6 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 1.63 β Gold 0.53 β S&P 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 7.60 5.45 5.43 2.30 Beta calculation for the period 1/1/16 – 12/31/25. Source: Bloomberg, FactSet. Indexed since the formation of the GDX (5/22/06 – 1/2/26) Beta vs. Gold Price Will provide higher leverage to gold... Beta vs. S&P 500 ...with lower exposure to general market risk RGLD SP500 Spot Gold GDX A stable, sustainable investment... ...with a heritage of market outperformance Gold Leverage with Market-Leading Return