27 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2025 Recent Transactions Enhance Royal Gold Portfolio • ~ $1.2B of gold-focused investments since June 30, 2021 without raising equity • Funding with cash and debt provides shareholders with full exposure to high quality and long duration assets in low-risk jurisdictions Long Mine Lives Low-risk Jurisdictions Long Term Prod. & Resource Growth Potential Near Term Revenue Contribution Counterparty Strength Commodity Focus Xavantina Red Chris Cortez 1 Gold 20+ year average USA Canada Brazil Red Chris Cortez 1 Great Bear Xavantina Côté Back River Ero Copper Iamgold B2Gold Newmont NGM/Barrick Kinross Strategic objective: Further strengthen and diversify the portfolio by adding high quality precious metals assets 1 – Two separate transactions with different sellers