24 ROYAL GOLD, INC. | INVESTOR PRESENTATION | OCTOBER 2025 Mount Milligan PFS confirms mine life extension to 2045, potential to increase throughput by ~10% in 2029 Cortez Goldrush ramping up, Fourmile and Robertson projects advancing, other exploration underway Pueblo Viejo Plant expansion ramping up, new tailings storage facility advancing Andacollo Water availability improved, 2025 gold production guidance +75% over 2024 Khoemaca u Expansion feasibility study underway, 2025 silver production guidance +8% over 2024 Peñasquito 2025 production from higher gold grade Peñasco pit Bellevue Operation is targeting 175,000-195,000 oz per annum in FY2027 Mara Rosa First full year, 2025 gold production guidance 35,000-45,000 oz Manh Choh First full year, 2025 gold production guidance 200,000 oz Côté Gold First full year, 2025 gold production guidance 360,000-400,000 oz (royalty covers ~2/3) Back River The Goose Mine achieved first gold pour on June 30, 2025 Wassa Southern Extension could add multi-decades beyond the reserve life KOTH Commissioning of 20% expanded processing facility expected Q2 2026 Voisey’s Bay Underground mine extension project completed, ramping up to full production in H2 2026 Great Bear PEA completed September 2024 indicates production of ~500,000/oz/year, exploration continuing Expansions, extensions and new production add to portfolio revenue and duration Mount Milligan, Canada Great Bear, Canada Growth Projects Underway at Producing and Development Assets 1 1 – Does not include potential additions from Sandstorm Gold and Horizon Copper portfolios.