Environmental impact − Social license − Community impact • Financial/Credit analysis • Management references Wassa & Prestea, Golden Star Andacollo, Teck Rainy River, New Gold Pueblo Viejo, Barrick Pascua Lama (additional royalty), Barrick Cortez (additional royalties), Barrick Great Bear, Kinross Lawyers, Benchmark Metals La Fortuna (El Morro), Xstrata Cortez (additional royalties), Barrick Goldrush, Barrick Phoenix, Rubicon Ilovitza, Euromax Manh Choh (Tetlin), Contango Xavantina II, Ero Copper Lawyers-Ranch, Benchmark Metals Warintza, Solaris Resources Kansanshi, First Quantum 1 – Corporate and portfolio acquisitions not included.

33 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 $0 $250 $500 $750 $1,000 $1,250 $1,500 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Total Available Credit Facility Amount Drawn Acquisitions: Red Chris Xavantina Cote Credit Facility is a Flexible and Strategic Financing Tool • $1.4B credit facility (increased from $1B effective August 5, 2025) • Strong and diversified syndicate: BNS, CIBC, BofA, BMO, NBF, RBC, TD • Maturity date: June 30, 2030 • Current drawn interest rate of SOFR + 1.20% Acquisitions: Pueblo Viejo Andacollo Wassa & Prestea Rainy River Repayment of convertible notes Precautionary draw at beginning of pandemic Acquisitions: Cortez royalties (Rio Tinto and Idaho) Credit facility is low-cost instrument to manage liquidity 1 – As of December 31, 2025. Does not include additional revolver repayments in January and February 2026 of $75M and $100M respectively. 2 – Net Debt/Adjusted EBITDA is a non-GAAP financial measure. See Appendix for additional information. Acquisition: Kansanshi Acquisition: Sandstorm Net debt/Adj. EBITDA 2 0.79x Current Leverage 1 :

34 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Experienced Independent Directors Highly capable, independent board, with deep experience across the gold sector William Hayes Fabiana Chubbs Independent Director Independent Director Chair of the Board Retired EVP Project Development and Corporate Affairs Placer Dome Retired CFO Eldorado Gold Jamie Sokalsky Ronald Vance Sybil Veenman Retired Director and President and CEO Barrick Gold Retired SVP Corporate Development Teck Resources Retired General Counsel Barrick Gold Independent Director Independent Director Independent Director Mark Isto Retired EVP and COO of Royal Gold Corp. Non-Independent Director

35 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Experienced Management Team Senior Management William Heissenbuttel Paul Libner Randy Shefman Daniel Breeze Alistair Baker Allison Forrest Jason Hynes Martin Raffield President and CEO of Royal Gold, Inc. SVP and CFO SVP and General Counsel SVP, Corporate Development, RGLD Gold AG SVP, Investor Relations and Business Development, Royal Gold Corp. VP, Investment Stewardship SVP, Strategy and Business Development, Royal Gold Corp. SVP, Operations David Crandall VP, Corporate Secretary and Chief Compliance Officer

36 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Management Compensation Structure Short-term and long-term incentive program seeks to align compensation with the factors that drive and measure total shareholder return • Short Term Incentives focused on financial, operational, strategic, stewardship and risk management, and individual performance • Long Term Incentives involve total shareholder return over multiple periods • All incentives that could be impacted by metal prices alone are addressed by holding prices steady throughout an award timeframe • Guaranteed salaries or other compensation, special benefits, defined benefit pension plans, repricing of stock options without shareholder approval are NOT part of the compensation program 1 – Compensation breakdown for 2024. Please refer to the 2025 Proxy Statement for additional detail. Compensation breakdown: 1

37 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Retail 9% Passive 43% Active 48% US Domicile and Register are Unique Top 5 42% Top 6-10 12% Top 11-20 8% Other Identifiable 28% Remainder 9% U.S. BASED • Only U.S. based precious metals streaming and royalty company • Member of >200 U.S. indices • 84.5M shares outstanding 1 ; lowest in the GDX Register Breakdown 2 Source: NASDAQ, per 13-F filings; June 30, 2025 or as available. 1 – As of December 31, 2025. 2 – Breakdown and Orientation as of June 30, 2025 and do not include effect of additional shares issued. Dominant Orientation 2

