9 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 1 – As of December 31, 2025. 2 – Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. 3 – Employee count as of December 31, 2025, except for Apple, which is as of September 28, 2025. 4 – Twelve months ended December 31, 2025, except for Apple, which is as of Dec 27, 2025. Source: Capital IQ. $2,558 $444 $2,538 $2,103 $3,098 $29,576 $969 $545 $1,542 $895 $396 $21,180 $1,608 $24,079 $19,531 $25,316 $496,623 $6,202 $4,172 $701 $1,891 $1,387 Enterprise Value 2 /Employee 3 (US$ 000s as of December 31, 2025) Total Revenue/Employee 3 (US$ 000s 12 Mo. ended Dec 31, 2025) 4 Business Model is Highly Efficient and Scalable A global business operated by just 39 people across 4 offices 1