17 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 Operator costs tend to rise with commodity prices while RGLD’s costs remain stable (US$/oz) Cash G&A Production Taxes Cost of Sales Labor Energy Reagents Other Onsite TCRC & Shipment Royalty RGLD Producers ~$677 ~$1,098 Metal price dependent Subject to inflation 1 2 Metal price dependent Subject to inflation RGLD Cash G&A Expense 3 : 1 – This is a non-GAAP measure calculated as total costs and expenses ($392M), less DD&A ($177M), and non-cash employee stock compensation expense ($12M), per GEO (300,300) for calendar 2025. 2 – Industry average total cash costs per ounce for 2025 – based on reported/actual data where available; Source: S&P Market Intelligence. 3 – Breakdown of 2025 calendar Cash G&A; Cash G&A is a non-GAAP financial measure. Cost Structure and Business Model Reduce Inflation Exposure 60% 16% 8% 5% 1% 10% Salaries Accounting, tax and legal Office Sustainability / Donations Business Development Other