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.