May 2026 Investor Presentation

Investor Presentation MAY 2026

Forward-Looking Statements: This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures; opportunities for, and anticipated benefits from, investments, acquisitions and other transactions; receipt and timing of future metal deliveries and sales; anticipated liquidity, capital resources, financing, and stockholder returns; borrowings and repayments under our revolving credit facility; the materiality of properties within our portfolio; macroeconomic and market conditions; potential changes in the liquidity and trading multiples of our securities; potential impairments; and prices for gold, silver, copper, and other metals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper, or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm Gold and Horizon Copper; failure to realize the anticipated benefits from the Sandstorm Gold and Horizon Copper acquisition in the timeframe expected or at all; risks associated with joint arrangement interests acquired as part of the Sandstorm Gold and Horizon Copper acquisition; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber- attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators, or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including in Item 1A. Risk Factors of our most recent Annual Report on Form 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. Third-party Information: Certain information provided in this presentation, including information about historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties. Mineral Reserve and Mineral Resource Information: Our stream and royalty interests often cover only a portion of the publicly reported mineral reserves, mineral resources, and production of a property or operation, and information publicly reported by operators may relate to a larger property or operation than the area covered by our stream or royalty interest. There are numerous uncertainties inherent in estimates of mineral reserves, mineral resources, and production, many of which are outside the operators’ control. As a result, estimates of mineral reserves, mineral resources, and production are subjective and necessarily depend upon a number of assumptions, including, among others, reliability of historical data, geologic and mining conditions, metallurgical recovery, metal prices, operating costs, capital expenditures, development and reclamation costs, mining technology improvements, and the effects of government regulation. Mineral resources are subject to future exploration and development and associated risks and may never convert to mineral reserves. If any of the assumptions that operators make in connection with estimates of mineral reserves, mineral resources, or production are incorrect, actual production could be significantly lower than estimated, which could adversely affect our future revenue and the value of our investments. In addition, if operators’ estimates with respect to the timing of production are incorrect, we may experience variances in expected revenue from period to period. The disclosures in this presentation may include resource and reserve information provided by operators that are foreign issuers which is not based on the Securities and Exchange Commission’s definitions for mineral resources and mineral reserves. We do not reconcile the resource and reserve estimates provided by the operators with the definitions of mineral resources and mineral reserves used by the Securities and Exchange Commission. The resource and reserve information included in this presentation cannot be included in the documents we file with the Securities and Exchange Commission. CAUTIONARY STATEMENTS 2

Strategic focus on precious metals No Energy. No Diversions. Limited capital & operating cost exposure Stable margin profile compared to mining operators Producing 79 Development 30 Evaluation/Exploration 258 Number of properties 3 WPM $61 FNV $45 RGLD $20 OR $7 TFPM $7 Market Cap ($B) 2 A Royalty Model That Delivers Gold exposure with strong returns and built-in growth, without the operating risks 1) Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for additional information. 2) As of May 6, 2026. 3) As of March 31, 2026. Our evaluation of the property interests acquired through the acquisitions of Sandstorm Gold and Horizon Copper remains ongoing, including ongoing mineral title work. Readers are cautioned that the summary property information in this presentation may change as a result of our ongoing evaluation, which changes may be material. Gold-focused portfolio High margin with dividend growth Highly diversified portfolio Embedded growth and optionality Limited operating risk Optimal size advantage 82% 2025 Adjusted EBITDA margin 1 15% Dividend CAGR (2000–2026) 68% of 2025 revenue from North America Interests in 367 properties 3 spread across operators, mines and jurisdictions Other Copper Silver Gold Optionality from long-life assets e.g. Cortez, MARA, Great Bear Right-sized to compete and show growth Organic growth pipeline 78% 2025 Revenue from Gold 3

$200M, gold stream and royalty Long-life growth asset, large AOI Warintza $4.1B, acquisition of royalty companies Diversification, growth, long-life assets Sandstorm & Horizon $1B, gold stream Long life asset, in production Kansanshi Larger, higher-cash-flow portfolio Faster growth trajectory Stronger long-term growth outlook More diversified, lower-risk asset base Accretive Transactions in 2025 Cementing Royal Gold as a leading North American streaming and royalty company 4

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 5 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance Gold-Focused Portfolio 5

$320 $413 $443 $430 $468 $562 $654 $603 $606 $719 $1,030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (US$ Million) Gold Silver Copper Other 6 Gold is the Dominant Driver of Revenue 40+ years of consistent, focused execution 1) See Appendix for additional information about gold equivalent ounces (“GEO”). 2025 Gold Equivalent Ounces 1 300,300 oz 12% CAGR $1B Total Revenue (2025) 89% Revenue from Precious Metals (2025) Why Gold? Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, currency depreciation and inflation

