Royal Gold, Inc. Investor Presentation - September 2026

Investor Presentation SEPTEMBER 2026

Forward-Looking Statements: : This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including gold equivalent ounces for 2026 and in the 5 Year Outlook and Additional Long-Term Potential, and the assumptions made in determining those estimates; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity, and capital expenditures; opportunities for, and anticipated benefits from, investments, acquisitions and other transactions; receipt and timing of future deliveries and sales of metals; anticipated liquidity, capital resources, financing, and stockholder returns, including share repurchases; borrowings and repayments under our revolving credit facility; the materiality of properties within our portfolio; macroeconomic and market conditions; potential changes in the liquidity and trading multiples of our securities; potential impairments; and prices for gold, silver, copper, and other metals. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper, or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm Gold and Horizon Copper; failure to realize the anticipated benefits from the Sandstorm Gold and Horizon Copper acquisition in the timeframe expected or at all; risks associated with Royal Gold's equity interests in the Hod Maden project; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators, or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including in Item 1A. Risk Factors of our most recent Annual Report on Form 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements. Third-party Information: Certain information provided in this presentation, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties (including limited information provided by the operator of the Hod Maden project in connection with our joint venture interest and board representation) or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties. Mineral Reserve and Mineral Resource Information: Our stream and royalty interests often cover only a portion of the publicly reported mineral reserves, mineral resources, and production of a property or operation, and information publicly reported by operators may relate to a larger property or operation than the area covered by our stream or royalty interest. There are numerous uncertainties inherent in estimates of mineral reserves, mineral resources, and production, many of which are outside the operators’ control. As a result, estimates of mineral reserves, mineral resources, and production are subjective and necessarily depend upon a number of assumptions, including, among others, reliability of historical data, geologic and mining conditions, metallurgical recovery, metal prices, operating costs, capital expenditures, development and reclamation costs, mining technology improvements, and the effects of government regulation. Mineral resources are subject to future exploration and development and associated risks and may never convert to mineral reserves. If any of the assumptions that operators make in connection with estimates of mineral reserves, mineral resources, or production are incorrect, actual production could be significantly lower than estimated, which could adversely affect our future revenue and the value of our investments. In addition, if operators’ estimates with respect to the timing of production are incorrect, we may experience variances in expected revenue from period to period. The disclosures in this presentation may include resource and reserve information provided by operators that are foreign issuers which is not based on the Securities and Exchange Commission’s definitions for mineral resources and mineral reserves. We do not reconcile the resource and reserve estimates provided by the operators with the definitions of mineral resources and mineral reserves used by the Securities and Exchange Commission. The resource and reserve information included in this presentation cannot be included in the documents we file with the Securities and Exchange Commission. CAUTIONARY STATEMENTS 2

Strategic focus on precious metals No Energy. No Diversions. Limited capital & operating cost exposure Stable margin profile compared to mining operators Producing 82 Development 29 Evaluation/Exploration 257 Number of properties 3 A Royalty Model That Delivers Gold exposure with strong returns and built-in growth, with limited operating risks 1) Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for additional information. 2) As of August 31, 2026. 3) As of June 30, 2026. Gold-focused portfolio High margin with dividend growth Highly diversified portfolio Embedded growth and optionality Limited operating risk Optimal size advantage 82% 2025 Adjusted EBITDA margin 1 15% Dividend CAGR (2000–2026) 68% of 2025 revenue from North America Interests in 368 properties 3 spread across operators, mines and jurisdictions Other Copper Silver Gold Optionality from long-life assets e.g. Cortez, MARA, Great Bear Organic growth pipeline 78% 2025 Revenue from Gold 3 $22 billion market capitalization 2 Right-sized to compete and show growth One of three companies that has completed a $1 billion stream/royalty transaction

$200M, gold stream and royalty Long-life growth asset, large AOI Warintza $4.1B, acquisition of royalty companies Diversification, growth, long-life assets Sandstorm & Horizon $1B, gold stream Long life asset, in production Kansanshi Larger, higher-cash-flow portfolio Faster growth trajectory Stronger long-term growth outlook More diversified, lower-risk asset base Accretive Transactions in 2025 Cementing Royal Gold as a leading North American streaming and royalty company 4

Sandstorm & Horizon: Advancing Our Post-Transaction Priorities 1) Revenue from Sandstorm & Horizon assets (October 20, 2025 – June 30, 2026) 2) Excludes the impact of the Kansanshi transaction 3) Adjusted EBITDA is a non-GAAP financial measures. See Appendix for additional information 4) As of June 30, 2026 MARA : RIGI application & Alumbrera restart Antamina: record royalty amount received in H1-26 Platreef : ramp up continues, commercial production by Q4-26 Fruta del Norte : extended porphyry corridor Lobo-Marte : Kinross targeting first gold in early 2030s Hod Maden : overall project progress ~25% complete 4 , initial concentrate production in 2028 Stronger Financials Advancing Growth 5 Divested +$200M of non-core equity positions (Versamet & other smaller positions) Restructured Hod Maden JV interest Settled Relief Canyon fixed delivery obligations Restructured Bear Creek interests Simplified Portfolio Attributable Accretion 2 (H1-25 vs H1-26) GEOs/share +2% Adj. EBITDA/share 3 +13% Operating cash flow/share +12% Doubled the number of revenue- producing assets $235M of revenue since closing 1 (>5% of purchase price in ~9 months)

