19 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 $1,027.6 $829.5 $529.5 $213.5 $159.9 1 –Full year 2024 shown for comparative purposes as not all peers have reported full year 2025 results; on February 18, 2026, Royal Gold reported operating cash flow of $704.8M. 2 – As of February 13, 2026. Source: Company reports, FactSet. 3 – Stream and royalty transactions 2006-2025; Royal Gold database. Smaller than $300M 296 Are less than $100M 73% Average transaction size $111M Large Enough to Compete, Small Enough to Show Growth Royal Gold is the right size for a sector with typically smaller transactions 356 stream/royalty transactions in the past 20 years 3 : Operating Cash Flow 1 ($M) Market Capitalization 2 ($B) $74.3 $54.1 $25.4 $8.5 $8.9 WPM FNV RGLD TFPM OR RGLD