38 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Shareholder Base Reflects Company’s Unique Position Shareholder base is institutional with some unique characteristics • 37% of investors are Index investors • High-quality shareholder register, with large and long-term institutional investors comprising the majority of the register Investor Styles Ownership Trends Source: NASDAQ, per 13-F filings; June 30, 2025 or as available 42.2% 42.5% 42.3% 42.4% 42.7% 43.7% 42.9% 42.8% 12.4% 12.8% 11.9% 11.6% 11.6% 11.2% 11.2% 13.6% 7.9% 7.8% 8.0% 8.2% 7.8% 7.1% 7.7% 8.3% 27.8% 26.8% 25.6% 25.1% 25.2% 24.1% 23.8% 22.9% 9.3% 9.7% 11.8% 12.3% 12.5% 13.7% 14.5% 12.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% June-25 March-25 December-24 September-24 June-24 March-24 December-23 September-23 Top 5 Top 6-10 Top 11-20 Other Identifiable Remainder (Retail) Index 37% Growth 30% Value 11% HF 6% Retail 9%

39 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 The Right Assets Should Show Return Growth Over Time Assets with growth potential provide multiples of payback and higher returns as mine lives lengthen 6.3% 6.6% 7.6% 6.4% 6.4% 6.3% 4.1% 2.1% 0.4% 0.1% 9.8% 9.8% 19.5% 9.1% 9.1% 9.6% 12.1% 2.3% 1.1% 0.4% Andacollo Mt. Milligan Golden Star Rainy River Pueblo Viejo Khoemacau Xavantina Red Chris Cortez (Rio Tinto) Cortez (Idaho) Apr-09 Jul-10 May-15 Jul-15 Aug-15 Feb-19 Jun-21 Aug-21 Aug-22 Dec-22 15.9 14.6 9.8 9.6 9.5 6.0 3.6 3.5 2.5 2.2 2.56x 2.27x 5.56x 1.56x 2.63x 2.22x 2.50x 1.61x 1.19x 0.83x Less time in portfolio Deal Date: Years Since: Expected Payback Over LOM: Source: Scotia Capital Research, included are 10 largest individual (ie. non-portfolio) acquisitions through 2024. IRR at Deal Date IRR at December 2024

40 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Assets with Growth Potential Provide Excess Returns Over Time Royal Gold has a track record of adding value through investing in assets with growth potential 1 – Refers to Legacy Royalties only; 2 – Consensus NAV (available analyst estimates) as of February 3, 2025. • As of December 31, 2024, cash flow received to date and forward Street estimates of stream/royalty net asset values exceed initial investments for our largest interests 1 • Optionality from resource conversion is not always included in NAV estimates Less time in portfolio $81 $100 $782 $610 $525 $265 $729 $602 $443 $1,134 $577 $481 $74 $599 $232 $1,124 $791 $504 $468 Cortez Penasquito Mount Milligan Pueblo Viejo Andacollo Khoemacau Initial Investment CF Received (End 2024) Consensus NAV (Current) 2 1 Years in portfolio: 34 19 16 11 11 6 Includes 2022 transactions for Rio Tinto Royalty ($525M) and for Idaho Royalty ($204M)

41 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Our Investing Success Rate is High Royal Gold is an effective steward of shareholder capital • Royal Gold has invested ~$10.7Bn of capital in royalty and stream assets 1 • Impairments have been limited over a long investing history • Impairments account for ~1% of Total Invested Capital (excluding Pascua- Lama, which remains in the portfolio) USD Millions $10,703 $370 $130 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 Total Invested Capital Pascua-Lama, Phoenix Gold, and Wolverine account for 94% of Total Impairments Total Impairments Total Impairments excluding Pascua-Lama Pascua-Lama royalty remains in our portfolio 1 – As of December 31, 2025.

