INVESTOR DAY 2026 38% 35% 23% 4% 85 Financing Needs Balance sheet restructuring, development projects, expansion Mergers & Acquisitions Assist buyer through stream and royalty financing Third Party Stream and Royalty Sales Purchase existing streams and royalties from 3rd parties Sources of Transactions 1) Source: Royal Gold, internal tracking files & Scotiabank. January 1, 2010 to March 25, 2026. Project development Use of Proceeds 1 Balance sheet restructuring/ value arbitrage M&A Third party stream and royalty Sales