45 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Assets with Growth Potential Provide Excess Returns Over Time 1 – Refers to Legacy Royalties only; 2 – Consensus NAV (available analyst estimates) as of April 10, 2024. • As of December 31, 2023, cash flow received to date and forward Street estimates of stream/royalty net asset values exceed initial investments for all Principal Properties 1 • Optionality from resource conversion is not always included in NAV estimates Less time in portfolio Royal Gold has a track record of adding value through investing in assets with growth potential $81 $100 $782 $610 $525 $265 $729 $532 $397 $980 $518 $440 $47 $629 $260 $982 $686 $548 $425 Cortez Penasquito Mount Milligan Pueblo Viejo Andacollo Khoemacau Initial Investment CF Received (End 2023) Consensus NAV (Current) 2 1 Years in portfolio: 33 18 15 10 10 5 Includes 2022 transactions for Rio Tinto Royalty ($525M) and for Idaho Royalty ($204M)