20 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JULY 2025 $1,000 $250 Undrawn Credit Facility Working Capital Operating Cash Flow $299 $385 $462 $417 $416 $530 2019 2020 2021 2022 2023 2024 Operating Cash Flow (US$M) 5-yr CAGR 12% Total Available Liquidity (US$M) ~$1.25B Significant Liquidity to Compete for Large-Scale Transactions Capital structure designed to support growth without shareholder dilution 1 – As of March 31, 2025. 1 1