INVESTOR DAY 2026 101 Royal Gold is Currently Trading Well Below Peers RGLD $20B FNV $45B WPM $56B OR $7B TFPM $7B 10.0X 13.0X 16.0X 19.0X 22.0X 25.0X 1.0X 1.5X 2.0X 2.5X P/CF P/NAV We believe recent developments should help us capture higher multiples Source: CapIQ as of March 25, 2026.