45 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 Advancing High-Quality Targets a Continued Focus Focus on conversion and addition of inventory at CHUG, Cortez Pits, Crossroads and Robertson Robertson - Record of Decision received mid- November 2024 - FS underway Cortez Hills Underground (CHUG) - Drilling from underground platforms to test extensions and target feeder zones below the mine - Mineralization extends 500m west from the first discovery hole - Hanson target has potential to be added to reserves in the upcoming years - Follow-up drilling planned for 2025 Distal - Infill drilling confirmed continuity of above mining-grade material near surface Goldrush - Drilling continues from underground at Goldrush; from surface at Fourmile Swift 2 - NGM continuing to earn in - Drilling has intersected higher-grade mineralization Fourmile (100% Barrick) - 2025 expenditure of $75-85M planned, including targeting resource growth along strike to the north - Mineral resources covers 1/3 of overall orebody Sophia/Dorothy - Targeting extension of existing mineral resources - Assessing options for independent exploration decline 1. Location of gold deposits and targets shown are based on disclosures by NGM and other public sources and are approximate. 2. The Idaho Royalty (0.45% GSR) will apply to any NGM interest acquired on the Swift property.