INVESTOR DAY 2026 Investment Criteria Business Development Process Continuously assess the opportunity against investment criteria People, project and place People Teams who can build and operate safely and sustainably for the benefit of all stakeholders Project Competitive cost position (post-investment); mine life and resource optionality providing exposure to multi-cycle cash flows; environmentally and socially sustainable plan Place Projects in communities that welcome sustainable mining, in countries open to foreign investment and with respect for the rule of law Strategic fit in existing Royal Gold portfolio Limit concentration risk, maintain gold bias Potential to generate cash flow for reinvestment and to grow shareholder returns Opportunities identified through inbound requests, internal initiatives and cultivating relationships Opportunity set monitored for changes that may upgrade investment prospect 1 2 86