43 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 NGM Expects Significant Production Growth from the Cortez Complex Planned conversion of resources to reserves has potential to extend open pit operations to at least 2038 and underground operations to at least 2052 1. 2027-2030 based on production profile provided in Barrick’s Nevada Site Visit Presentation, September 18, 2025. Excludes Fourmile. 2. Calculated from Barrick’s disclosure of its 61.5% share of production and grossed up to determine production for 100% of entire property. 3. Approximate royalty rates – see prior slide for detail. Production mix expected to evolve with new deposits Goldrush (1.6% GSR 3 ): • +400,000 oz/year by 2028 Robertson (2.6% GSR 3 ): • Feasibility study underway; first production in 2027 • Key source of oxide mill feed Fourmile (1.6% GSR 3 ): • Updated 2025 PEA outlines 600,000-750,000 oz/year over 25+ year mine life • Barrick has estimated exploration upside of 32-34 Mt at 15-16 g/t outside of the 2024 mineral resource • 100% owned by Barrick 0 100 200 300 400 500 600 700 800 900 1,000 2025 Actual 2026 2027 2028 2029 2030 Cortez - 100% Production 1,2 (k oz) 738k oz 700-780k oz