7 Gold Leverage with Market-Leading Return A stable, sustainable investment with a heritage of market outperformance 1) Beta calculation for the period 4/1/16 – 3/31/26. Source: Bloomberg, FactSet. 1.58 β Gold Price 0.56 β S&P 500 Royal Gold’s beta vs. Gold Price and S&P 500 shows higher leverage to gold with lower exposure to general market risk 8.14 RGLD 5.84 SP500 5.91 Spot Gold 2.48 GDX Indexed since the formation of the GDX May 22. 2006 – May 6, 2026 0 1 2 3 4 5 6 7 8 9 10 11 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 8 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 8 High Margin with Dividend Growth

2025 Cash Flow Metrics 2 82% Adjusted EBITDA 1 /Revenue 68% Operating Cash Flow/Revenue 4% Cash G&A 3 Expenses/Revenue High Operating Margin Lean business model reduces inflation and margin compression risks 1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See Appendix for additional information. 2) Calendar 2025. 3) Cash G&A and Cash G&A margin are non-GAAP financial measures. Cash G&A is calculated as G&A Expense of $49.2M less Non- Cash Employee Stock Compensation Expense of $11.8M. See Appendix for additional information. US $1.030B Revenue US $848M Adjusted EBITDA 1 US $705M Operating Cash Flow US $37M Cash G&A 3 9

Anglo American Rio Tinto Glencore Barrick Newmont Royal Gold Netflix Alphabet Apple Amazon Meta $2,558 $444 $2,538 $2,103 $3,098 $29,576 $969 $545 $1,542 $895 $396 $18,395 $1,454 $22,118 $17,896 $25,867 $568,143 $6,535 $3,927 $862 $2,172 $1,400 Highly Efficient and Scalable Business Model A global business operated by just 39 people across 4 offices Source: Capital IQ 1) Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. As of March 31, 2026. 2) Employee count as of December 31, 2025, except for Apple, which is as of September 27, 2025. 3) 12 months ended March 31, 2026, except for Barrick, Glencore, Rio Tinto, and Anglo American, which are as of December 31, 2025, and Apple, which is as of December 27, 2025. 4) Twelve months ended December 31, 2025, except for Apple which is as of September 27, 2025. Enterprise Value 1 / Employee 2 in US$ 000s Total Revenue 3 / Employee 4 in US$ 000s 10

17% 19% 14% 18% 20% 31% 21% 24% 21% 34% 22% 15% 23% 29% 34% 35% 25% 22% 23% 23% 19% 17% 22% 24% 20% 17% $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 $3,200 $3,600 $4,000 $4,400 $4,800 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Gold Price (US$/ounce) Dividend (US$/share) Dividend Payout Ratio Gold Price $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 $3,200 $3,600 $4,000 $4,400 $4,800 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 Gold Price (US$/ounce) Dividend (US$/share) 11 Growing and Sustainable Dividend Despite Gold Price Volatility The only precious metal company in the S&P High Yield Dividend Aristocrats Index Source: Company reports, FactSet. 1) Since inception of the RGLD dividend in July 2000 through April 16, 2026. 15% Dividend CAGR 2000–2026 $1.2B Cumulative Common Stock Dividends Paid 1

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 12 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 12 Highly Diversified Portfolio

Global Portfolio in Mining-Friendly Jurisdictions 1) As of March 31, 2026. 2) Including Principal Properties. 3) Not shown on map. 367 Total Properties 1 Mount Milligan British Columbia, Canada Cortez Nevada, USA Pueblo Viejo Dominican Republic Andacollo Chile Kansanshi Zambia 79 Producing 2 30 Development 78 Evaluation 3 180 Exploration 3 1 2 3 4 5 Principal Properties 1 13 3 2 4 5

Asset NAV by Metal 1, 2 Gold Silver Copper Other 53% 17% 30% Asset NAV by Location 1, 2 North America South and Central America EMEA Diversified Commodity and Geographic Exposure 1) Based on consensus asset NAV (available analyst estimates) as of March 12, 2026. 2) Excludes NAV categorized as “Other Assets”. Royal Gold has asset NAV in Australia Pacific region, but they are in the excluded NAV categorized as “Other Assets.” 94% Precious Metals Gold drives the portfolio with important contributions from silver and copper Portfolio concentrated in well-established and mining- friendly jurisdictions 14

NAV by Asset 1, 2 Mt. Milligan Pueblo Viejo Kansanshi Cortez Andacollo Khoemacau Platreef Hod Maden Antamina MARA 17% 11% 9% 9% 7% 6% 5% 4% 4% NAV by Counterparty 1 Centerra Gold Barrick Teck Resources First Quantum Nevada Gold Mines MMG Limited Glencore plc Other Diversified Asset Portfolio Operated by Leading Counterparties 1) Based on consensus asset NAV (available analyst estimates) as of March 12, 2026. 2) Excludes NAV categorized as “Other Assets”. 70% Top 10 Assets High diversification and low concentration within the portfolio mitigates single-asset risk Most of our portfolio counterparties are well-capitalized, established and experienced 15

