INVESTOR DAY 2026 Evaluation and Execution Multi-step process can be completed quickly and efficiently 87 Technical, ESG, financial and legal Identify risks and opportunities Develop internal Life of Mine plan Determine optionality Recognize commodity price environment Risk profile determines discount rate Evaluate multiple scenarios Accretion to Royal Gold shareholders Be creative Share in optionality Protect Royal Gold’s interest Give operator flexibility to run their business Foster relationship for future investment opportunities Take a balanced commercial approach to reflect changing circumstances Support for operator community initiatives The investment process can be completed in as little as two to three months 100+ projects reviewed annually 0-3 typically close Ongoing Contract Management Transaction & Contract Structuring Financial Evaluation Due Diligence