21 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 5x 12x 23x 167x 110x Shares Outstanding Avg. Gold Price Cash G&A Expenses Operating Cash Flow Revenue Growth from Calendar 2000 through 2025: Growth does not require increased G&A $5.1B Cumulative cash flow 84.5M Shares outstanding, the lowest share count in the GDX $7.8B Cumulative revenue Growth not dependent on gold price Accretive Growth Financed Without Significant Equity Dilution