18 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Business Model is Highly Efficient and Scalable $2,321 $407 $2,429 $1,799 $2,891 $22,317 $783 $481 $1,625 $950 $491 $21,214 $1,327 $21,682 $10,833 $24,174 $307,051 $3,122 $2,447 $675 $1,687 $969 ENTERPRISE VALUE 1 /EMPLOYEE 2 (US$ 000s as of September. 30, 2024) TOTAL REVENUE/EMPLOYEE 2 (US$ 000s 12 Mo. ended September. 30, 2024) 3 1 – Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. 2 – Employee count as of December 31, 2023, except for Apple, which is as of September 30, 2023. 3 – Twelve months ended September 30, 2024, except for Glencore, Rio Tinto, and Anglo American, which are twelve months ended of June 30, 2024. Source: Capital IQ