Assets with Growth Potential Drive Returns Over Time Royal Gold has a record of adding value through investing in assets with growth potential 27 1) Consensus NAV (available analyst estimates) as of March 12, 2026. 2) Refers to Legacy Royalties only. Cash Flow Received end of 2025 Consensus NAV 1 Initial Investment $1,000 $26 $1,111 Kansanshi <1yrs Time in Portfolio $265 $112 $743 Khoemaca u 6yrs Time in Portfolio $525 $548 $779 Andacollo 11yrs Time in Portfolio $610 $671 $1,298 Pueblo Viejo 11yrs Time in Portfolio $782 $1,328 $2,179 Mount Milligan 16yrs Time in Portfolio $81 $729 $669 $924 Cortez 34yrs 2 Time in Portfolio $729M price paid for 2022 transactions: — Rio Tinto Royalty $525M — Idaho Royalty $204M Optionality from resource conversion is not always included in NAV estimates Figures shown in US$M