50 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Back River District: Expected to be Long-Life Producer Notes: (i) Per update on Goose Project provided by B2Gold Corp., May 7, 2024. (ii) 2021 Updated Feasibility Study for the Goose Project dated March 3, 2021. (iii) Mineral Resources presented are inclusive of Mineral Reserves. (iv) Royal Gold previously owned a 51.25% interest in the KM royalty; royalty rates and production thresholds are approximate due to assumptions related to gold price and the timing and applicability of certain deductions and adjustments. - 50 100 150 200 250 300 350 2025 2026 2027 2028 2029 Gold Production Forecast (000 oz/year) Approximate Applicable Royalty Rates to the Goose Project (iv) : Cumulative gold production: 0 to 400k oz 400 to ~780k oz > ~780k oz Royalty rate: 0.7% NSR, declining to 0.35% NSR after C$5M royalty revenue 2.5% GSR 3.3% GSR • Goose Project under construction with first gold expected in in Q2 2025 and ramp-up to full production in Q3 2025 • B2Gold estimates total production of 3.3M ounces over 15 year mine life • 73% average conversion rate from Inferred Resources to M&I Resources Back River District Reserves and Resources Tonnes (M) Gold Grade (g/t) Contained Gold (M oz) P&P Reserves (ii) 18.7 5.97 3.6 M&I Resources (iii) 33.5 5.88 6.3 Inferred Resources 13.8 6.44 2.9 Goose Project Production Guidance (i) +310k oz +310k oz +310k oz +310k oz 120 - 150k oz