38 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 Shareholder Base Reflects Company’s Unique Position Shareholder base is institutional with some unique characteristics • 38% of investors are Index investors • High-quality shareholder register, with large and long-term institutional investors comprising the majority of the register Investor Styles Ownership Trends Source: NASDAQ, per 13-F filings; December 31, 2025 or as available. 1 – September-25 quarter impacted by Sandstorm Gold and Horizon Copper transaction which closed October 20, 2025. 40.7% 44.9% 42.2% 42.5% 42.3% 42.4% 42.7% 43.7% 8.8% 11.5% 12.4% 12.8% 11.9% 11.6% 11.6% 11.2% 9.1% 8.7% 7.9% 7.8% 8.0% 8.2% 7.8% 7.1% 27.9% 33.1% 27.8% 26.8% 25.6% 25.1% 25.2% 24.1% 12.8% 1.9% 9.3% 9.7% 11.8% 12.3% 12.5% 13.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% December-25 September-25 June-25 March-25 December-24 September-24 June-24 March-24 Top 5 Top 6-10 Top 11-20 Other Identifiable Remainder (Retail) Index 38% Growth 29% Value 8% HF 6% Retail 13% 1