5 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 $320 $413 $443 $430 $468 $562 $654 $603 $606 $719 $1,030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gold Silver Copper Other Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, currency depreciation and inflation Why Gold? $1B Revenue (2025) Gold is the dominant driver of revenue (US$M) 12% CAGR 300,300 GEOs 1 (2025) 89% 2025 revenue from precious metals 40+ Years of Consistent, Gold-Focused Execution 1 – See Appendix for additional information about gold equivalent ounces (“GEO”).