42 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Overlapping Royalties at Cortez Create High Royalty Rates 1. Approximate equivalent royalty after blending the detailed royalty rates for the Cortez Complex production forecast for 2026-2035. Assumes total deduction to the Rio Tinto Royalty of 4%, and a 65% conversion from NVR to GSR rates for the Legacy royalties. 2. Legacy Royalties are those royalties held by Royal Gold prior to August 2, 2022, and consist of overlapping royalties on the Pipeline and Crossroads deposits, with additional royalties covering a portion of the Goldrush deposit and other exploration areas. Additional royalty interests were acquired at NVR1 and NVR1C in September, 2025. 3. The overlapping royalties in the Legacy Zone are equivalent to an approximate 8% GSR royalty on production subject to this interest. 4. GSR1 and GSR2 are sliding-scale gross value royalties that vary from a rate of 0.4% at gold prices less than $210/oz to 5.0% at gold prices greater than $470/oz. 5. A small portion of the Crossroads deposit has a royalty rate of 4.94%. 6. NVR2 covers the south-east extension of the Goldrush Project on the Flying T Ranch. 7. The Rio Tinto Royalty is a sliding-scale gross value royalty that varies from a rate of 0.0% at gold prices less than $400/oz to 3.0% at gold prices greater than $900/oz on 40% of the production from the undivided Cortez Complex, excluding the existing Robertson deposits. Deductions from the royalty payment are limited to third party royalties that existed prior to January 1, 2008, which include the Legacy Royalties and the Idaho Royalty. For details of the Rio Tinto Royalty calculation see the January 5, 2023, press release Royal Gold Announces Acquisition of Additional Royalty Interests on the World- Class Cortez Gold Complex in Nevada and Outlines Simplified Approach to Describing Royal Gold’s Multiple Royalty Interests at Cortez 8. Idaho Royalty rates are rounded. 9. 1.0-2.25% sliding scale NSR royalty acquired with the acquisition of Sandstorm Gold on October 20, 2025. See previous slide for accompanying notes to royalty map Rio Tinto Royalty Idaho Royalty Sandstorm Royalty Royalty Rate Approximate Blended Rate 3 GSR1, GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1 4.94% NVR GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1C 4.55% NVR 5 Cortez Hills Underground Oxide mill, roaster, autoclave Cortez Pits Open Pit Oxide mill, heap leach, roaster Fourmile Underground Roaster, autoclave Goldrush Underground Roaster, autoclave Goldrush SE Underground Roaster, autoclave 2.3% NVR2 1.0% NVR 6 Robertson Open Pit Oxide mill, heap leach 2.6% 2.25% NSR 9.0% 1.6% Development 0.24% GSR Royalty Rate 9 Simplified Royalty Rates Legacy Zone CC Zone Approximate Blended GSR Rate 1 0.45% GSR 1.2% GVR 7 Royalty Rate Royalty Rate Royalty Rate 8 Mine/Deposit/Area Mine Type Ore Process Detailed Royal Gold Royalty Coverage and Rates Legacy Royalties 2 Royalty Applicable Producing Pipeline Open Pit Heap leach, oxide mill, roaster, autoclave 8% GSR Heap leach, oxide mill, roaster Open Pit Crossroads

43 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 NGM Expects Significant Production Growth from the Cortez Complex Planned conversion of resources to reserves has potential to extend open pit operations to at least 2038 and underground operations to at least 2052 1. 2027-2030 based on production profile provided in Barrick’s Nevada Site Visit Presentation, September 18, 2025. Excludes Fourmile. 2. Calculated from Barrick’s disclosure of its 61.5% share of production and grossed up to determine production for 100% of entire property. 3. Approximate royalty rates – see prior slide for detail. Production mix expected to evolve with new deposits Goldrush (1.6% GSR 3 ): • +400,000 oz/year by 2028 Robertson (2.6% GSR 3 ): • Feasibility study underway; first production in 2027 • Key source of oxide mill feed Fourmile (1.6% GSR 3 ): • Updated 2025 PEA outlines 600,000-750,000 oz/year over 25+ year mine life • Barrick has estimated exploration upside of 32-34 Mt at 15-16 g/t outside of the 2024 mineral resource • 100% owned by Barrick 0 100 200 300 400 500 600 700 800 900 1,000 2025 Actual 2026 2027 2028 2029 2030 Cortez - 100% Production 1,2 (k oz) 738k oz 700-780k oz

