10 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 4x 6x 18x 98x 64x Shares Outstanding Avg. Gold Price Cash G&A Expenses Operating Cash Flow Revenue Change from Calendar 2000 through 2023 Accretive Growth Financed Without Significant Equity Dilution Cumulative Revenue $6.1B Cumulative Operating Cash Flow $3.9B Cum. Cash G&A 1 Expenses $354M Up to $1,941 /ounce Only 65.6M shares Since calendar year 2000: 1 –G&A Expense less Non-Cash Employee Stock Compensation Expense. For the period calendar 2000 through 2023 cumulative G&A Expense was $472M and Non-Cash Employee Stock Compensation Expense was $118M.