54 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 2023 Growth Drilling Exceeded 30,700m (excluding Fourmile) Robertson - Potential to extend oxide ore processing beyond current mine life - Mineralization expanded beyond limits of existing resource pit shells, point to potential for material additions in 2024 Cortez Hills Underground (CHUG) - Drilling from underground platforms to test extensions and target feeder zones below the mine - Step-out drilling extended continuity of high-grade mineralization ~300m from existing drilling Distal - Infill drilling confirmed continuity of above mining-grade material near surface Goldrush Complex - Drilling continues from underground at Goldrush; from surface at Fourmile Swift 2 - NGM continuing to earn in Fourmile (100% Barrick) - $40M spending planned for 2024 - Evaluation program and dedicated study team to evaluate strike length - Targeting update to mineral resources at end of 2024 Sophia/Dorothy - Targeting extension of existing mineral resources - Assessing options for independent exploration decline 1. Location of gold deposits and targets shown are based on disclosures by NGM and other public sources and are approximate. 2. The Idaho Royalty (0.45% GSR) will apply to any NGM interest acquired on the Swift property. Focus on conversion and addition of inventory at CHUG, Cortez Pits, Crossroads and Robertson