40 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 Assets with Growth Potential Provide Excess Returns Over Time Royal Gold has a track record of adding value through investing in assets with growth potential 1 – Refers to Legacy Royalties only; 2 – Consensus NAV (available analyst estimates) as of February 3, 2025. • As of December 31, 2024, cash flow received to date and forward Street estimates of stream/royalty net asset values exceed initial investments for our largest interests 1 • Optionality from resource conversion is not always included in NAV estimates Less time in portfolio $81 $100 $782 $610 $525 $265 $729 $602 $443 $1,134 $577 $481 $74 $599 $232 $1,124 $791 $504 $468 Cortez Penasquito Mount Milligan Pueblo Viejo Andacollo Khoemacau Initial Investment CF Received (End 2024) Consensus NAV (Current) 2 1 Years in portfolio: 34 19 16 11 11 6 Includes 2022 transactions for Rio Tinto Royalty ($525M) and for Idaho Royalty ($204M)