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 :