30 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 Stream Financing is Significant Stream financing has become a mainstream source of capital to the global mining industry PROJECT DEVELOPMENT 58% BALANCE SHEET RESTRUCTURING/ VALUE CREATION 36% USE OF PROCEEDS All Industry Participants Total Stream Investments by all companies $28.3B MERGERS & ACQUISITIONS 5% Primarily Balance Sheet Restructuring Primarily Project Development Project Development Streaming is a flexible product that is relevant throughout the commodity cycle Source: Royal Gold – internal tracking files OTHER 1% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $0 $1 $2 $3 $4 $5 US$ Billions Stream Funds (LHS) YE Gold Price (RHS)