Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Investor Presentation (March 2026)
49 slides from Royal Gold's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
Investor Presentation March 2026
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements: This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of futur
Slide 3: Royalty Model Delivering Gold Exposure With Strong Returns and Built-in Growth
Royalty Model Delivering Gold Exposure With Strong Returns and Built-in Growth — Without the Risks of Operating Mines Gold-focused portfolio High margin with dividend growth Highly diversified portfolio 82% 15% Strategic focus on precious metals No Energy. No Diversions. 68% of 2025 revenue from Nor
Slide 4: Gold-Focused Portfolio
Precious Metals Exposure with Consistent Financial Performance Gold-Focused Portfolio ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 4
Slide 5: 40+ Years of Consistent, Gold-Focused Execution
40+ Years of Consistent, Gold-Focused Execution Gold is the dominant driver of revenue (US$M) Why Gold? Gold is uncorrelated and a diversifier that provides a hedge against systemic 12% risk, currency depreciation and inflation CAGR $1,030 $654 $603 $606 $719 $1B 300,300 $562 $443 $430 $468 Revenue
Slide 6: Gold Leverage with Market-Leading Return
Gold Leverage with Market-Leading Return A stable, sustainable investment… …with a heritage of market outperformance Indexed since the formation of the GDX 1.63 (5/22/06 – 2/27/26) Beta vs. Gold Price 11.0 Will provide higher 9.83 RGLD 10.0 β Gold leverage to gold… 9.0 8.0 7.0 6.35 Spot Gold 6.0 5.4
Slide 7: High Margin with Dividend Growth
Precious Metals Exposure with Consistent Financial Performance High Margin with Dividend Growth ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 7
Slide 8: ~80% Adjusted EBITDA Margin Sustained Over the Last 5 Years
~80% Adjusted EBITDA Margin1 Sustained Over the Last 5 Years 2025 Cash Flow Metrics2 US $1.030B Revenue 82% Adjusted EBITDA1/Revenue US $848M Adjusted EBITDA1 US $705M Operating Cash Flow 68% Operating Cash Flow/Revenue 4% US $37M Cash G&A3 Expenses/Revenue Cash G&A3 1 – Adjusted EBITDA and Adjusted
Slide 9: Business Model is Highly Efficient and Scalable
Business Model is Highly Efficient and Scalable A global business operated by just 39 people across 4 offices1 Enterprise Value2/Employee3 $1,387 $396 Total Revenue/Employee3 (US$ 000s as of December 31, 2025) (US$ 000s 12 Mo. ended Dec 31, 2025)4 $1,891 $895 $701 $1,542 $4,172 $545 $6,202 $969 $496
Slide 10: Growing and Sustainable Dividend Despite Gold Price Volatility
Growing and Sustainable Dividend Despite Gold Price Volatility Royal Gold is the only precious metal company in the S&P High Yield Dividend Aristocrats Index Dividend Gold US$/share US$/oz 15% $2.00 $4,400 Dividend Payout Ratio Gold Price $4,000 $1.80 $3,600 Dividend CAGR $1.60 (2000-2026) $1.40 $3,
Slide 11: Highly Diversified Portfolio
Precious Metals Exposure with Consistent Financial Performance Highly Diversified Portfolio ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 11
Slide 12: Global Portfolio Positioned in Low-Risk Jurisdictions
Global Portfolio Positioned in Low-Risk Jurisdictions Exposure across mining lifecycle supports optionality and revenue growth potential 81 Producing 29 Dev. 76 Evaluation 178 Exploration 364 Properties1 30 Countries 1 – As of December 31, 2025. Our evaluation of the property interests acquired thro
Slide 13: Diversified Portfolio Reduces Single-Asset & