5 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 $750.8 $991.2 $415.8 $141.6 $154.1 $152.8 $26.1 $23.6 $8.8 $3.5 $3.1 $1.7 WPM FNV RGLD OR TFPM SAND Royal Gold is Large Enough to Compete, Small Enough to Show Growth Operating Cash Flow 1 ($M) Market Capitalization 2 ($B) • Significant cash flow provides a source of financing for large transactions • “Small” transactions, like Khoemaca u ($265M), can move the needle for Royal Gold RGLD 1 – Full year 2023. 2 – As of January 3, 2025. Source: Company reports, FactSet.