48 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Development / Evaluation Assets Support Longer-Term Optionality Back River first production expected Q2 2025 Côté Gold first gold poured Q1 2024, commercial production achieved August 2024 Marban PEA expected Q4 2024, Feasibility Study to commence early 2025 Granite Creek Feasibility Study on open pit and underground underway Hasbrouck Mountain 2023 Feasibility Study indicates production of 70,000oz/year Manh Choh first gold poured July 2024 Castelo de Sonhos permitting underway for open pit with production of 146,000oz/year in first 6 years Mara Rosa first gold poured February 2024, expecting 100,000oz/year in first 4 years Las Cruces permits in place for 20-year underground operation DEVELOPMENT Great Bear PEA completed September 2024 indicates production of ~500,000/oz/year, exploration continuing KSM early stage "substantial start" construction underway Berg PEA completed in 2023 contemplates 90,000t/d copper/gold operation Lawyers PEA completed September 2024 outlines production of 215,000oz AuEq/year over a 14-year mine life North Island PEA completed in 2021 considers 75,000t/d operation over 22-year mine life Schaft Creek 2024 work program to advance project to Pre-Feasibility stage Los Chancas copper/moly production targeted for 2030 Pascua-Lama updated PEA to outline potential project options expected in 2024 EVALUATION Côté Gold, Canada Great Bear, Canada