3 ROYAL GOLD, INC. | INVESTOR PRESENTATION | OCTOBER 2025 81% 2024 Adjusted EBITDA margin 1 ~60% of 2024 revenue from Canada, USA and Australia 172 property 2 interests spread across operators, mines and jurisdictions Optionality from long-life assets (e.g., Cortez, Great Bear) Organic growth pipeline 2 High margin with dividend growth Highly diversified portfolio Optimal size advantage in a small sector Embedded growth and optionality Gold-focused portfolio Limited capital and operating cost exposure Stable margin profile compared to mining operators Limited operating risk Gold Silver Copper Other Strategic focus on precious metals No Energy. No Diversions. 2024 revenue from gold 15% Dividend CAGR (2000-2025) $50.8 $43.0 $13.2 $7.5 $6.0 $3.7 WPM FNV RGLD OR TFPM SAND Right-sized to compete and show growth Market Cap. 3 ($B) 76% 1 – Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for additional information. 2 – As of September 30, 2025; does not include potential additions from Sandstorm Gold and Horizon Copper portfolios. 3 – As of September 30, 2025. 42 18 112 Producing Development Eval./Expl. Royalty Model Delivering Gold Exposure With Strong Returns and Built-in Growth — Without the Risks of Operating Mines