27 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 Gold Momentum Builds Strongest ETF Inflows Since 2020 and Historical Rallies Averaging Over 1,000 Days Source: World Gold Council publications “Gold Demands Trends Q3 2025” and “Gold hits US$4,000/oz - trend or turning point?” Strongest YTD Inflows for Gold ETFs since 2020 Quarterly ETF demand and AUM, by region (as of September 30, 2025) Previous Major Gold Rallies Have Lasted on average 1,062 days Percentage return from trough to peak during gold price rallies (as of October 9, 2025) Strong investment demand amid geopolitical tensions, dollar weakness, US Fed cut expectations, equity and bond market risks Gold performance driven by: