Attributes of Our Business Our Business Royal Gold’s business is to acquire and manage precious metals streams, royalties and other similar production-based interests. By partnering with capable operators, we focus on building and managing a diversified, cash-flowing portfolio of precious metal properties, while also accumulating a pipeline of earlier-stage properties that are not yet cash-flowing, but have the potential to do so in the future. Streams and Royalties A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals in an amount determined by reference to production at a mining operation, at a price determined for the life of the transaction by the purchase agreement. A royalty is the right to receive a percentage or other denomination of mineral production from a mining operation, after deducting specific costs (if any). Key Benefits to Our Business Model UPSIDE OPTIONALITY Our transactions are structured to give us exposure to potential higher metal prices, future production expansion and resource conversion. LIMITED DOWNSIDE Our interests are less exposed to operating and capital cost risks compared to a producing mining company. EFFICIENCY Our business model is high margin and scalable, allowing us to operate effectively with only a fraction of the employees of a producing mining company. VERSATILITY The metal streaming and royalty business can perform throughout the commodity cycle, allowing us to invest counter-cyclically in attractive acquisition opportunities during downturns, while enjoying leverage to higher commodity prices during upturns. Where Streams and Royalties Fit Stream/Royalty and Phase of Project Development Royal Gold offers financing that can be tailored to fit the needs of the operating partner. Phase of Project Development Exploration Interest is typically in the form of a royalty and may include a right to finance future project development Financing Proceeds are generally used toward exploration or early project development Development Interest is typically in the form of a stream, or a royalty with a right to finance further project development Financing Proceeds are generally used toward project development Production Interest is typically in the form of a stream Financing Proceeds are generally used toward production expansion, development of new projects, or other corporate purpose Royal Gold Engagement 6 Royal Gold | 2025/2026 Asset Handbook ROYALTIES STREAMS INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS