INVESTOR DAY 2026 $53 $58 $50 $43 $44 $49 $48 $48 $60 $87 $137 $191 140 143 159 172 168 161 179 192 159 123 84 82 $0M $40M $80M $120M $160M $200M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ADTV Turn of Float Liquidity Comparison On a relative-to-float basis, Royal Gold is more liquid than its large-cap peers 1. Source: TD Securities, Average daily trading volume is a 6-month average, calculated end of January 2026. in USD Millions Royal Gold Wheaton PM Franco-Nevada Market cap 1 $24,790 $67,803 $50,429 Average daily trading volume $302 $505 $363 # of days to turnover float 82 134 138 Royal Gold's liquidity profile improved significantly in the second half of 2025 2025 2024 2023 100