6 Long-Term Outlook +50k GEOs 2025 Actuals 2026 Range 5 Year Outlook Additional Long-Term Potential Expansions and new production are expected to drive longer-term growth 1) The 5 Year Outlook and Additional Long-Term Potential are as originally disclosed on March 31, 2026 in connection with Royal Gold’s 2026 Investor Day and speak only as of March 31, 2026. The 5 Year Outlook and Additional Long- Term Potential are reproduced here solely for investor convenience. Their inclusion is not a reaffirmation or confirmation of the 5 Year Outlook or Additional Long-Term Potential and Royal Gold expresses no view as to whether the 5 Year Outlook and Additional Long-Term Potential may have changed subsequent to March 31, 2026. Royal Gold does not intend to update this information and undertakes no obligation to do so, except as required by applicable law. See “Forward-Looking Statements.” 2) 2026 Range represents 2026 Guidance expressed in GEOs for comparison purposes only. 2026 Range is risk-adjusted by individual asset; 5 Year Outlook and Additional Long-Term Potential are based on the mid-points of operator guidance, production estimates provided by operators at steady state, and Royal Gold estimates, and are not risk-adjusted. 2026 Range provided for comparison purposes, and when comparing actual performance to guidance during 2026, we will refer only to sales volume by metal and not to a GEO range. 3) GEOs calculated at $4,000/oz Au, $55/oz Ag, $5/lb Cu, $7.30/lb Ni, $1.35/lb Zn, $0.91/lb Pb; 2026 Range uses mid-point of metal unit ranges for 2026 Guidance. 4) 5 Year Outlook includes expected stream rate step downs at Wassa and Rainy River (silver stream only). + New Mines Platreef Back River + 2025 Acquisitions Sandstorm/Horizon Kansanshi Excludes Mt. Milligan Deferred Gold Consideration payment 300k GEOs 365–410k GEOs 430–480k GEOs + New Mines La India Robertson (Cortez) Hod Maden (NSR) Great Bear Warintza Corani + Expansions Khoemaca u Platreef Phase 2 Bald Mt. Redbird 2 Excludes Hod Maden (30% JV) + New Mines MARA Fourmile (Cortez) Cactus (royalty area) Gualcamayo Horne 5 Oyu Tolgoi + Expansions Platreef Phase 3 Other Copper Silver Gold

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 7 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance Gold-Focused Portfolio 7

$320 $413 $443 $430 $468 $562 $654 $603 $606 $719 $1,030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (US$ Million) Gold Silver Copper Other 8 Gold is the Dominant Driver of Revenue 40+ years of consistent, focused execution 1) See Appendix for additional information about gold equivalent ounces (“GEO”). 2025 Gold Equivalent Ounces 1 300,300 oz 12% CAGR $1B Total Revenue (2025) 89% Revenue from Precious Metals (2025) Why Gold? Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, currency depreciation and inflation

0 1 2 3 4 5 6 7 8 9 10 11 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Gold Leverage with Market-Leading Return A stable, sustainable investment with a heritage of market outperformance 1) Beta calculation for the period 7/1/16 – 6/30/26. Source: Bloomberg, FactSet. 1.57 β Gold Price 0.58 β S&P 500 Royal Gold’s beta vs. Gold Price and S&P 500 shows higher leverage to gold with lower exposure to general market risk Indexed since the formation of the GDX May 22, 2006 – August 31, 2026 8.99 RGLD 6.09 SP500 5.66 Spot Gold 2.65 GDX

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 10 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 10 High Margin with Dividend Growth

Trailing 12 Months Cash Flow Metrics 2 83% Adjusted EBITDA 1 /Revenue 68% Operating Cash Flow/Revenue 3% Cash G&A 3 Expenses/Revenue High Operating Margin Lean business model reduces inflation and margin compression risks 1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See Appendix for additional information. 2) June 30, 2025 – June 30, 2026. 3) Cash G&A and Cash G&A margin are non-GAAP financial measures. Cash G&A is calculated as G&A Expense of $58.8M less Non- Cash Employee Stock Compensation Expense of $12.8M. See Appendix for additional information. US $1.547B Revenue US $1.280B Adjusted EBITDA 1 US $1.044B Operating Cash Flow US $46M Cash G&A 3 11

Anglo American Rio Tinto Glencore Barrick Newmont Royal Gold Netflix Alphabet Apple Amazon Meta $2,558 $444 $2,538 $2,103 $3,098 $29,576 $969 $545 $1,542 $895 $396 $18,201 $1,685 $25,229 $22,575 $19,069 $442,354 $5,484 $3,600 $809 $2,246 $1,578 Highly Efficient and Scalable Business Model A global business operated by just 39 people across 4 offices Source: Capital IQ 1) Enterprise value = market cap. + debt + preferred equity + minority interest – cash & ST investments. As of June 30, 2026. 2) Employee count as of December 31, 2025, except for Apple, which is as of September 27, 2025. 3) 12 months ended March 31, 2026, except for Apple, which is as of March 28, 2026. 4) Twelve months ended December 31, 2025, except for Apple which is as of September 27, 2025. Enterprise Value 1 / Employee 2 in US$ 000s Total Revenue 3 / Employee 4 in US$ 000s 12

17% 19% 14% 18% 20% 31% 21% 24% 21% 34% 22% 15% 23% 29% 34% 35% 25% 22% 23% 23% 19% 17% 22% 24% 20% 17% $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 $3,200 $3,600 $4,000 $4,400 $4,800 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Gold Price (US$/ounce) Dividend (US$/share) Dividend Payout Ratio Gold Price $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 $3,200 $3,600 $4,000 $4,400 $4,800 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 Gold Price (US$/ounce) Dividend (US$/share) 13 Growing and Sustainable Dividend Despite Gold Price Volatility The only precious metal company in the S&P High Yield Dividend Aristocrats Index Source: Company reports, FactSet. 1) Since inception of the RGLD dividend in July 2000 through July 16, 2026. 15% Dividend CAGR 2000–2026 $1.2B Cumulative Common Stock Dividends Paid 1

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 14 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 14 Highly Diversified Portfolio

Global Portfolio in Mining-Friendly Jurisdictions 1) As of June 30, 2026. 2) Including Principal Properties. 3) Not shown on map. 368 Total Properties 1 Mount Milligan British Columbia, Canada Cortez Nevada, USA Pueblo Viejo Dominican Republic Andacollo Chile Kansanshi Zambia 82 Producing 2 29 Development 82 Evaluation 3 175 Exploration 3 1 2 3 4 5 Principal Properties 1 15 3 2 4 5

