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.