44 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 6.3% 6.6% 7.6% 6.4% 6.4% 6.3% 4.1% 2.1% 0.4% 0.1% 9.8% 9.1% 20.2% 7.2% 9.0% 8.3% 8.9% 2.1% 1.0% 0.5% Andacollo Mt. Milligan Golden Star Rainy River Pueblo Viejo Khoemacau Xavantina Red Chris Cortez (Rio Tinto) Cortez (Idaho) Apr-09 Jul-10 May-15 Jul-15 Aug-15 Feb-19 Jun-21 Aug-21 Aug-22 Dec-22 15.0 13.7 8.9 8.7 8.7 5.1 2.8 2.6 1.7 1.3 2.56x 2.00x 3.85x 1.56x 2.94x 2.00x 1.89x 1.54x 1.18x 0.94x The Right Assets Should Show Return Growth Over Time Less time in portfolio Assets with growth potential provide multiples of payback and higher returns as mine lives lengthen Deal Date: Years Since: Expected Payback Over LOM: Source: Scotia Capital Research, included are 10 largest individual (ie. non-portfolio) acquisitions. IRR at Deal Date IRR at March 2024