20 ROYAL GOLD, INC. | INVESTOR PRESENTATION | SEPTEMBER 2025 $1,000 $266 Undrawn Credit Facility Working Capital Operating Cash Flow $299 $385 $462 $417 $416 $530 2019 2020 2021 2022 2023 2024 Operating Cash Flow (US$M) 5-yr CAGR 12% Total Available Liquidity 1 (US$M) ~$1.25B Significant Liquidity to Compete for Large-Scale Transactions Capital structure designed to support growth without shareholder dilution 1 – Does not include increase to the revolving credit facility to $1.4B, $825M revolver draw and $175M cash paid for the Kansanshi gold stream acquisition, announced August 5, 2025; 2 – As of June 30, 2025. 1 2