11 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Financing and Capital Allocation Strategy Drives Shareholder Returns • Existing cash balances • Cash flow from operations • Debt (revolving credit facility) • Equity, when accretive TOTAL AVAILABLE LIQUIDITY $1.1B UNDRAWN CREDIT FACILITY $1B Financing strategy – prioritizes non-dilutive forms of capital in the order of: 1 – Working capital and drawn / undrawn credit facility as of September 30, 2024. Liquidity 1 $US M WORKING CAPITAL $116M 2023 Sources / Uses $119 $416 $(325) $(3) $(99) $(4) $104 Beginning Cash Balance (December 31, 2022) Operating Cash Flow Debt Drawn / (Repaid) Dividends Investments Misc. Ending Cash Balance (December 31, 2023) $US M