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 16 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 16 Limited Operating Risk

ETFs, Bars and Coins Developers & Explorers Junior Operators Senior Operators Exposure to Gold Exploration Upside / Optionality Portfolio Diversification Sustainable Dividend No Direct Exposure to Operating Costs 1 No Direct Exposure to Capital Costs 1 Advantages of Investing in the Royalty Model 1) Excludes the 30% non-operating equity interest in the entity that owns the Hod Maden project. 17

$/oz Time Producers $/oz Time Royalty and Streaming 18 Royalty and Streamer Margins Expand with Gold Price Margin expands as gold price increases Relatively static margin Costs increase with inflation Relatively fixed cost base Operating costs Gold price Operating costs Gold price

Cash G&A Production Taxes Cost of Sales Labor Energy Reagents Other Onsite TCRC & Shipment Royalty RGLD Producers ~$677/oz ~$1,098/oz 1 2 60% 16% 8% 5% 1% 10% Salaries Accounting, tax and legal Office Sustainability / Donations Business Development Other RGLD Cash G&A Expense 3 Metal price dependent Subject to inflation Cost Structure and Business Model Reduce Inflation Exposure Operator costs tend to rise with commodity prices while RGLD’s costs remain stable 19 1) This is a non-GAAP measure calculated as total costs and expenses ($392M), less DD&A ($177M), and non-cash employee stock compensation expense ($12M), per GEO (300,300) for calendar 2025. 2) Industry average total cash costs per ounce for 2025; based on reported/actual data where available; Source: S&P Market Intelligence. 3) Breakdown of 2025 calendar Cash G&A; Cash G&A is a non-GAAP financial measure. Subject to inflation Metal price dependent

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 20 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 20 Optimal Size Advantage

$61B $45B $20B $7B $7B $1,905M $1,494M $705M $246M $313M ($100) $400 $900 $1,400 $1,900 $2,400 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 WPM FNV RGLD OR TFPM 21 Large Enough to Compete, Small Enough to Show Growth Royal Gold is right-sized for our sector 1) Source: Company reports. 12 months ended December 31, 2025 shown. 2) Source: CapIQ. As of May 6, 2026. 3) 2006–2025; Royal Gold database. 296 Smaller than $300M 73% Less than $100M $111M Average size of transaction 356 Stream/royalty transactions over 20 years 3 Operating Cash Flow 1 Market Capitalization 2

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 22 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 22 Embedded Growth and Optionality

Limit equity dilution Up to 3x Net Debt/EBITDA if we can reduce to 2x within one year Maintain ~$100M cash on hand Continue growing dividend Capital Allocation Priorities Royal Gold’s growth is based on a consistent approach with 3 priorities 1) March 31, 2026. 2) Cash + undrawn Revolving Credit Facility. Maintain strong balance sheet and liquidity Return capital to shareholders Invest in accretive growth Lowest in GDX $1.90 per Share 0.8% Yield CURRENT LEVELS PARAMETERS 84.5M Shares Outstanding 25 consecutive years of growth 0.3x Net Debt/EBITDA 1 $600M Debt (~5% interest rate) 1 $234M Cash 1 ~$1.1B Available Liquidity 1,2 23

Priorities Targets Considerations Invest in accretive growth Double-digit IRR over the long-term, limit equity dilution and show per share growth Each opportunity should provide accretive long-term return and improve portfolio quality Maintain strong balance sheet and liquidity $0 Debt with Revolving Credit Facility and cash on hand to fund opportunities Outstanding debt will be paid down and cash balance will build for investment in growth Return capital to shareholders Consistent dividend growth Regular Dividends Dividend raises consider assessment of future portfolio performance without formulaic targets Discretionary Special dividend / share buyback Considers cash balance, investment pipeline, trading valuation and relative returns Capital Allocation Framework Built-in flexibility and discretion as competing priorities change with market conditions 24

Revenue Operating Cash Flow Cash G&A Expenses Avg. Gold Price Shares Outstanding $7.8B Cumulative revenue $5.1B Cumulative cash flow Growth does not require increased G&A Growth not dependent on gold price 84.5M Shares outstanding 5x 12x 23x 167x 110x 25 Accretive Growth Financed Without Significant Equity Dilution Growth from Calendar 2000 through 2025 25 Lowest in GDX

Assets with Growth Potential Drive Returns Over Time Early conviction in assets has driven higher returns as value is daylighted 26 Source: Scotia Capital Research, included are 6 largest individual (ie. non-portfolio) acquisitions through 2025. 1) Refers to 2022 transactions for Rio Tinto Royalty ($525M) and for Idaho Royalty ($204M). 3.4% 7.1% 6.3% 14.4% 6.3% 11.7% 6.4% 11.5% 6.6% 12.2% 0.3% 4.6% Kansanshi Khoemaca u Andacollo Pueblo Viejo Mount Milligan Cortez IRR at January 2026 IRR at Deal Date <1yrs Time in Portfolio 6yrs Time in Portfolio 11yrs Time in Portfolio 11yrs Time in Portfolio 16yrs Time in Portfolio 4yrs 1 Time in Portfolio 2022 Transactions — Rio Tinto Royalty — Idaho Royalty

