44 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JULY 2025 NGM Expects Significant Production Growth from the Cortez Complex Planned conversion of resources to reserves has potential to extend open pit operations to at least 2038 and underground operations to at least 2052 1. 2026-2029 based on production profile provided in Barrick’s November 2024 Investor Day. 2. Calculated from Barrick’s disclosure of its 61.5% share of production and grossed up to determine production for 100% of entire property. 3. Approximate royalty rates – see prior slide for detail. Production mix expected to evolve with new deposits Goldrush (1.6% GSR 3 ): • +400,000 oz/year by 2028 Robertson (0.45% GSR 3 ): • Feasibility study underway; first production in 2027 • Key source of oxide mill feed Fourmile (1.6% GSR 3 ): • 2023 conceptual PEA outlined 300,000-400,000 oz/year over 15+ year mine life; Barrick now indicating potential for >500,000 oz/year over more than 2 decades • Pre-feasibility study planned to begin in 2025 • 100% owned by Barrick 0 200 400 600 800 1,000 1,200 1,400 2024 Actual 2025 2026 2027 2028 2029 Cortez - 100% Production 1,2 (k oz) High gold production expected with mining of ore in the Crossroads pit following waste stripping, as well as continued ramp-up at Goldrush 722k oz 680-765k oz