$200M, gold stream and royalty Long-life growth asset, large AOI Warintza $4.1B, acquisition of royalty companies Diversification, growth, long-life assets Sandstorm & Horizon $1B, gold stream Long life asset, in production Kansanshi Larger, higher-cash-flow portfolio Faster growth trajectory Stronger long-term growth outlook More diversified, lower-risk asset base Accretive Transactions in 2025 Cementing Royal Gold as a leading North American streaming and royalty company 4