10 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 17% 19% 14% 18% 20% 31% 21% 24% 21% 34% 22% 15% 23% 29% 34% 35% 25% 22% 23% 23% 19% 17% 22% 24% 20% $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividend Payout Ratio Gold Price $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 $3,200 $3,600 $4,000 $4,400 Dividend US$/share Gold US$/oz Source: Company reports, FactSet. 1 – Since inception of the RGLD dividend in July 2000 through October 17, 2025. Royal Gold is the only precious metal company in the S&P High Yield Dividend Aristocrats Index Dividend CAGR (2000-2026) 15% Cumulative Common Stock Dividends Paid 1 $1.1B Growing and Sustainable Dividend Despite Gold Price Volatility