Assets with Growth Potential Drive Returns Over Time Royal Gold has a record of adding value through investing in assets with growth potential 27 1) Consensus NAV (available analyst estimates) as of March 12, 2026. 2) Refers to Legacy Royalties only. Cash Flow Received end of 2025 Consensus NAV 1 Initial Investment $1,000 $26 $1,111 Kansanshi <1yrs Time in Portfolio $265 $112 $743 Khoemaca u 6yrs Time in Portfolio $525 $548 $779 Andacollo 11yrs Time in Portfolio $610 $671 $1,298 Pueblo Viejo 11yrs Time in Portfolio $782 $1,328 $2,179 Mount Milligan 16yrs Time in Portfolio $81 $729 $669 $924 Cortez 34yrs 2 Time in Portfolio $729M price paid for 2022 transactions: — Rio Tinto Royalty $525M — Idaho Royalty $204M Optionality from resource conversion is not always included in NAV estimates Figures shown in US$M

Production Time 28 Multiplier Effect Creates Optionality Mine life extension provides longer exposure to metal prices More production × longer exposure = higher return Incremental production due to resource conversion Mine plan based on reserves Over 2 million meters of drilling completed across properties in which we hold interests in 2025

Warintza Great Bear Robust Development Pipeline Multi-year catalysts within the portfolio provide organic growth potential Hod Maden Platreef Phase II Robertson (Cortez) B2GOLD IVANHOE MINES NEVADA GOLD MINES SSR MINING 2026 29 KINROSS SOLARIS RESOURCES GLENCORE ARIZONA SONORAN BARRICK MINING RIO TINTO AISA GROUP Oyu Tolgoi (HNE) Gualcamayo Cactus Fourmile (Cortez) MARA 2030+ La India METALS EXPLORATION Back River Gold District

30 Trading at Historically Attractive Multiples Royalty model trades at a premium due to cash flow consistency, embedded growth, and minimal operating risk 1) Sell-side consensus estimates. Source: CapIQ, Peers include Franco-Nevada, Wheaton Precious Metals, OR Royalties, and Triple Flag. Royal Gold Peer Range 1 Price to NAV Price to Cash Flow Royal Gold Peer Range 1 13.7x -5 5 15 25 35 45 55 65 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1.43x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x 4.00x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Appendix

Gold is a Unique Strategic Asset Source: World Gold Council: Gold As A Strategic Asset, 2026 Edition and Bloomberg, ICE Benchmark Administration, World Gold Council. 1) As of 31 December 2025. Relative value between ‘gold’: LBMA Gold Price PM; ‘commodities’: Bloomberg Commodity Index; and major currencies since 2000. Value of commodities and currencies measured in ounces of gold and indexed to 100 in January 2000. Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, currency depreciation and inflation WHY GOLD? 140 Value in Gold 120 0 100 80 60 40 20 Pound Sterling Swiss franc US dollar Australian dollar Singapore dollar Euro Renminbi Commodities Yen Russian ruble Gold Currencies and Commodities Relative to Gold 1 January 2000 = 100 Safe-haven Asset Store of Value Liquid Asset Diversifier Hedge Against Inflation Competitive Return 32

Gold’s Key Drivers Source: World Gold Council: Gold As A Strategic Asset, 2026 Edition and GLTER (Gold’s long-term expected return) Report, October 2024. 1) Returns from 31 December 2005 to 31 December 2025. Indices used: US Cash: ICE 3-month Treasury; US treasuries: Bloomberg US Treasury; US, Global ex US, and EM stocks: MSCI US, World ex US, and EM total return indices, respectively; Commodities: Bloomberg Commodity Total Return Index; and Gold: LBMA Gold Price PM (spot). Annualized Returns 1 Global stocks ex US EM stocks Commodities Gold US cash US Treasuries US stocks Economic expansion Periods of growth are supportive of jewelry, technology and long-term savings Risk and uncertainty Market downturns, inflation and geopolitical risk often boost investment demand for gold as a safe haven Opportunity cost The price of competing assets, including bonds and currencies, influences investor attitudes towards gold Momentum Capital flows, positioning and price trends can boost or dampen gold's performance 20yr 10yr 5yr 3yr 1yr 0 10% 20% 30% 40% 50% 60% 70% CAGR (%) Gold performs well, despite strong performance of risk assets 33

