Strategic focus on precious metals No Energy. No Diversions. Limited capital & operating cost exposure Stable margin profile compared to mining operators Producing 79 Development 30 Evaluation/Exploration 258 Number of properties 3 WPM $60 FNV $44 RGLD $19 OR $7 TFPM $7 Market Cap ($B) 2 A Royalty Model That Delivers Gold exposure with strong returns and built-in growth, without the operating risks 1) Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for additional information. 2) As of May 29, 2026. 3) As of March 31, 2026. Our evaluation of the property interests acquired through the acquisitions of Sandstorm Gold and Horizon Copper remains ongoing, including ongoing mineral title work. Readers are cautioned that the summary property information in this presentation may change as a result of our ongoing evaluation, which changes may be material. Gold-focused portfolio High margin with dividend growth Highly diversified portfolio Embedded growth and optionality Limited operating risk Optimal size advantage 82% 2025 Adjusted EBITDA margin 1 15% Dividend CAGR (2000–2026) 68% of 2025 revenue from North America Interests in 367 properties 3 spread across operators, mines and jurisdictions Other Copper Silver Gold Optionality from long-life assets e.g. Cortez, MARA, Great Bear Right-sized to compete and show growth Organic growth pipeline 78% 2025 Revenue from Gold 3