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.