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