2026

This document is a presentation by Royal Gold, Inc. for investors, dated September 2026.

Royalty model, capital allocation, growth pipeline and portfolio duration.

Royalty model, margins, capital allocation, growth assets and valuation.

Gold-focused portfolio, dividend growth, capital framework and pipeline.

2025 transactions, operating margin, diversification and development pipeline.

Accretive 2025 deals, capital allocation priorities and growth optionality.

Gold leverage, EBITDA margin, diversified portfolio and embedded growth.

Royalty model, dividend growth, limited operating risk and optionality.

40+ years of execution, high margins, low-risk portfolio and Cortez growth.