31 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 History of Stream Transactions 2004 – 2024 Most stream transactions have been smaller than $300M <$100M $100 < $200M $200 < $300M $300 < $400M $400 < $500M $500M+ Source: Royal Gold, internal tracking files <$100M ~50% Average Size $196M Transactions 2004-2024 132 Transactions >$500M 18 11 Balance sheet restructurings 6 Project Development 1 M&A