Asset NAV by Metal 1, 2 Gold Silver Copper Other 53% 17% 30% Asset NAV by Location 1, 2 North America South and Central America EMEA Diversified Commodity and Geographic Exposure 1) Based on consensus asset NAV (available analyst estimates) as of March 12, 2026. 2) Excludes NAV categorized as “Other Assets”. Royal Gold has asset NAV in Australia Pacific region, but they are in the excluded NAV categorized as “Other Assets.” 94% Precious Metals Gold drives the portfolio with important contributions from silver and copper Portfolio concentrated in well-established and mining- friendly jurisdictions 16

NAV by Asset 1, 2 Mt. Milligan Pueblo Viejo Kansanshi Cortez Andacollo Khoemacau Platreef Hod Maden Antamina MARA 17% 11% 9% 9% 7% 6% 5% 4% 4% NAV by Counterparty 1 Centerra Gold Barrick Teck Resources First Quantum Nevada Gold Mines MMG Limited Glencore plc Other Diversified Asset Portfolio Operated by Leading Counterparties 1) Based on consensus asset NAV (available analyst estimates) as of March 12, 2026. 2) Excludes NAV categorized as “Other Assets”. 70% Top 10 Assets High diversification and low concentration within the portfolio mitigates single-asset risk Most of our portfolio counterparties are well-capitalized, established and experienced 17

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 18 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 18 Limited Operating Risk

ETFs, Bars and Coins Developers & Explorers Junior Operators Senior Operators Exposure to Gold Exploration Upside / Optionality Portfolio Diversification Sustainable Dividend No Direct Exposure to Operating Costs 1 No Direct Exposure to Capital Costs 1 Advantages of Investing in the Royalty Model 1) Excludes the non-operating equity interest in the entity that owns the Hod Maden project. 19

$/oz Time Producers $/oz Time Royalty and Streaming 20 Royalty and Streamer Margins Expand with Gold Price Margin expands as gold price increases Relatively static margin Costs increase with inflation Relatively fixed cost base Operating costs Gold price Operating costs Gold price

Cash G&A Production Taxes Cost of Sales Labor Energy Reagents Other Onsite TCRC & Shipment Royalty RGLD Producers ~$677/oz ~$1,098/oz 1 2 60% 16% 8% 5% 1% 10% Salaries Accounting, tax and legal Office Sustainability / Donations Business Development Other RGLD Cash G&A Expense 3 Metal price dependent Subject to inflation Cost Structure and Business Model Reduce Inflation Exposure Operator costs tend to rise with commodity prices while RGLD’s costs remain stable 21 1) This is a non-GAAP measure calculated as total costs and expenses ($392M), less DD&A ($177M), and non-cash employee stock compensation expense ($12M), per GEO (300,300) for calendar 2025. 2) Industry average total cash costs per ounce for 2025; based on reported/actual data where available; Source: S&P Market Intelligence. 3) Breakdown of 2025 calendar Cash G&A; Cash G&A is a non-GAAP financial measure. Subject to inflation Metal price dependent

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 22 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 22 Optimal Size Advantage

$68B $51B $22B $7B $7B $2,545M $1,777M $1,044M $395M $303M ($100) $400 $900 $1,400 $1,900 $2,400 $2,900 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 WPM FNV RGLD TFPM OR 23 Large Enough to Compete, Small Enough to Show Growth Royal Gold is right-sized for our sector 1) Source: Company reports. 12 months ended June 30, 2026 shown. 2) Source: CapIQ. As of August 3, 2026. 3) 2006–2025; Royal Gold database. 296 Smaller than $300M 73% Less than $100M $111M Average size of transaction 356 Stream/royalty transactions over 20 years 3 Operating Cash Flow 1 Market Capitalization 2

Gold-Focused Portfolio High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage Embedded Growth and Optionality 24 6 1 2 3 4 5 TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 24 Embedded Growth and Optionality

Limit equity dilution Up to 3x Net Debt/EBITDA if we can reduce to 2x within one year Maintain ~$100M cash on hand Continue growing dividend Capital Allocation Priorities Royal Gold’s growth is based on a consistent approach with 3 priorities 1) June 30, 2026. 2) Cash + undrawn Revolving Credit Facility. Maintain strong balance sheet and liquidity Return capital to shareholders Invest in accretive growth Lowest in GDX $1.90 per Share 1.0% Yield CURRENT LEVELS PARAMETERS 84.7M Shares Outstanding 1 25 consecutive years of growth 0.17x Net Debt/EBITDA 1 $400M Debt (~5% interest rate) 1 $182M Cash 1 ~$1.2B Available Liquidity 1,2 25

Priorities Targets Considerations Invest in accretive growth Double-digit IRR over the long-term, limit equity dilution and show per share growth Each opportunity should provide accretive long-term return and improve portfolio quality Maintain strong balance sheet and liquidity $0 Debt with Revolving Credit Facility and cash on hand to fund opportunities Outstanding debt will be paid down and cash balance will build for investment in growth Return capital to shareholders Consistent dividend growth Regular Dividends Dividend raises consider assessment of future portfolio performance without formulaic targets Discretionary Special dividend / share buyback Considers cash balance, investment pipeline, trading valuation and relative returns Capital Allocation Framework Built-in flexibility and discretion as competing priorities change with market conditions 26

Revenue Operating Cash Flow Cash G&A Expenses Avg. Gold Price Shares Outstanding $7.8B Cumulative revenue $5.1B Cumulative cash flow Growth does not require increased G&A Growth not dependent on gold price 84.5M Shares outstanding 1 5x 12x 23x 167x 110x 27 Accretive Growth Financed Without Significant Equity Dilution Growth from Calendar 2000 through 2025 1) December 31, 2025 27 Lowest in GDX

Assets with Growth Potential Drive Returns Over Time Early conviction in assets has driven higher returns as value is daylighted 28 Source: Scotia Capital Research, included are 6 largest individual (ie. non-portfolio) acquisitions through 2025. 1) Refers to 2022 transactions for Rio Tinto Royalty ($525M) and for Idaho Royalty ($204M). 3.4% 7.1% 6.3% 14.4% 6.3% 11.7% 6.4% 11.5% 6.6% 12.2% 0.3% 4.6% Kansanshi Khoemaca u Andacollo Pueblo Viejo Mount Milligan Cortez IRR at January 2026 IRR at Deal Date <1yrs Time in Portfolio 6yrs Time in Portfolio 11yrs Time in Portfolio 11yrs Time in Portfolio 16yrs Time in Portfolio 4yrs 1 Time in Portfolio 2022 Transactions — Rio Tinto Royalty — Idaho Royalty

