22 ROYAL GOLD, INC. | INVESTOR PRESENTATION | OCTOBER 2025 4x 9x 18x 125x 76x Shares Outstanding Avg. Gold Price Cash G&A Expenses Operating Cash Flow Revenue Growth from Calendar 2000 through 2024: Growth does not require increased G&A $4.4B Cumulative cash flow 65.7M 1 Shares outstanding, the lowest share count in the GDX Index $6.8B Cumulative revenue Growth not dependent on gold price Accretive Growth Financed Without Significant Equity Dilution 1 – Does not include potential share consideration to be issued for the acquisition of Sandstorm Gold.