28 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JULY 2025 Stream/Royalty Acquisition Process Royal Gold’s role in the mining value chain can be tailored to fit the needs of the operating partner EXPLORATION • Interest is typically in the form of a royalty, and may include a right to finance future project development • Financing proceeds are generally used toward exploration or early project development DEVELOPMENT • Interest is typically in the form of a stream, or a royalty with a right to finance further project development • Financing proceeds are generally used toward project development PRODUCTION • Interest is typically in the form of a stream • Financing proceeds are generally used toward production expansion, development of new projects, or other corporate purpose STREAM • A purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement ROYALTY • A right to receive a percentage or other denomination of mineral production from a mining operation, after deducting specific costs (if any) ROYALTIES ROYALTIES STREAMING STREAMING Royal Gold Payment Royal Gold Engagement Phase of Project Development