Assets with Growth Potential Drive Returns Over Time Royal Gold has a record of adding value through investing in assets with growth potential 29 1) Consensus NAV (available analyst estimates) as of March 12, 2026. 2) Refers to Legacy Royalties only. Cash Flow Received end of 2025 Consensus NAV 1 Initial Investment $1,000 $26 $1,111 Kansanshi <1yrs Time in Portfolio $265 $112 $743 Khoemaca u 6yrs Time in Portfolio $525 $548 $779 Andacollo 11yrs Time in Portfolio $610 $671 $1,298 Pueblo Viejo 11yrs Time in Portfolio $782 $1,328 $2,179 Mount Milligan 16yrs Time in Portfolio $81 $729 $669 $924 Cortez 34yrs 2 Time in Portfolio $729M price paid for 2022 transactions: — Rio Tinto Royalty $525M — Idaho Royalty $204M Optionality from resource conversion is not always included in analyst NAV estimates Figures shown in US$M

Production Time 30 Multiplier Effect Creates Optionality Mine life extension provides longer exposure to metal prices More production × longer exposure = higher return Incremental production due to resource conversion Mine plan based on reserves Over 2 million meters of drilling completed across properties in which we hold interests in 2025

Warintza Great Bear Robust Development Pipeline Multi-year catalysts within the portfolio provide organic growth potential Hod Maden Platreef Phase II Robertson (Cortez) B2GOLD IVANHOE MINES NEVADA GOLD MINES LIDYA 2026 31 KINROSS SOLARIS RESOURCES GLENCORE HUDBAY BARRICK MINING 1 RIO TINTO AISA GROUP Oyu Tolgoi (HNE) Gualcamayo Cactus Fourmile (Cortez) MARA 2030+ La India METALS EXPLORATION Back River Gold District 1) Barrick Mining Corporation and Newmont Corporation agreed to vend Fourmile into the Nevada Gold Mines LLC joint venture on August 10, 2026.

2.3X 2.2X 1.6X 1.4X 1.3X WPM FNV RGLD TFPM OR Consensus P/NAV 23.7X 23.2X 21.0X 16.1X 16.0X FNV WPM OR TFPM RGLD Consensus P/CF 32 Portfolio Growth and Duration Not Valued in the Market Royal Gold trades in line with or below smaller, less diversified peers on both P/NAV and P/CF Source: CapIQ Consensus Estimates as of August 31, 2026. $ 51 B $ 68 B $ 22 B $ 7 B $7B Market capitalization ($B) $51B $ 68 B $ 22 B $ 7 B $7B Market capitalization ($B)

33 Trading at Historically Attractive Multiples Royalty model trades at a premium due to cash flow consistency, embedded growth, and minimal operating risk 1) Sell-side consensus estimates. Source: CapIQ, Peers currently include Franco-Nevada, Wheaton Precious Metals, OR Royalties, and Triple Flag. As of August 31, 2026. Royal Gold Peer Range 1 Price to NAV Price to Cash Flow Royal Gold Peer Range 1 16.0x 0 10 20 30 40 50 60 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1.6x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x 4.00x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Appendix

Gold is a Unique Strategic Asset Source: World Gold Council: Gold As A Strategic Asset, 2026 Edition and Bloomberg, ICE Benchmark Administration, World Gold Council. 1) As of 31 December 2025. Relative value between ‘gold’: LBMA Gold Price PM; ‘commodities’: Bloomberg Commodity Index; and major currencies since 2000. Value of commodities and currencies measured in ounces of gold and indexed to 100 in January 2000. Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, currency depreciation and inflation WHY GOLD? 140 Value in Gold 120 0 100 80 60 40 20 Pound Sterling Swiss franc US dollar Australian dollar Singapore dollar Euro Renminbi Commodities Yen Russian ruble Gold Currencies and Commodities Relative to Gold 1 January 2000 = 100 Safe-haven Asset Store of Value Liquid Asset Diversifier Hedge Against Inflation Competitive Return 35

Gold’s Key Drivers Source: World Gold Council: Gold As A Strategic Asset, 2026 Edition and GLTER (Gold’s long-term expected return) Report, October 2024. 1) Returns from 31 December 2005 to 31 December 2025. Indices used: US Cash: ICE 3-month Treasury; US treasuries: Bloomberg US Treasury; US, Global ex US, and EM stocks: MSCI US, World ex US, and EM total return indices, respectively; Commodities: Bloomberg Commodity Total Return Index; and Gold: LBMA Gold Price PM (spot). Annualized Returns 1 Global stocks ex US EM stocks Commodities Gold US cash US Treasuries US stocks Economic expansion Periods of growth are supportive of jewelry, technology and long-term savings Risk and uncertainty Market downturns, inflation and geopolitical risk often boost investment demand for gold as a safe haven Opportunity cost The price of competing assets, including bonds and currencies, influences investor attitudes towards gold Momentum Capital flows, positioning and price trends can boost or dampen gold's performance 20yr 10yr 5yr 3yr 1yr 0 10% 20% 30% 40% 50% 60% 70% CAGR (%) Gold performs well, despite strong performance of risk assets 36