44 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Advancing High-Quality Targets a Continued Focus Focus on conversion and addition of inventory at CHUG, Cortez Pits, Crossroads and Robertson Robertson - Record of Decision received mid- November 2024 - FS underway Cortez Hills Underground (CHUG) - Drilling from underground platforms to test extensions and target feeder zones below the mine - Mineralization extends 500m west from the first discovery hole - Hanson target has potential to be added to reserves in the upcoming years Distal - Infill drilling confirmed continuity of above mining-grade material near surface Goldrush - Both surface and underground exploration drilling will ramp up in 2026 to evaluate the northern area of Goldrush Swift 2 - NGM continuing to earn in - Drilling has intersected higher-grade mineralization Fourmile (100% Barrick) - 2026 expenditure of $150-160M planned - Mineral resources covers 1/3 of overall orebody Sophia/Dorothy - Targeting extension of existing mineral resources - Assessing options for independent exploration decline 1. Location of gold deposits and targets shown are based on disclosures by NGM and other public sources and are approximate. 2. The Idaho Royalty (0.45% GSR) will apply to any NGM interest acquired on the Swift property.

45 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 World Gold Council – 247 Initiative

46 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Non-GAAP Measures Overview of non-GAAP financial measures: Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non- GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgement. Non-GAAP financial measures used by management in this presentation or elsewhere include the following: 1. Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. 2. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. Cash G&A margin represents cash G&A divided by total revenue. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. 3. Total Cash Cost per GEO is a non-GAAP financial measure that is calculated by the Company by subtracting depreciation, depletion and amortization, impairment of royalty interests and non-cash employee stock compensation from total costs and expenses for a period and dividing the result by total GEOs for the same period. We believe Total Cash Cost per GEO provides a useful comparison to an operator’s total cash costs per ounce.

47 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (amounts in thousands) Net income Depreciation, depletion and amortization Non-cash employee stock compensation Acquisition related costs Fair value changes in equity securities Loss on sale of marketable securities Interest and other, net Income tax expense Non-controlling interests in operating income of consolidated subsidiaries Adjusted EBITDA Net income margin Adjusted EBITDA margin Twelve Months Ended December 31, 2025 2024 $ 471,576 $ 332,479 177,082 144,426 11,805 11,892 26,508 – (327) 66 50,017 – 14,611 3,741 102,290 93,613 (5,295) (456) $ 848,267 $ 585,760 46% 46% 82% 81% December 31, September 30, June 30, March 31, (amounts in thousands) 2025 2025 2025 2025 General and administrative expense $17,638 $10,213 $10,269 $11,063 Non-cash employee stock compensation (2,952) (2,942) (2,714) (3,198) Cash G&A $14,686 $7,271 $7,555 $7,865 TTM cash G&A $37,378 TTM revenue 1,030,471 TTM cash G&A margin 4% Three Months Ended Adjusted EBITDA and Adjusted EBITDA margin: Cash G&A and Cash G&A Margin: Total cash cost per GEO: (amounts in thousands, except gold price, GEO, and per GEO amounts) Total costs and expenses $ 392,304 Depreciation, depletion and amortization (177,082) Non-cash employee stock compensation (11,805) Total Cash Costs $ 203,417 Revenue $ 1,030,471 Average LBMA PM fixing price for gold for 2025 3,432 GEOs 300,300 Total costs and expenses per GEO $ 1,306 Total Cash Costs per GEO $ 677 2025 The Year Ended December 31, Debt $ 895,436 Debt issuance costs 4,564 Cash and equivalents (233,719) Net debt / (cash) $ 666,281 Net debt / (cash) to Adjusted EBITDA 0.79x

48 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Certain Other Measures We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this presentation and elsewhere include the following: 1. Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. 2. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. 3. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. 4. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period.

Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com