INVESTOR DAY 2026 $10,703 $370 $130 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 Total Invested Capital Total Impairments excluding Pascua-Lama Royal Gold has invested ~$10.7B of capital in royalty and stream assets 1 Impairments have been limited over a long investing history Impairments account for ~1% of Total Invested Capital (excluding Pascua-Lama, which remains in the portfolio) Royal Gold is an effective steward of shareholder capital Our Investing Success Rate is High 1) As of December 31, 2025. Pascua-Lama, Phoenix Gold, and Wolverine account for 94% of Total Impairments Pascua-Lama royalty remains in our portfolio 92 USD Millions