INVESTOR DAY 2026 $320 $413 $443 $430 $468 $562 $654 $603 $606 $719 $1,030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (US$ Million) Gold Silver Copper Other 14 Gold is the Dominant Driver of Revenue 40+ years of consistent, focused execution 1) See Appendix for additional information about gold equivalent ounces (“GEO”). 2) Beta calculation for the period 1/1/16 – 12/31/25. Source: Bloomberg, FactSet. Royal Gold’s beta vs. Gold Price and S&P 500 shows higher leverage to gold with lower exposure to general market risk 1.63 β Gold Price 0.53 β S&P 500 2025 Gold Equivalent Ounces 1 300,300 oz 12% CAGR