CASE STUDY Cortez: World Class Scale, Duration and Optionality 1) Includes acquisitions of $525M royalty interest (announced August 2, 2022) and $204M royalty interests (announced January 5, 2023). 2) As of June 30, 2026. Revenue relates only to 2022 acquisitions and does not reflect other royalty interests at Cortez owned by Royal Gold. 3) Assumes approximate 1.6% GSR royalty, $4,000/oz gold price, annual gold production of 675 koz (mid-point of updated PEA), over a 25 year mine life. 37 2030+ 2026-2030 2025 2024 2023 2022 Fourmile (pre-scoping) Goldrush (feasibility) Robertson (pre-feasibility) Revenue-producing areas: Pipeline Crossroads Cortez Hills UG Fourmile Conceptual PEA: +15 year mine life ~300-400 koz/year Goldrush Official Opening Ramping up to 400 koz/year by 2028 2050+ mine life Robertson Expected first production 2027 Fourmile Expected first ore Fourmile Updated PEA: +25 year mine life ~600-750 koz/year 2022 Royalty Acquisitions Expands Coverage to Entire Cortez Complex Fourmile Pre-Feasibility Study expected by end of 2028 $122M of revenue since 2022 acquisitions 2 Implied future revenue from Fourmile alone to Royal Gold: >$1B 3 Royal Gold Two Cortez acquisitions totaling $729M 1 2050+ Mine Life for Cortez Complex

CASE STUDY Xavantina: Early Successes, Invested For The Long Game 1) Sources: Ero Copper Corp. Reserves & Resource Reports December 31, 2020 (At Acquisition) and December 31, 2025 (Current), Resources inclusive of Reserves, for the purposes of this chart, exclusive resources have been calculated. 2) As of June 30, 2026. Calculated pre-tax, revenue net of per ounce payments and excludes additional $50M stream investment made on March 28, 2025. 38 2025 2032 At Acquisition Current Mine Life 37 koz 45 koz At Acquisition Current Annual Production P&P 245 koz P&P 466 koz M&I 198 koz Inf 195 koz Inf 365 koz At Acquistion Current Reserves & Resources 1 +120% +22% +134% Acquired in 2021 As of June 30, 2026: $156M of revenue since acquisition Production expected to increase to 50-60 koz through 2028 ACQUIRED IN 2021 FOR $110M High grade potential on a prospective land package is confirming the investment thesis 106% of initial investment recovered2 + Incremental gold concentrate sales through mid-2027 — Sampling 20% of total stockpile volume resulted in inferred mineral resource of ~29 koz

CASE STUDY Wassa: Double-Digit Return to Date, Further Upside Ahead 1) Includes revenue from Bogoso and Prestea. 2) Chifeng Jilong Gold Mining Group Limited published two design/studies for future expansion for Wassa, including one design with a 26-year mine life to 2049. 3) Initial Investment includes Bogoso and Prestea. Cash flow received calculated pre-tax, revenue net of per ounce payments, includes net revenue from Bogoso and Prestea. 4) Sources: Golden Star Resources 2014 Annual Report December 31, 2014 (At Acquisition) and Chifeng 2025 Annual Report December 31, 2025 (Current), Resources inclusive of Reserves, for the purposes of this chart, exclusive resources have been calculated. 39 $145M $323M Initial Investment Cash Flow Received Initial Capital Returned 3 2024 2028 2049 2 At Acquisition Current Mine Life 223% recovered Potential for +25 years P&P 1,579 koz P&P 1,384 koz M&I 1,940 koz M&I 1,468 koz Inf 1,414 koz Inf 8,734 koz At Acquisition Current Reserves & Resources 4 Acquired in 2015 As of June 30, 2026: 10+ years of revenue received $404M of revenue since acquisition 1 +135% ACQUIRED IN 2015 FOR $145M Realized pre-tax IRR of 15% 3 and growing In March 2026, Zijin Mining announced the acquisition of a controlling stake in Chifeng — Zijin balance sheet and access to capital expected to support future development at Wassa Delivering strong returns with Zijin investment supporting future development

CASE STUDY +1.3 Moz added through exploration and conversion (Contained Gold M oz) Mulatos: Embedded Optionality Unlocks Return Uplift 1) Initial Expectation based on 2P reserve processed at 15,000 t/d, assumed $450/oz flat gold price. 2) Resource Conversion based on actual production at $450/oz flat gold price. 3) Actual royalty revenue received. 40 8.0% 2.8% 25.1% 1.4x increase in R&R helped drive 4.5x return uplift Acquisition return (%) Initial expectation at date of acquisition Additional return from resource conversion and mine life extension 2 Additional return from exposure to higher gold price received over the extended mine life 3 +35.9% 1.5% NSR, capped at 2M oz; cap reached in 2019 Pre-tax return of ~36% vs. 8% base case Realized over 14 years with no incremental capital post-acquisition 1.9 1.7 1.1 2.6 3.0 4.3 YE 2005 YE 2018 2P Reserves M&I Resources ACQUIRED IN 2005 Return uplift driven by resource growth and gold price appreciation

41 Significant Growth in Attributable GEOs 0 1 2 3 4 5 6 7 8 9 10 2024 2025 2024 2025 Principal Producing Development Evaluation Acquisitions and organic developments provided increases across the portfolio 1) Attributable GEO reserves and resources (AGEOs) are a measure calculated by Royal Gold to define the portion of an operator’s reported reserves or resources that are attributable to Royal Gold’s royalty or stream interest. Measured and Indicated AGEOs exclude reserves. Refer to Royal Gold’s 2025/2026 Asset Handbook for a discussion of the calculation methodology and limitations. 2) Metal prices used for 2024 AGEOs: $2,550/oz gold, $30/oz silver, $4.00/lb copper, $0.85/lb lead, $1.20/lb zinc, $6.75/lb nickel, $13/lb cobalt, $19/lb molybdenum. 3) Metal prices used for 2025 AGEOs: $4,000/oz gold, $55/oz silver, $5.00/lb copper, $0.91/lb lead, $1.35/lb zinc, $7.30/lb nickel, $20/lb cobalt, $21/lb molybdenum. 4.3M AGEOs 7.0M AGEOs 4.6M AGEOs 5.6M AGEOs in M ounces Proven & Probable Measured & Indicated

42 Enhanced Portfolio Duration 0–5 years 0–5 years 5–10 years 5–10 years 10–15 years 10–15 years 15–20 years 15–20 years 20–25 years 20–25 years 25–30 years 25–30 years 30+ years 30+ years 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Portfolio Prior to 2025 Mine Life Current Portfolio Mine Life Shift toward longer-life portfolio driven by disciplined M&A and organic developments Mine life as reported by operator and is weighted by NAV. Assets included account for 90% of Royal Gold asset NAV. The Portfolio Prior to 2025 excludes assets acquired in 2025, the Mt. Milligan mine life extension announced in September 2025, and the Fourmile project PEA results announced in September 2025. 14.5yr Weighted Average Mine Life 18yr Weighted Average Mine Life of NAV

