42 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MAY 2025 Overlapping Royalties at Cortez Create High Royalty Rates Rio Tinto Royalty Idaho Royalty Royalty Rate Approximate Blended Rate 3 GSR1, GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1 4.91% NVR GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1C 4.52% NVR 5 Cortez Hills Underground Oxide mill, roaster, autoclave Cortez Pits Open Pit Oxide mill, heap leach, roaster Fourmile Underground Roaster, autoclave Goldrush Underground Roaster, autoclave Goldrush SE Underground Roaster, autoclave 2.2% NVR2 1.0% NVR 6 Robertson Open Pit Oxide mill, heap leach 0.45% Producing Pipeline Open Pit Heap leach, oxide mill, roaster, autoclave 8% GSR Heap leach, oxide mill, roaster Open Pit Crossroads Simplified Royalty Rates Legacy Zone CC Zone Mine/Deposit/Area Mine Type Ore Process Detailed Royal Gold Royalty Coverage and Rates Legacy Royalties 2 Royalty Applicable Royalty Rate Royalty Rate Royalty Rate 8 Development 9.4% 1.6% Approximate Blended GSR Rate 1 0.45% GSR 1.2% GVR 7 0.24% GSR 1. Approximate equivalent royalty after blending the detailed royalty rates. Assumes total deduction to the Rio Tinto Royalty of 3% for the Legacy Royalties and the Idaho Royalty, and a 60% conversion from NVR to GSR rates. 2. Legacy Royalties are those royalties held by Royal Gold prior to August 2, 2022, and consist of overlapping royalties on the Pipeline and Crossroads deposits, with additional royalties covering a portion of the Goldrush deposit and other exploration areas. 3. The overlapping royalties in the Legacy Zone are equivalent to an approximate 8% GSR royalty. 4. GSR1 and GSR2 are sliding-scale gross value royalties that vary from a rate of 0.4% at gold prices less than $210/oz to 5.0% at gold prices greater than $470/oz. 5. A small portion of the Crossroads deposit has a royalty rate of 4.91%. 6. NVR2 covers the south-east extension of the Goldrush Project on the Flying T Ranch. 7. The Rio Tinto Royalty is a sliding-scale gross value royalty that varies from a rate of 0.0% at gold prices less than $400/oz to 3.0% at gold prices greater than $900/oz on 40% of the production from the undivided Cortez Complex, excluding the existing Robertson deposits. Deductions from the royalty payment are limited to third party royalties that existed prior to January 1, 2008, which include the Legacy Royalties and the Idaho Royalty. For details of the Rio Tinto Royalty calculation see the January 5, 2023, press release Royal Gold Announces Acquisition of Additional Royalty Interests on the World- Class Cortez Gold Complex in Nevada and Outlines Simplified Approach to Describing Royal Gold’s Multiple Royalty Interests at Cortez 8. Idaho Royalty rates are rounded. See previous slide for accompanying notes to royalty map