27 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JUNE 2025 Gold is a Unique Strategic Asset Gold is uncorrelated and is a diversifier that provides a hedge against systemic risk, currency depreciation and inflation Gold has performed well relative to other asset classes Annual Gold Return and Inflation US$ returns, 1971 – Dec. 31, 2024 Source: World Gold Council publications “Gold as a strategic asset 2025 edition” Correlation of Gold vs. US Stock Returns Weekly returns in US$, 1994 – Dec. 31, 2024 Annualized return over the past 1, 3, 5, 10 and 20 years Returns from December 31, 2004 – December 31, 2024 Value of Currencies and Broad Commodities Relative to Gold Value in ounces of US$ gold, Jan. 2000 – December 31, 2024 Gold price tends to increase in periods of systemic risk