+1.3 Moz added through exploration and conversion (Contained Gold M oz) Case Study: Embedded Optionality Unlocks Return Uplift 1) Initial Expectation based on 2P reserve processed at 15,000 t/d, assumed $450/oz flat gold price. 2) Resource Conversion based on actual production at $450/oz flat gold price. 3) Actual royalty revenue received. 34 8.0% 2.8% 25.1% 1.4x increase in R&R helped drive 4.5x return uplift Acquisition return (%) Initial expectation at date of acquisition Additional return from resource conversion and mine life extension 2 Additional return from exposure to higher gold price received over the extended mine life 3 +35.9% Mulatos—Alamos Gold Acquired 1.5% NSR in 2005, capped at 2M oz; cap reached in 2019 Pre-tax return of ~36% vs. 8% base case Return uplift driven by resource growth and gold price appreciation Realized over 14 years with no incremental capital post-acquisition 1.9 1.7 1.1 2.6 3.0 4.3 YE 2005 YE 2018 2P Reserves M&I Resources

35 Significant Growth in Attributable GEOs 0 1 2 3 4 5 6 7 8 9 10 2024 2025 2024 2025 Principal Producing Development Evaluation Acquisitions and organic developments provided increases across the portfolio 1) Attributable GEO reserves and resources (AGEOs) are a measure calculated by Royal Gold to define the portion of an operator’s reported reserves or resources that are attributable to Royal Gold’s royalty or stream interest. Measured and Indicated AGEOs exclude reserves. Refer to Royal Gold’s 2025/2026 Asset Handbook for a discussion of the calculation methodology and limitations. 2) Metal prices used for 2024 AGEOs: $2,550/oz gold, $30/oz silver, $4.00/lb copper, $0.85/lb lead, $1.20/lb zinc, $6.75/lb nickel, $13/lb cobalt, $19/lb molybdenum. 3) Metal prices used for 2025 AGEOs: $4,000/oz gold, $55/oz silver, $5.00/lb copper, $0.91/lb lead, $1.35/lb zinc, $7.30/lb nickel, $20/lb cobalt, $21/lb molybdenum. 4.3M AGEOs 7.0M AGEOs 4.6M AGEOs 5.6M AGEOs in M ounces Proven & Probable Measured & Indicated

36 Enhanced Portfolio Duration 0–5 years 0–5 years 5–10 years 5–10 years 10–15 years 10–15 years 15–20 years 15–20 years 20–25 years 20–25 years 25–30 years 25–30 years 30+ years 30+ years 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Portfolio Prior to 2025 Mine Life Current Portfolio Mine Life Shift toward longer-life portfolio driven by disciplined M&A and organic developments Mine life as reported by operator and is weighted by NAV. Assets included account for 90% of Royal Gold asset NAV. The Portfolio Prior to 2025 excludes assets acquired in 2025, the Mt. Milligan mine life extension announced in September 2025, and the Fourmile project PEA results announced in September 2025. 14.5yr Weighted Average Mine Life 18yr Weighted Average Mine Life of NAV

Stream/Royalty Acquisition Process Royal Gold’s role in the mining value chain can be tailored to fit the needs of the operating partner 37 EXPLORATION Interest is typically in the form of a royalty, and may include a right to finance future project development Financing proceeds are generally used toward exploration or early project development DEVELOPMENT Interest is typically in the form of a stream, or a royalty with a right to finance further project development Financing proceeds are generally used toward project development PRODUCTION Interest is typically in the form of a stream Financing proceeds are generally used toward production expansion, development of new projects, or other corporate purpose Stream A purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement Royalty A right to receive a percentage or other denomination of mineral production from a mining operation, after deducting specific costs (if any) Royalties Royalties Streaming Streaming ROYAL GOLD ENGAGEMENT PHASE OF PROJECT DEVELOPMENT ROYAL GOLD PAYMENT

ROYALTIES • Royalties are typically cash-settled. • A royalty is typically structured as gross smelter return (GSR), net smelter return (NSR), net value (NVR), gross value (GV) or net profits interest (NPI). The difference is the amount of deductions permitted prior to calculation of the royalty, ranging from zero deductions (GSR) to defined capital and operating costs (NPI). • In certain jurisdictions, a royalty can be an interest in real property that “runs with the land” in the event of an ownership transfer of mineral rights, even if the transfer occurs through bankruptcy. Often, it is registered in government records on the title to the mineral rights. • The sale of a royalty is often treated as a disposition of mineral interests and subject to upfront taxation to the operator. Stream/Royalty Detail 38 STREAMS • Streams are typically settled by delivery of metal. • A stream is typically structured as the purchase by the streaming company of a percentage of metal produced in return for an upfront cash investment and an ongoing cash price per unit of metal delivered. • A stream is structured as a contractual arrangement. An analysis of the credit profile of a counterparty is an important part of due diligence for streams. • The sale of a stream is not taxable upfront in most jurisdictions, so it is a more tax-efficient source of finance. STREAMS 67% ROYALTIES 33% Royal Gold 2025 Revenue Split From a cash flow perspective, streams and royalties are comparable in that the revenue from a stream less the ongoing cash price paid roughly equals a royalty-like interest in production

