9 ROYAL GOLD, INC. | INVESTOR PRESENTATION | OCTOBER 2025 1 – As of June 30, 2025. 2 – Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. 3 – Employee count as of December 31, 2024, except for Apple, which is as of September 28, 2024. 4 – Twelve months ended June 30, 2025. Source: Capital IQ. $2,414 $431 $2,492 $2,026 $2,978 $27,568 $927 $516 $1,542 $895 $396 $24,776 $1,538 $18,473 $11,335 $41,353 $395,731 $3,040 $2,341 $537 $1,311 $947 Enterprise Value 2 /Employee 3 (US$ 000s as of June 30, 2025) Total Revenue/Employee 3 (US$ 000s 12 Mo. ended June 30, 2025) 4 Business Model is Highly Efficient and Scalable A global business operated by just 30 people across 4 offices 1