Gold Leverage with Market-Leading Return A stable, sustainable investment with a heritage of market outperformance 1) Beta calculation for the period 4/1/16 – 3/31/26. Source: Bloomberg, FactSet. 1.58 β Gold Price 0.56 β S&P 500 Royal Gold’s beta vs. Gold Price and S&P 500 shows higher leverage to gold with lower exposure to general market risk 7.72 RGLD 6.01 SP500 5.78 Spot Gold 2.40 GDX Indexed since the formation of the GDX May 22. 2006 – May 29, 2026 0 1 2 3 4 5 6 7 8 9 10 11 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026