21 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 4x 9x 18x 125x 76x Shares Outstanding Avg. Gold Price Cash G&A Expenses Operating Cash Flow Revenue Growth from Calendar 2000 through 2024: Growth does not require increased G&A $4.4B Cumulative cash flow 65.7M 1 Shares outstanding, the lowest share count in the GDX $6.8B Cumulative revenue Growth not dependent on gold price Accretive Growth Financed Without Significant Equity Dilution 1 – Does not include 18.6 million shares issued for the acquisition of Sandstorm Gold on October 20, 2025; post-closing share count of 84.4 million shares remains the lowest in the GDX.