49 ROYAL GOLD, INC. | INVESTOR PRESENTATION | SEPTEMBER 2025 Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Cash G&A and Cash G&A Margin: Three Months Ended December 31, September 30, June 30, March 31, (amounts in thousands) 2024 2024 2024 2024 General and administrative expense $ 8,909 $ 10,102 $ 10,511 $ 11,412 Non-cash employee stock compensation (2,579) (2,977) (3,348) (2,988) Cash G&A $ 6,330 $ 7,125 $ 7,163 $ 8,424 TTM cash G&A $ 29,042 TTM revenue $ 719,395 TTM cash G&A margin 4 %