Stream/Royalty Acquisition Process Royal Gold’s role in the mining value chain can be tailored to fit the needs of the operating partner 43 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 Stream 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 produced from a mine, at a price determined for the life of the transaction by the purchase agreement Royalty A right to receive a percentage or other denomination of mineral production from a mining operation, after deducting specific costs (if any) Royalties Royalties Streaming Streaming ROYAL GOLD ENGAGEMENT PHASE OF PROJECT DEVELOPMENT ROYAL GOLD PAYMENT

ROYALTIES • Royalties are typically cash-settled. • A royalty is typically structured as gross smelter return (GSR), net smelter return (NSR), net value (NVR), gross value (GV) or net profits interest (NPI). The difference is the amount of deductions permitted prior to calculation of the royalty, ranging from zero deductions (GSR) to defined capital and operating costs (NPI). • In certain jurisdictions, a royalty can be an interest in real property that “runs with the land” in the event of an ownership transfer of mineral rights, even if the transfer occurs through bankruptcy. Often, it is registered in government records on the title to the mineral rights. • The sale of a royalty is often treated as a disposition of mineral interests and subject to upfront taxation to the operator. Stream/Royalty Detail 44 STREAMS • Streams are typically settled by delivery of metal. • A stream is typically structured as the purchase by the streaming company of a percentage of metal produced in return for an upfront cash investment and an ongoing cash price per unit of metal delivered. • A stream is structured as a contractual arrangement. An analysis of the credit profile of a counterparty is an important part of due diligence for streams. • The sale of a stream is not taxable upfront in most jurisdictions, so it is a more tax-efficient source of finance. STREAMS 67% ROYALTIES 33% Royal Gold 2025 Revenue Split From a cash flow perspective, streams and royalties are comparable in that the revenue from a stream less the ongoing cash price paid roughly equals a royalty-like interest in production

Robust Due Diligence Drives Disciplined Approach to Acquisitions 1) Corporate and portfolio acquisitions not included. 45 $8 $35 $273 $312 $330 $200 $35 $276 $938 $70 $11 $273 $11 $340 $889 $106 $1,263 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Commitments (US$ M) Alturas, Barrick Mara Rosa, Amarillo Back River, B2Gold Cactus, Arizona Sonoran 37 asset transactions 1 1-2 / year $5B Khoemaca u, Cupric Castelo de Sonhos, TriStar Troy, Revett Silver Taparko, High River Gold Andacollo, Teck Mount Milligan I, Thompson Creek Mount Milligan II, Thompson Creek Tulsequah, Chieftain Mount Milligan III, Thompson Creek Ruby Hill, IMC Asset, Operator Cortez (additional royalty), Barrick Red Chris, Newcrest Xavantina I, Ero Copper Côté Gold, IAMGOLD Wassa & Prestea, Golden Star Andacollo, Teck Rainy River, New Gold Pueblo Viejo, Barrick Pascua Lama (additional royalty), Barrick Cortez (additional royalties), Barrick Great Bear, Kinross Lawyers, Benchmark Metals La Fortuna (El Morro), Xstrata Cortez (additional royalties), Barrick Goldrush, Barrick Phoenix, Rubicon Ilovitza, Euromax Manh Choh (Tetlin), Contango Xavantina II, Ero Copper Lawyers-Ranch, Benchmark Metals Warintza, Solaris Resources Kansanshi, First Quantum TECHNICAL LEGAL & ESG FINANCIAL Due diligence process includes: Geology • Reserves & Resources • Mining & Metallurgy • Operating & Capital Costs • Infrastructure • Geotechnical Title & Permitting • Mining Law • Environmental Impact • Social License • Community Impact Financial & Credit Analysis • Management References

46 Streaming & Royalty Market is Growing 2025 was a record year for transactions & corporate M&A Source: Royal Gold, internal tracking files & Scotiabank. 2026 data includes transactions up to March 25, 2026. $1,032 $373 $2,151 $3,091 $1,443 $4,354 $1,924 $1,846 $2,270 $874 $3,132 $3,299 $3,340 $1,825 $3,305 $4,853 $6,013 $843 $98 $579 $99 $255 $41 $628 $1,357 $136 $183 $5,386 $1,874 $373 $2,151 $3,189 $2,023 $4,453 $1,924 $1,846 $2,270 $1,130 $3,173 $3,928 $4,697 $1,961 $3,488 $10,239 $6,013 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Industry Transactions Stream & Royalty Corporate Figures shown in US$M

Less than $100M $100M+ $200M+ $300M+ $400M+ $500M+ History of Stream Transactions from 2004 to 2026 1 Most stream transactions have been smaller than $300M with larger streams appearing in the last few years 47 Source: Royal Gold, internal tracking files. 1) January 1, 2004 to March 25, 2026. $185M $375M 2004-2022 2023-2026 Average Transaction Size 147 Total transactions 14 Balance sheet restructurings 7 Project development 1 Merger & acquisition 22 Transactions > $500M since 2004 40% transacted since 2020

38% 35% 23% 4% 48 Financing Needs Balance sheet restructuring, development projects, expansion Mergers & Acquisitions Assist buyer through stream and royalty financing Third Party Stream and Royalty Sales Purchase existing streams and royalties from 3rd parties Sources of Transactions 1) Source: Royal Gold, internal tracking files & Scotiabank. January 1, 2010 to March 25, 2026. Project development Use of Proceeds 1 Balance sheet restructuring/ value arbitrage M&A Third party stream and royalty Sales

