66 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Non-GAAP Measures Free cash flow: Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2024 2023 2024 2023 Net cash provided by operating activities $ 136,651 $ 98,122 $ 388,450 $ 314,704 Acquisition of stream and royalty interests (3,427) (8) (55,683) (2,678) Free cash flow $ 133,224 $ 98,114 $ 332,767 $ 312,026 Net cash used in investing activities $ (3,433) $ (6) $ (30,774) $ (2,827) Net cash used in financing activities $ (79,568) $ (101,372) $ (333,961) $ (327,562) Three Months Ended Year Ended December 31, December 31, (amounts in thousands) 2023 2022 2023 2022 Net cash provided by operating activities $ 101,088 $ 101,026 $ 415,792 $ 417,345 Acquisition of stream and royalty interests — (206,326) (2,678) (922,155) Free cash flow $ 101,088 $ (105,300) $ 413,114 $ (504,810) Net cash used in investing activities $ (2) $ (206,371) $ (2,829) $ (922,876) Net cash (used in) provided by financing activities $ (99,820) $ 101,693 $ (427,382) $ 480,566