INVESTOR DAY 2026 $0 $400 $800 $1,200 $1,600 USD Millions Stream & Royalty Transactions 1 88 Transaction Timing Can Be Unpredictable We need to be prepared for opportunities that may arise quickly 1) Royal Gold transactions including stream, royalty, and portfolio package acquisitions. Excludes corporate acquisitions. $4.1B Completed in 2025 Sandstorm/Horizon $0.7B Completed in 2010 IRC Corporate Transactions