42 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 Cortez Royalties: Exposure Covers the Entire Cortez Complex Transactions in 2022 expanded Royal Gold’s royalty exposure to the entirety of the Cortez Complex Legacy Royalty position Rio Tinto Royalty Acquired August 2, 2022 Idaho Royalty Acquired December 29, 2022 Notes: 1. Location of claim areas shown are approximate. 2. Location of gold deposits and targets shown are based on disclosures by NGM and other public sources and are approximate. 3. The Idaho Royalty will apply to any claims located or acquired by Barrick or NGM within the Idaho area of interest (“AOI”) shown. 4. Claims shown as subject to the Rio Tinto Royalty are based on our interpretation of matters in current public record and could be modified by matters not of record. 5. Map does not show the entire area of interest for the Rio Tinto Royalty. 6. For further detail on claim areas and royalty rates, see the next slide titled “Overlapping Royalties at Cortez Create High Royalty Rates.”