Portfolio Diversification that is Professionally Managed Royal Gold owns a large portfolio of interests in high-quality, long-life mines, development projects, and evaluation and exploration properties. The majority of our revenue is generated from mines owned by some of the largest mining companies in the world, from regions of the world that have shown geopolitical stability. Furthermore, we have embedded growth from a suite of owned interests in additional properties where reserves have been identified and efforts are being made to develop the properties. Dividends In keeping with our commitment to provide a leading shareholder return, Royal Gold has established a track record for returning capital to shareholders, with an annual dividend since 2000. Royal Gold is the only company in the VanEck Gold Miners ETF (the “GDX”) that has paid an increasing dividend since the GDX was established in 2006, and Royal Gold is the only precious metals company in the S&P High Yield Dividend Aristocrats Index. Fixed-Cost Investments In general, Royal Gold is not required to contribute to capital or operating costs at the mining operations in which we have an interest. Therefore, Royal Gold is not exposed to the types of inflationary pressures that can erode the rate of return expectations and profit margins of operating mining companies. Free from these encumbrances, our cash flow is of high quality.