18 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2025 Business Model is Highly Efficient and Scalable $2,221 $410 $2,384 $1,791 $2,786 $24,807 $842 $513 $1,540 $950 $496 $19,661 $1,528 $22,852 $12,326 $27,878 $294,981 $2,163 $2,109 $513 $1,429 $969 ENTERPRISE VALUE 1 /EMPLOYEE 2 (US$ 000s as of December. 31, 2024) TOTAL REVENUE/EMPLOYEE 2 (US$ 000s 12 Mo. ended December. 31, 2024) 3 1 – Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. 2 – Employee count as of December 31, 2024, except for Apple, which is as of September 28, 2024, and Barrick, which is as of December 31, 2023. 3 – Twelve months ended December 31, 2024, except for Apple, which is twelve months ended September 28, 2024. Source: Capital IQ