6 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 1.63 β Gold 0.53 β S&P 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 9.83 6.35 5.42 3.11 Beta calculation for the period 1/1/16 – 12/31/25. Source: Bloomberg, FactSet. Indexed since the formation of the GDX (5/22/06 – 2/27/26) Beta vs. Gold Price Will provide higher leverage to gold... Beta vs. S&P 500 ...with lower exposure to general market risk RGLD SP500 Spot Gold GDX A stable, sustainable investment... ...with a heritage of market outperformance Gold Leverage with Market-Leading Return