53 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 NGM Expects Significant Production Growth from the Cortez Complex 1. Based on production profile provided in Barrick’s 2023 Annual Report. 2. Calculated from Barrick’s disclosure of its 61.5% share of production and grossed up to determine production for 100% of entire property. 3. Approximate royalty rates – see prior slide for detail. Production mix expected to evolve with new deposits Goldrush (1.6% GSR 3 ): • 130,000 oz expected in 2024 • +400,000 oz/year by 2028 Robertson (0.45% GSR 3 ): • First production in 2027 • Key source of oxide mill feed Fourmile (1.6% GSR 3 ): • 2023 conceptual PEA outlined 300,000-400,000 oz/year over 15+ year mine life; Barrick now indicating potential for >500,000 oz/year over more than 2 decades • Decision to start Pre-Feasibility Study by end of 2024 • 100% owned by Barrick Planned conversion of resources to reserves has potential to extend open pit operations to at least 2038 and underground operations to at least 2052 0 200 400 600 800 1,000 1,200 1,400 2023 Actual 2024 2025 2026 2027 2028 Cortez - 100% Production 1,2 (k oz) Crossroads : resource model changes expected to reduce oxide mill feed, partially offset by Goldrush contribution 891k oz 620-680k oz