9 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 1 – As of December 31, 2025. 2 – Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. 3 – Employee count as of December 31, 2024, except for Apple, which is as of September 28, 2024. 4 – Twelve months ended September 30, 2025, except for Glencore, Rio Tinto, and Anglo American which are as of June 30, 2025. Source: Capital IQ. $2,558 $444 $2,538 $2,103 $3,098 $29,576 $969 $545 $1,542 $895 $396 $24,942 $1,548 $22,851 $15,776 $37,000 $447,180 $4,185 $3,343 $588 $1,612 $1,004 Enterprise Value 2 /Employee 3 (US$ 000s as of September 30, 2025) Total Revenue/Employee 3 (US$ 000s 12 Mo. ended September 30, 2025) 4 Business Model is Highly Efficient and Scalable A global business operated by just 39 people across 4 offices 1