Robust Due Diligence Drives Disciplined Approach to Acquisitions 1) Corporate and portfolio acquisitions not included. 39 $8 $35 $273 $312 $330 $200 $35 $276 $938 $70 $11 $273 $11 $340 $889 $106 $1,263 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Commitments (US$ M) Alturas, Barrick Mara Rosa, Amarillo Back River, B2Gold Cactus, Arizona Sonoran 37 asset transactions 1 1-2 / year $5B Khoemaca u, Cupric Castelo de Sonhos, TriStar Troy, Revett Silver Taparko, High River Gold Andacollo, Teck Mount Milligan I, Thompson Creek Mount Milligan II, Thompson Creek Tulsequah, Chieftain Mount Milligan III, Thompson Creek Ruby Hill, IMC Asset, Operator Cortez (additional royalty), Barrick Red Chris, Newcrest Xavantina I, Ero Copper Côté Gold, IAMGOLD Wassa & Prestea, Golden Star Andacollo, Teck Rainy River, New Gold Pueblo Viejo, Barrick Pascua Lama (additional royalty), Barrick Cortez (additional royalties), Barrick Great Bear, Kinross Lawyers, Benchmark Metals La Fortuna (El Morro), Xstrata Cortez (additional royalties), Barrick Goldrush, Barrick Phoenix, Rubicon Ilovitza, Euromax Manh Choh (Tetlin), Contango Xavantina II, Ero Copper Lawyers-Ranch, Benchmark Metals Warintza, Solaris Resources Kansanshi, First Quantum TECHNICAL LEGAL & ESG FINANCIAL Due diligence process includes: Geology • Reserves & Resources • Mining & Metallurgy • Operating & Capital Costs • Infrastructure • Geotechnical Title & Permitting • Mining Law • Environmental Impact • Social License • Community Impact Financial & Credit Analysis • Management References

40 Streaming & Royalty Market is Growing 2025 was a record year for transactions & corporate M&A Source: Royal Gold, internal tracking files & Scotiabank. 2026 data includes transactions up to March 25, 2026. $1,032 $373 $2,151 $3,091 $1,443 $4,354 $1,924 $1,846 $2,270 $874 $3,132 $3,299 $3,340 $1,825 $3,305 $4,853 $6,013 $843 $98 $579 $99 $255 $41 $628 $1,357 $136 $183 $5,386 $1,874 $373 $2,151 $3,189 $2,023 $4,453 $1,924 $1,846 $2,270 $1,130 $3,173 $3,928 $4,697 $1,961 $3,488 $10,239 $6,013 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Industry Transactions Stream & Royalty Corporate Figures shown in US$M

Less than $100M $100M+ $200M+ $300M+ $400M+ $500M+ History of Stream Transactions from 2004 to 2026 1 Most stream transactions have been smaller than $300M with larger streams appearing in the last few years 41 Source: Royal Gold, internal tracking files. 1) January 1, 2004 to March 25, 2026. $185M $375M 2004-2022 2023-2026 Average Transaction Size 147 Total transactions 14 Balance sheet restructurings 7 Project development 1 Merger & acquisition 22 Transactions > $500M since 2004 40% transacted since 2020

38% 35% 23% 4% 42 Financing Needs Balance sheet restructuring, development projects, expansion Mergers & Acquisitions Assist buyer through stream and royalty financing Third Party Stream and Royalty Sales Purchase existing streams and royalties from 3rd parties Sources of Transactions 1) Source: Royal Gold, internal tracking files & Scotiabank. January 1, 2010 to March 25, 2026. Project development Use of Proceeds 1 Balance sheet restructuring/ value arbitrage M&A Third party stream and royalty Sales

43 Credit Facility is a Flexible and Strategic Financing Tool $0 $250 $500 $750 $1,000 $1,250 $1,500 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Amount Drawn Total Available Credit Facility A low-cost instrument to provide liquidity and avoid dilution 1) As of March 31, 2026. Does not include $75M revolver repayment made on April 13, 2026. 2) Net Debt/Adjusted EBITDA is a non-GAAP measure. See Appendix for additional information. Acquisitions: Pueblo Viejo Andacollo Wassa & Prestea Rainy River Repayment of convertible notes Precautionary draw at beginning of pandemic Acquisitions: Red Chris Xavantina Cote Acquisitions: Cortez Royalties (Rio Tinto and Idaho) Acquisitions: Kansanshi Sandstorm 0.34x Net Debt/ Adjusted EBITDA 2 $1.4B Increased as of August 5, 2025 Total Credit Facility Current Leverage 1 Figures shown in US$M

