9 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JULY 2025 1 – As of June 30, 2025. 2 – Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. 3 – Employee count as of December 31, 2024, except for Apple, which is as of September 28, 2024. 4 – Twelve months ended March 31, 2025, except for AngloAmerican, RioTinto, and Glencore, which are twelve months ended December 31, 2024. Source: Capital IQ. $2,221 $410 $2,384 $1,791 $2,786 $24,807 $842 $513 $1,540 $950 $496 $19,337 $1,331 $20,075 $9,962 $29,093 $364,618 $2,690 $2,345 $508 $1,410 $957 Enterprise Value 2 /Employee 3 (US$ 000s as of March 31, 2025) Total Revenue/Employee 3 (US$ 000s 12 Mo. ended March 31, 2025) 4 Business Model is Highly Efficient and Scalable A global business operated by just 30 people across 4 offices 1