64 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 September 30, Nine Months Ended September 30, (amounts in thousands) 2024 2023 2024 2023 General and administrative expense $ 10,102 $ 9,927 $ 32,025 $ 30,020 Non-cash employee stock compensation (2,977) (2,763) (9,313) (7,342) Cash G&A $ 7,125 $ 7,164 $ 22,712 $ 22,678 Three Months Ended September 30, June 30, March 31, December 31, (amounts in thousands) 2024 2024 2024 2023 General and administrative expense $ 10,102 $ 10,511 $ 11,412 $ 9,741 Non-cash employee stock compensation (2,977) (3,348) (2,988) (2,354) Cash G&A $ 7,125 $ 7,163 $ 8,424 $ 7,387 TTM cash G&A $ 30,099 Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands, except per share data) 2024 2023 2024 2023 Net income and comprehensive income attributable to Royal Gold common stockholders $ 96,242 $ 49,337 $ 224,615 $ 176,661 Fair value changes in equity securities 425 462 42 171 Other non-recurring adjustments — — — 2,440 Discrete tax expense related to Mount Milligan Cost Support Agreement — — 13,008 — Other discrete tax expense (benefit) — — 1,279 (8,462) Tax effect of adjustments (113) (122) (11) (692) Adjusted net income and comprehensive income attributable to Royal Gold common stockholders $96,554 $49,677 $238,933 $170,118 Net income attributable to Royal Gold common stockholders per diluted share $ 1.46 $ 0.75 $ 3.41 $ 2.68 Fair value changes in equity securities 0.01 0.01 — — Other non-recurring adjustments — — — 0.04 Discrete tax expense related to Mount Milligan Cost Support Agreement — — 0.20 — Other discrete tax expense (benefit) — — 0.02 (0.13) Tax effect of adjustments $ — $ — $ — $ (0.01) Adjusted net income attributable to Royal Gold common stockholders per diluted share $ 1.47 $ 0.76 $ 3.63 $ 2.58