INVESTOR DAY 2026 $97 $6 $165 July 3, 2025 (Pre-Sandstorm/Horizon) Expected Accretion Current March 25, 2026 29 Value created for Royal Gold shareholders via: Metal price increase Positive portfolio developments — Mount Milligan mine life extension — Fourmile exploration success — Khoemaca u expansion — MARA RIGI and development plan — Platreef start-up Accretive transactions — Sandstorm/Horizon — Kansanshi gold stream — Warintza stream & royalty Large and gold-focused portfolio provides leverage to higher metal prices Value Created for Royal Gold Shareholders 1) CapIQ consensus estimates (July 3, 2025, and March 25, 2026). 2) Expected Accretion is a Royal Gold estimate using consensus estimates at the time of announcing Sandstorm/Horizon acquisition. 6% 70% Significant NAV/share Accretion in 2025 1 1 2