INVESTOR DAY 2026 34 Long-Term Outlook +50k GEOs 2025 Actuals 2026 Range 5 Year Outlook Additional Long-Term Potential Expansions and new production are expected to drive longer-term growth 1) 2026 Range represents 2026 Guidance expressed in GEOs for comparison purposes only. 2026 Range is risk-adjusted by individual asset; 5 Year Outlook and Additional Long-Term Potential are based on the mid-points of operator guidance, production estimates provided by operators at steady state, and Royal Gold estimates, and are not risk-adjusted. 2026 Range provided for comparison purposes, and when comparing actual performance to guidance during 2026, we will refer only to sales volume by metal and not to a GEO range. 2) GEOs calculated at $4,000/oz Au, $55/oz Ag, $5/lb Cu, $7.30/lb Ni, $1.35/lb Zn, $0.91/lb Pb; 2026 Range uses mid-point of metal unit ranges for 2026 Guidance. 3) 5 Year Outlook includes expected stream rate step downs at Wassa and Rainy River (silver stream only). + New Mines Platreef Back River + 2025 Acquisitions Sandstorm/Horizon Kansanshi Excludes Mt. Milligan Deferred Gold Consideration payment 300k GEOs 365–410k GEOs 430–480k GEOs + New Mines La India Robertson (Cortez) Hod Maden (NSR) Great Bear Warintza Corani + Expansions Khoemaca u Platreef Phase 2 Bald Mt. Redbird 2 Excludes Hod Maden (30% JV) + New Mines MARA Fourmile (Cortez) Cactus (royalty area) Gualcamayo Horne 5 Oyu Tolgoi + Expansions Platreef Phase 3 Other Copper Silver Gold