49 Credit Facility is a Flexible and Strategic Financing Tool $0 $250 $500 $750 $1,000 $1,250 $1,500 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Amount Drawn Total Available Credit Facility A low-cost instrument to provide liquidity and avoid dilution 1) As of June 30, 2026. Does not include $75M revolver repayment made on July 15, 2026. 2) Net Debt/Adjusted EBITDA is a non-GAAP measure. See Appendix for additional information. Acquisitions: Pueblo Viejo Andacollo Wassa & Prestea Rainy River Repayment of convertible notes Precautionary draw at beginning of pandemic Acquisitions: Red Chris Xavantina Cote Acquisitions: Cortez Royalties (Rio Tinto and Idaho) Acquisitions: Kansanshi Sandstorm 0.17x Net Debt/ Adjusted EBITDA 2 $1.4B Increased as of August 5, 2025 Total Credit Facility Current Leverage 1 Figures shown in US$M

Experienced Team Reduces Management Risk Board of Directors Senior Management F ABI ANA Chubbs Independent Director Retired CFO at Eldorado Gold MARK Isto Non-Independent Director Retired EVP, COO at Royal Gold Corp. W IL L I AM Hayes Independent Director Retired EVP Project Development and Corporate Affairs at Placer Dome Non-Independent Director President and CEO of Royal Gold, Inc. W IL L I AM Heissenbuttel SVP, Operations MART I N Raffield SVP and CFO PAUL Libner SVP and General Counsel RANDY Shefman SVP, Corporate Development, RGLD Gold AG DAN Breeze Independent Director Retired SVP, Corporate Development at Teck Resources RO NAL D Vance Independent Director Retired Director, President and CEO at Barrick Gold JAMI E Sokalsky Independent Director Retired General Counsel at Barrick Gold SYBI L Veenman SVP, Investor Relations and Business Development, Royal Gold Corp. AL I ST AI R Baker SVP, Strategy and Business Development, Royal Gold Corp. J ASO N Hynes VP, Investment Stewardship AL L I SO N Forrest VP, Corporate Secretary and Chief Compliance Officer DAVI D Crandall C H A I R M A N

51 Short Term Incentives focused on financial, operational, strategic, stewardship and risk management, and individual performance Long Term Incentives involve total shareholder return over multiple periods All incentives that could be impacted by metal prices alone are addressed by holding prices steady throughout an award timeframe Guaranteed salaries or other compensation, special benefits, defined benefit pension plans, repricing of stock options without shareholder approval are NOT part of the compensation program Short-term and long-term incentive program seeks to align compensation with the factors that drive and measure total shareholder return Management Compensation Structure 1) Compensation breakdown for 2025. Please refer to the 2026 Proxy Statement for additional detail. Compensation breakdown: 1

Top 5 34% Top 6-10 10% Top 11-20 9% Other Identifiable 31% Remainder (Retail) 15% US Domicile & Register Are Unique Source: NASDAQ, per 13-F filings; March 31, 2026 or as available. 1) As of June 30, 2026. Register Breakdown Dominant Orientation Only U.S. based precious metals streaming and royalty company 84.7M 1 Shares Outstanding Lowest in GDX 52 Passive 44% Active 42% Retail 14%

$10,703 $370 $130 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 Total Invested Capital Total Impairments excluding Pascua-Lama Royal Gold has invested ~$10.7B of capital in royalty and stream assets 1 Impairments have been limited over a long investing history Impairments account for ~1% of Total Invested Capital (excluding Pascua-Lama, which remains in the portfolio) Royal Gold is an effective steward of shareholder capital Our Investing Success Rate is High 1) As of December 31, 2025. Pascua-Lama, Phoenix Gold, and Wolverine account for 94% of Total Impairments Pascua-Lama royalty remains in our portfolio 53 USD Millions

Overlapping Royalties at Cortez Create High Royalty Rates 1) Approximate equivalent royalty after blending the detailed royalty rates for the Cortez Complex production forecast for 2026-2035. Assumes total deduction to the Rio Tinto Royalty of 4%, and a 65% conversion from NVR to GSR rates for the Legacy royalties. 2) Legacy Royalties are those royalties held by Royal Gold prior to August 2, 2022, and consist of overlapping royalties on the Pipeline and Crossroads deposits, with additional royalties covering a portion of the Goldrush deposit and other exploration areas. Additional royalty interests were acquired at NVR1 and NVR1C in September, 2025. 3) The overlapping royalties in the Legacy Zone are equivalent to an approximate 8% GSR royalty on production subject to this interest. 4) GSR1 and GSR2 are sliding-scale gross value royalties that vary from a rate of 0.4% at gold prices less than $210/oz to 5.0% at gold prices greater than $470/oz. 5) A small portion of the Crossroads deposit has a royalty rate of 4.94%. 6) NVR2 covers the south-east extension of the Goldrush Project on the Flying T Ranch. 7) The Rio Tinto Royalty is a sliding-scale gross value royalty that varies from a rate of 0.0% at gold prices less than $400/oz to 3.0% at gold prices greater than $900/oz on 40% of the production from the undivided Cortez Complex, excluding the existing Robertson deposits. Deductions from the royalty payment are limited to third party royalties that existed prior to January 1, 2008, which include the Legacy Royalties and the Idaho Royalty. For details of the Rio Tinto Royalty calculation see the January 5, 2023, press release Royal Gold Announces Acquisition of Additional Royalty Interests on the World-Class Cortez Gold Complex in Nevada and Outlines Simplified Approach to Describing Royal Gold’s Multiple Royalty Interests at Cortez 8) Idaho Royalty rates are rounded. 9) 1.0-2.25% sliding scale NSR royalty acquired with the acquisition of Sandstorm Gold on October 20, 2025. 54 Rio Tinto Royalty Idaho Royalty Sandstorm Royalty Royalty Rate Approximate Blended Rate 3 GSR1, GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1 4.94% NVR GSR2 5% GSR 4 GSR3 0.7125% GSR NVR1C 4.55% NVR 5 Cortez Hills Underground Oxide mill, roaster, autoclave Cortez Pits Open Pit Oxide mill, heap leach, roaster Fourmile Underground Roaster, autoclave Goldrush Underground Roaster, autoclave Goldrush SE Underground Roaster, autoclave 2.3% NVR2 1.0% NVR 6 Robertson Open Pit Oxide mill, heap leach 2.6% 2.25% NSR 9.0% 1.6% Development 0.24% GSR Royalty Rate 9 Simplified Royalty Rates Legacy Zone CC Zone Approximate Blended GSR Rate 1 0.45% GSR 1.2% GVR 7 Royalty Rate Royalty Rate Royalty Rate 8 Mine/Deposit/Area Mine Type Ore Process Detailed Royal Gold Royalty Coverage and Rates Legacy Royalties 2 Royalty Applicable Producing Pipeline Open Pit Heap leach, oxide mill, roaster, autoclave 8% GSR Heap leach, oxide mill, roaster Open Pit Crossroads

