37 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 Retail 9% Passive 43% Active 48% US Domicile and Register are Unique Top 5 42% Top 6-10 12% Top 11-20 8% Other Identifiable 28% Remainder 9% U.S. BASED • Only U.S. based precious metals streaming and royalty company • Member of >200 U.S. indices • 84.4M shares outstanding 1 ; lowest in the GDX Register Breakdown 2 Source: NASDAQ, per 13-F filings; June 30, 2025 or as available. 1 – Includes 18.6 million shares issued for the acquisition of Sandstorm Gold on October 20, 2025; 2 – Breakdown and Orientation as of June 30, 2025 and do not include effect of additional shares issued. Dominant Orientation 2