Experienced Team Reduces Management Risk Board of Directors Senior Management F ABI ANA Chubbs Independent Director Retired CFO at Eldorado Gold MARK Isto Non-Independent Director Retired EVP, COO at Royal Gold Corp. W IL L I AM Hayes Independent Director Retired EVP Project Development and Corporate Affairs at Placer Dome Non-Independent Director President and CEO of Royal Gold, Inc. W IL L I AM Heissenbuttel SVP, Operations MART I N Raffield SVP and CFO PAUL Libner SVP and General Counsel RANDY Shefman SVP, Corporate Development, RGLD Gold AG DAN Breeze Independent Director Retired SVP, Corporate Development at Teck Resources RO NAL D Vance Independent Director Retired Director, President and CEO at Barrick Gold JAMI E Sokalsky Independent Director Retired General Counsel at Barrick Gold SYBI L Veenman SVP, Investor Relations and Business Development, Royal Gold Corp. AL I ST AI R Baker SVP, Strategy and Business Development, Royal Gold Corp. J ASO N Hynes VP, Investment Stewardship AL L I SO N Forrest VP, Corporate Secretary and Chief Compliance Officer DAVI D Crandall C H A I R M A N

45 Short Term Incentives focused on financial, operational, strategic, stewardship and risk management, and individual performance Long Term Incentives involve total shareholder return over multiple periods All incentives that could be impacted by metal prices alone are addressed by holding prices steady throughout an award timeframe Guaranteed salaries or other compensation, special benefits, defined benefit pension plans, repricing of stock options without shareholder approval are NOT part of the compensation program Short-term and long-term incentive program seeks to align compensation with the factors that drive and measure total shareholder return Management Compensation Structure 1) Compensation breakdown for 2025. Please refer to the 2026 Proxy Statement for additional detail. Compensation breakdown: 1

US Domicile & Register Are Unique Source: NASDAQ, per 13-F filings; December 31, 2025 or as available. 1) As of December 31, 2025. Retail 13% Passive 43% Active 44% Top 5 41% Top 6 - 10 9% Top 11 - 20 9% Other Identifiable 28% Remainder (Retail) 13% Register Breakdown Dominant Orientation Only U.S. based precious metals streaming and royalty company 84.5M 1 Shares Outstanding Lowest in GDX 46

$10,703 $370 $130 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 Total Invested Capital Total Impairments excluding Pascua-Lama Royal Gold has invested ~$10.7B of capital in royalty and stream assets 1 Impairments have been limited over a long investing history Impairments account for ~1% of Total Invested Capital (excluding Pascua-Lama, which remains in the portfolio) Royal Gold is an effective steward of shareholder capital Our Investing Success Rate is High 1) As of December 31, 2025. Pascua-Lama, Phoenix Gold, and Wolverine account for 94% of Total Impairments Pascua-Lama royalty remains in our portfolio 47 USD Millions

Overlapping Royalties at Cortez Create High Royalty Rates 1) Approximate equivalent royalty after blending the detailed royalty rates for the Cortez Complex production forecast for 2026-2035. Assumes total deduction to the Rio Tinto Royalty of 4%, and a 65% conversion from NVR to GSR rates for the Legacy royalties. 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. Additional royalty interests were acquired at NVR1 and NVR1C in September, 2025. 3) The overlapping royalties in the Legacy Zone are equivalent to an approximate 8% GSR royalty on production subject to this interest. 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 4.94%. 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. 9) 1.0-2.25% sliding scale NSR royalty acquired with the acquisition of Sandstorm Gold on October 20, 2025. 48 Rio Tinto Royalty Idaho Royalty Sandstorm Royalty Royalty Rate Approximate Blended Rate 3 GSR1, GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1 4.94% NVR GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1C 4.55% 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 2.3% NVR2 1.0% NVR 6 Robertson Open Pit Oxide mill, heap leach 2.6% 2.25% NSR 9.0% 1.6% Development 0.24% GSR Royalty Rate 9 Simplified Royalty Rates Legacy Zone CC Zone Approximate Blended GSR Rate 1 0.45% GSR 1.2% GVR 7 Royalty Rate Royalty Rate Royalty Rate 8 Mine/Deposit/Area Mine Type Ore Process Detailed Royal Gold Royalty Coverage and Rates Legacy Royalties 2 Royalty Applicable Producing Pipeline Open Pit Heap leach, oxide mill, roaster, autoclave 8% GSR Heap leach, oxide mill, roaster Open Pit Crossroads

NGM Expects Significant Production Growth from the Cortez Complex Planned conversion of resources to reserves has potential to extend open pit operations and underground operations to at least 2050 1. 2027-2030 based on production profile provided in Barrick’s Nevada Site Visit Presentation, September 18, 2025. Excludes Fourmile. 2. Calculated from Barrick’s disclosure of its 61.5% share of production and grossed up to determine production for 100% of entire property. 3. Approximate royalty rates – see prior slide for detail. Production mix expected to evolve with new deposits Goldrush (1.6% GSR 3 ): • +400,000 oz/year by 2028 Robertson (2.6% GSR 3 ): • Feasibility study underway; first production in 2027 • Key source of oxide mill feed Fourmile (1.6% GSR 3 ): • Updated 2025 PEA outlines 600,000-750,000 oz/year over 25+ year mine life • Barrick has estimated exploration upside of 32-34 Mt at 15-16 g/t outside of the 2024 mineral resource • 100% owned by Barrick 738k 0 200 400 600 800 1,000 1,200 2025 Actual 2026 2027 2028 2029 2030 in 000’s oz 700–780k Cortez 100% Production (excluding Fourmile) 1,2 49

