38 ROYAL GOLD, INC. | INVESTOR PRESENTATION | OCTOBER 2025 Shareholder Base Reflects Company’s Unique Position Shareholder base is institutional with some unique characteristics • 37% of investors are Index investors • High-quality shareholder register, with large and long-term institutional investors comprising the majority of the register Investor Styles Ownership Trends Source: NASDAQ, per 13-F filings; June 30, 2025 or as available 42.2% 42.5% 42.3% 42.4% 42.7% 43.7% 42.9% 42.8% 12.4% 12.8% 11.9% 11.6% 11.6% 11.2% 11.2% 13.6% 7.9% 7.8% 8.0% 8.2% 7.8% 7.1% 7.7% 8.3% 27.8% 26.8% 25.6% 25.1% 25.2% 24.1% 23.8% 22.9% 9.3% 9.7% 11.8% 12.3% 12.5% 13.7% 14.5% 12.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% June-25 March-25 December-24 September-24 June-24 March-24 December-23 September-23 Top 5 Top 6-10 Top 11-20 Other Identifiable Remainder (Retail) Index 37% Growth 30% Value 11% HF 6% Retail 9%