28 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 CORTEZ USA RED CHRIS CANADA • Additional royalties provide exposure to entire Cortez Complex, with overlapping royalties creating high royalty rates • Longer-term potential being evaluated at Fourmile (Dorothy target and underground resource delineation) and Robertson (expanding pit designs) • 1% NSR royalty on producing copper/ gold/silver mine • Pre-Feasibility Study for transition from open pit to large-scale underground operation indicates 36-year mine life • Far East Ridge has the potential to become the fifth porphyry center along the Red Chris porphyry corridor XAVANTINA BRAZIL • 25% gold stream on producing gold mine with significant near-mine and regional exploration potential • Matinha vein production commenced in Q3 2023 • NX 60 Project expected to sustain gold production of 55-60k oz/year in 2024+ Recent Additions Expected to Provide Further Longer-Term Growth CÔTÉ CANADA • 1% NSR royalty on the Chester 3 claims covering ~70% of current reserves • Expected 18-year mine life, with average production of 495k oz/year for 1 st 6 years • First gold pour achieved in March 2024 and commercial production reached August 2, 2024 GREAT BEAR CANADA • 2% NSR royalty on 9,140 hectare land package • Targeting development of a high-grade, long- life mining complex • September 2024 PEA highlights an initial LOM of ~12 years with total production of ~5.3M oz of gold; drilling below current resource shows potential for further resource expansion BACK RIVER CANADA • ~1.1% equivalent GSR royalty over Back River District; adds to existing royalty position and results in equivalent ~3.3% GSR royalty over Goose Project after 780k oz of production • Goose Project construction underway, first production expected in Q2 2025 • Expected gold production of 3.3M oz from Goose Project over 15-year mine life