47 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2025 Back River District: Additional Royalties Provide Further Exposure Royalties acquired for $51M cash consideration: 1. Hill royalty • 0.7% NSR until receipt of C$5M royalty revenue, 0.35% NSR thereafter 2. KM royalty • 1.3% GSR (26.25% of a 5% GSR), payable after cumulative production of ~780,000 ounces • Hill royalty payments are a deduction  Together, equivalent to ~1.1% GSR over majority of Back River mine life* Source: B2Gold Corp. Both royalties cover all reserves, resources and potential extensions thereof on the Back River Gold District: • Back River Gold District is an 80km gold belt, with 5 mineral claim blocks covering ~580km 2 • All deposits at Goose are open along the 8km of iron formation • 25,000m of drilling planned in the Back River Gold District in 2024 * Royalty revenue expected to be taxed at 26.5% income tax rate