30 Trading at Historically Attractive Multiples Royalty model trades at a premium due to cash flow consistency, embedded growth, and minimal operating risk 1) Sell-side consensus estimates. Source: CapIQ, Peers currently include Franco-Nevada, Wheaton Precious Metals, OR Royalties, and Triple Flag. As of May 29, 2026. Royal Gold Peer Range 1 Price to NAV Price to Cash Flow Royal Gold Peer Range 1 13.5x -5 5 15 25 35 45 55 65 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1.36x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x 4.00x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026