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)