5 ROYAL GOLD, INC. | INVESTOR PRESENTATION | MAY 2025 $320 $413 $443 $430 $468 $562 $654 $603 $606 $719 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Gold Silver Copper Other Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, currency depreciation and inflation Why Gold? $719M Revenue (2024) Gold is the dominant driver of revenue (US$M) 9% CAGR 301,500 GEOs 1 (2024) 88% 2024 revenue from precious metals 40+ Years of Consistent, Gold-Focused Execution 1 – See Appendix for additional information about gold equivalent ounces (“GEO”).