19 ROYAL GOLD, INC. | INVESTOR PRESENTATION | SEPTEMBER 2025 $1,027.6 $829.5 $529.5 $213.5 $159.9 $135.4 $45.6 $36.3 $11.8 $5.7 $6.1 $3.3 WPM FNV RGLD TFPM OR SAND RGLD 1 – Full year 2024. 2 – As of August 29, 2025. Source: Company reports, FactSet. 3 – Stream and royalty transactions 2005-2024; Royal Gold database. Smaller than $300M 296 Are less than $100M 73% Average transaction size $107M Large Enough to Compete, Small Enough to Show Growth Royal Gold is the right size for a sector with typically smaller transactions 325 stream/royalty transactions in the past 20 years 3 : Operating Cash Flow 1 ($M) Market Capitalization 2 ($B)