8 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Gold Leverage with Market-Leading Return β S&P 0.49 β Gold 1.81 Beta vs. Gold Price Will provide higher leverage to gold... Beta vs. S&P 500 ...with lower exposure to general market risk A stable, sustainable investment... Beta calculation for the period 10/1/14 – 9/30/24. Source: Bloomberg, FactSet 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 RGLD GDX Spot Gold SP500 DJIA 4.62 3.34 4.71 3.84 0.94 ...with a heritage of market outperformance (5/22/06 – 1/3/25) Indexed since the formation of the GDX