37 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MAY 2025 Shareholder Base Reflects Company’s Unique Position Shareholder base is institutional with some unique characteristics • 38% of investors are Index investors • High-quality shareholder register, with large and long-term institutional investors comprising the majority of the register Investor Styles Ownership Trends Source: NASDAQ, per 13-F filings; December 31, 2024 or as available 42.3% 42.4% 42.7% 43.7% 42.9% 42.8% 40.2% 41.1% 11.9% 11.6% 11.6% 11.2% 11.2% 13.6% 13.2% 13.7% 8.0% 8.2% 7.8% 7.1% 7.7% 8.3% 7.9% 8.3% 25.6% 25.1% 25.2% 24.1% 23.8% 22.9% 24.8% 25.3% 11.7% 12.3% 12.5% 13.7% 14.5% 12.3% 13.9% 11.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% December-24 September-24 June-24 March-24 December-23 September-23 June-23 March-23 Top 5 Top 6-10 Top 11-20 Other Identifiable Remainder (Retail) Index 38% Growth 27% Value 12% H.Fund 5% Retail 12%