36 ROYAL GOLD, INC. | INVESTOR PRESENTATION | NOVEMBER 2025 Management Compensation Structure Short-term and long-term incentive program seeks to align compensation with the factors that drive and measure total shareholder return • 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 1 – Compensation breakdown for 2024. Please refer to the 2025 Proxy Statement for additional detail. Compensation breakdown: 1