17 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JUNE 2025 Operator costs tend to rise with commodity prices while RGLD’s costs remain stable (US$/oz) Cash G&A Production Taxes Cost of Sales Labor Energy Reagents Other Onsite TCRC & Shipment Royalty RGLD Producers ~$442 ~$987 Metal price dependent Subject to inflation 1 2 Metal price dependent Subject to inflation RGLD Cash G&A Expense 3 : 62% 12% 7% 6% 5% 8% Salaries Accounting, tax and legal Sustainability / Donations Office Business Development Other 1 – This is a non-GAAP measure calculated as total costs and expenses ($289M), less DD&A ($144M), and non-cash employee stock compensation expense ($12M), per GEO (301,500) for calendar 2024. 2 – Industry average total cash costs per ounce for 2024 – based on reported/actual data where available; Source: S&P Market Intelligence. 3 – Breakdown of 2024 calendar Cash G&A; Cash G&A is a non-GAAP financial measure. Cost Structure and Business Model Reduce Inflation Exposure