Independent FS 2026 Spending 1 : $150 –160M on drilling $20M on studies $70M on construction and decline commencement Fourmile 50 Timeline: Barrick Nevada Gold Mines Investor Visit Presentation, February 26, 2026. 1) Barrick MD&A Fourth Quarter and Full Year 2025, February 5, 2026. Development BARRICK MINING Foundational asset for Barrick’s future production Cortez Complex 16 rigs doubling mineral resources Ramp-up to 20 surface rigs 32–34Mt @ 15–16g/t Target conversion of Exploration Upside First Ore Bullion Hill Decline Development 2030+ 2029 2028 2027 2026 Q4 | 2025 Extensive drill conversion Underground drilling from Goldrush MPD PFS Completion Underground Development Breakthrough connection to Goldrush Timeline to Production

Advancing High-Quality Targets a Continued Focus Focus on conversion and addition of inventory at CHUG, Cortez Pits, Crossroads and Robertson 51 1) Location of gold deposits and targets shown are based on disclosures by NGM and other public sources and are approximate. 2) The Idaho Royalty (0.45% GSR) will apply to any NGM interest acquired on the Swift property. Robertson - Record of Decision received mid- November 2024 - FS underway Sophia/Dorothy - Targeting extension of existing mineral resources - Assessing options for independent exploration decline Cortez Hills Underground (CHUG) - Drilling from underground platforms to test extensions and target feeder zones below the mine - Mineralization extends 500m west from the first discovery hole - Hanson target has potential to be added to reserves in the upcoming years Distal - Infill drilling confirmed continuity of above mining-grade material near surface Goldrush - Both surface and underground exploration drilling will ramp up in 2026 to evaluate the northern area of Goldrush Swift 2 - NGM continuing to earn in - Drilling has intersected higher-grade mineralization Fourmile (100% Barrick) - 2026 expenditure of $150-160M planned - Mineral resources covers 1/3 of overall orebody

APPENDIX Overview of non-GAAP financial measures 52 Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgement. Non-GAAP financial measures used by management in this presentation or elsewhere include the following: 1. Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. 2. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. Cash G&A margin represents cash G&A divided by total revenue. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. 3. Total Cash Cost per GEO is a non-GAAP financial measure that is calculated by the Company by subtracting depreciation, depletion and amortization, impairment of royalty interests and non-cash employee stock compensation from total costs and expenses for a period and dividing the result by total GEOs for the same period. We believe Total Cash Cost per GEO provides a useful comparison to an operator’s total cash costs per ounce. NON-GAAP MEASURES

APPENDIX Reconciliation of non-GAAP financial measures to U.S. GAAP measures 53 Adjusted EBITDA and Adjusted EBITDA margin: NON-GAAP MEASURES (amounts in thousands) Net income Depreciation, depletion and amortization Non - cash employee stock compensation Acquisition related costs Fair value changes in equity securities Loss on sale of marketable securities Interest and other, net Income tax expense Non - controlling interests in operating income of consolidated subsidiaries Adjusted EBITDA Net income margin Adjusted EBITDA margin Twelve Months Ended December 31, 2025 2024 $ 471,576 $ 332,479 177,082 144,426 11,805 11,892 26,508 – (327) 66 50,017 – 14,611 3,741 102,290 93,613 (5,295) (456) $ 848,267 $ 585,760 46% 46% 82% 81% December 31, September 30, June 30, March 31, (amounts in thousands) 2025 2025 2025 2025 General and administrative expense $17,638 $10,213 $10,269 $11,063 Non-cash employee stock compensation (2,952) (2,942) (2,714) (3,198) Cash G&A $14,686 $7,271 $7,555 $7,865 TTM cash G&A $37,378 TTM revenue 1,030,471 TTM cash G&A margin 4% Three Months Ended (amounts in thousands, except gold price, GEO, and per GEO amounts) Total costs and expenses $ 392,304 Depreciation, depletion and amortization (177,082) Non-cash employee stock compensation (11,805) Total Cash Costs $ 203,417 Revenue $ 1,030,471 Average LBMA PM fixing price for gold for 2025 3,432 GEOs 300,300 Total costs and expenses per GEO $ 1,306 Total Cash Costs per GEO $ 677 2025 The Year Ended December 31, Cash G&A and Cash G&A Margin: Total cash cost per GEO:

APPENDIX We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this presentation and elsewhere include the following: 1. Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. 2. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. 3. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. 4. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period. CERTAIN OTHER MEASURES 54

+1 303 573 1660 WEB investorrelations@royalgold.com DIRECT EMAIL www.royalgold.com