NGM Expects Significant Production Growth from the Cortez Complex Planned conversion of resources to reserves has potential to extend open pit operations and underground operations to at least 2050 1. 2027-2030 based on production profile provided in Barrick’s Nevada Site Visit Presentation, September 18, 2025. Excludes Fourmile. 2. Calculated from Barrick’s disclosure of its 61.5% share of production and grossed up to determine production for 100% of entire property. 3. Approximate royalty rates – see prior slide for detail. Production mix expected to evolve with new deposits Goldrush (1.6% GSR 3 ): • +400,000 oz/year by 2028 Robertson (2.6% GSR 3 ): • Feasibility study underway; first production in 2027 • Key source of oxide mill feed Fourmile (1.6% GSR 3 ): • Updated 2025 PEA outlines 600,000-750,000 oz/year over 25+ year mine life • Barrick has estimated exploration upside of 32-34 Mt at 15-16 g/t outside of the 2024 mineral resource • 100% owned by Barrick 738k 0 200 400 600 800 1,000 1,200 2025 Actual 2026 2027 2028 2029 2030 in 000’s oz 700–780k Cortez 100% Production (excluding Fourmile) 1,2 55

Independent FS 2026 Spending 1 : $150 –160M on drilling $20M on studies $70M on construction and decline commencement Fourmile 56 Timeline: Barrick Nevada Gold Mines Investor Visit Presentation, February 26, 2026. 1) Barrick MD&A Fourth Quarter and Full Year 2025, February 5, 2026. Development BARRICK MINING Foundational asset for Barrick’s future production Cortez Complex 16 rigs doubling mineral resources Ramp-up to 20 surface rigs 32–34Mt @ 15–16g/t Target conversion of Exploration Upside First Ore Bullion Hill Decline Development 2030+ 2029 2028 2027 2026 Q4 | 2025 Extensive drill conversion Underground drilling from Goldrush MPD PFS Completion Underground Development Breakthrough connection to Goldrush Timeline to Production

Advancing High-Quality Targets a Continued Focus Focus on conversion and addition of inventory at CHUG, Cortez Pits, Crossroads and Robertson 57 1) Location of gold deposits and targets shown are based on disclosures by NGM and other public sources and are approximate. 2) The Idaho Royalty (0.45% GSR) will apply to any NGM interest acquired on the Swift property. Robertson - Record of Decision received mid- November 2024 - FS underway Sophia/Dorothy - Targeting extension of existing mineral resources - Assessing options for independent exploration decline Cortez Hills Underground (CHUG) - Drilling from underground platforms to test extensions and target feeder zones below the mine - Mineralization extends 500m west from the first discovery hole - Hanson target has potential to be added to reserves in the upcoming years Distal - Infill drilling confirmed continuity of above mining-grade material near surface Goldrush - Both surface and underground exploration drilling will ramp up in 2026 to evaluate the northern area of Goldrush Swift 2 - NGM continuing to earn in - Drilling has intersected higher-grade mineralization Fourmile (100% Barrick) - 2026 expenditure of $150-160M planned - Mineral resources covers 1/3 of overall orebody

APPENDIX Overview of non-GAAP financial measures 58 Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgement. Non-GAAP financial measures used by management in this presentation or elsewhere include the following: 1. Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. 2. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. Cash G&A margin represents cash G&A divided by total revenue. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. 3. Total Cash Cost per GEO is a non-GAAP financial measure that is calculated by the Company by subtracting depreciation, depletion and amortization, impairment of royalty interests and non-cash employee stock compensation from total costs and expenses for a period and dividing the result by total GEOs for the same period. We believe Total Cash Cost per GEO provides a useful comparison to an operator’s total cash costs per ounce. NON-GAAP MEASURES

APPENDIX Reconciliation of non-GAAP financial measures to U.S. GAAP measures 59 Adjusted EBITDA and Adjusted EBITDA margin: NON-GAAP MEASURES (amounts in thousands) Net income Depreciation, depletion and amortization Non - cash employee stock compensation Acquisition related costs Fair value changes in equity securities Loss on sale of marketable securities Interest and other, net Income tax expense Non - controlling interests in operating income of consolidated subsidiaries Adjusted EBITDA Net income margin Adjusted EBITDA margin Twelve Months Ended December 31, 2025 2024 $ 471,576 $ 332,479 177,082 144,426 11,805 11,892 26,508 – (327) 66 50,017 – 14,611 3,741 102,290 93,613 (5,295) (456) $ 848,267 $ 585,760 46% 46% 82% 81%

APPENDIX Reconciliation of non-GAAP financial measures to U.S. GAAP measures 60 NON-GAAP MEASURES (amounts in thousands, except gold price, GEO, and per GEO amounts) Total costs and expenses $ 392,304 Depreciation, depletion and amortization (177,082) Non-cash employee stock compensation (11,805) Total Cash Costs $ 203,417 Revenue $ 1,030,471 Average LBMA PM fixing price for gold for 2025 3,432 GEOs 300,300 Total costs and expenses per GEO $ 1,306 Total Cash Costs per GEO $ 677 2025 The Year Ended December 31, Cash G&A, Cash G&A Margin, and Total cash cost per GEO: Total cash cost per GEO:

APPENDIX We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this presentation and elsewhere include the following: 1. Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. 2. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. 3. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. 4. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period. CERTAIN OTHER MEASURES 61

+1 303 573 1660 WEB investorrelations@royalgold.com DIRECT EMAIL www.royalgold.com