33 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2025 Gold is uncorrelated, and is a diversifier that provides a hedge against systemic risk, currency depreciation and inflation Gold is a Unique Strategic Asset Gold has performed well relative to other asset classes Annual Gold Return and Inflation US$ returns, 1971 – Dec. 31, 2023 Median returns over past four Fed tightening cycles Tightening cycles starting Feb. 1994, Jun. 1999, Jun. 2004, Dec. 2015 Source: World Gold Council publications “Gold as a strategic asset 2024 edition” and “Gold mid-year outlook 2022” ” Correlation of Gold vs. US Stock Returns Weekly returns in US$, 1994 – Dec. 31, 2023 Gold has typically outperformed following the first rate hike of a Fed tightening cycle Annualized return over the past 3, 5, 10 and 20 years Returns from December 31, 2003 – December 31, 2023 Value of Currencies and Broad Commodities Relative to Gold Value in ounces of US$ gold, Jan. 2000 – December 31, 2023