6 ROYAL GOLD, INC. | INVESTOR PRESENTATION | NOVEMBER 2025 1.72 β Gold 0.52 β S&P 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 5.95 5.03 5.38 1.90 Beta calculation for the period 10/1/15 – 9/30/25. Source: Bloomberg, FactSet. Indexed since the formation of the GDX (5/22/06 – 11/5/25) Beta vs. Gold Price Will provide higher leverage to gold... Beta vs. S&P 500 ...with lower exposure to general market risk RGLD SP500 Spot Gold GDX A stable, sustainable investment... ...with a heritage of market outperformance Gold Leverage with Market-Leading Return