39 ROYAL GOLD, INC. | INVESTOR PRESENTATION | OCTOBER 2025 The Right Assets Should Show Return Growth Over Time Assets with growth potential provide multiples of payback and higher returns as mine lives lengthen 6.3% 6.6% 7.6% 6.4% 6.4% 6.3% 4.1% 2.1% 0.4% 0.1% 9.8% 9.8% 19.5% 9.1% 9.1% 9.6% 12.1% 2.3% 1.1% 0.4% Andacollo Mt. Milligan Golden Star Rainy River Pueblo Viejo Khoemacau Xavantina Red Chris Cortez (Rio Tinto) Cortez (Idaho) Apr-09 Jul-10 May-15 Jul-15 Aug-15 Feb-19 Jun-21 Aug-21 Aug-22 Dec-22 16.5 15.2 10.4 10.2 10.2 6.6 4.3 4.1 3.2 2.8 2.56x 2.27x 5.56x 1.56x 2.63x 2.22x 2.50x 1.61x 1.19x 0.83x Less time in portfolio Deal Date: Years Since: Expected Payback Over LOM: Source: Scotia Capital Research, included are 10 largest individual (ie. non-portfolio) acquisitions through 2024. IRR at Deal Date IRR at December 2024