24 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Peer Range RGLD P / NAV 1.93x P / CF 19.4x 0x 10x 20x 30x 40x 50x 60x Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Peer Range RGLD ** Peers include Franco-Nevada, Wheaton Precious Metals, OR Royalties, and Triple Flag. Source: CapIQ. Trading at Historically Attractive Multiples Royalty model trades at a premium due to cash flow consistency, embedded growth, and minimal operating risk 19.4x 1.93x