65 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Non-GAAP Measures Adjusted net income and adjusted net income per share: Cash G&A: Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Three Months Ended Year Ended December 31, December 31, (amounts in thousands) 2023 2022 2023 2022 General and administrative expense $ 9,741 $ 8,815 $ 39,761 $ 34,612 Non-cash employee stock compensation (2,354) (1,779) (9,696) (8,411) Cash G&A $ 7,387 $ 7,036 $ 30,065 $ 26,201 Three Months Ended December 31, September 30, June 30, March 31, (amounts in thousands) 2023 2023 2023 2023 General and administrative expense $ 9,741 $ 9,927 $ 9,093 $ 11,000 Non-cash employee stock compensation (2,354) (2,763) (1,943) (2,636) Cash G&A $ 7,387 $ 7,164 $ 7,150 $ 8,364 TTM cash G&A $ 30,065 Three Months Ended Year Ended December 31, December 31, (amounts in thousands, except per share data) 2023 2022 2023 2022 Net income and comprehensive income attributable to Royal Gold common stockholders $ 62,780 $ 56,373 $ 239,440 $ 238,982 Fair value changes in equity securities (25) 282 147 1,503 Impairment of royalty interests — 4,287 — 4,287 Discrete tax benefits — — (8,462) (18,755) Great Bear Royalty acquisition foreign currency loss — — — 2,147 Other non-recurring adjustments — — 2,440 — Tax effect of adjustments 7 (1,211) (685) (2,103) Adjusted net income and comprehensive income attributable to Royal Gold common stockholders $ 62,762 59,731 $ 232,880 $ 226,061 Net income attributable to Royal Gold common stockholders per diluted share $ 0.95 $ 0.86 $ 3.63 $ 3.63 Fair value changes in equity securities — — — 0.02 Impairment of royalty interests — 0.07 — 0.07 Discrete tax benefits — — (0.13) (0.29) Great Bear Royalty acquisition foreign currency loss — — — 0.03 Other non-recurring adjustments — — 0.04 — Tax effect of adjustments — (0.02) (0.01) (0.03) Adjusted net income attributable to Royal Gold common stockholders per diluted share $ 0.95 $ 0.91 $ 3.53 $ 3.43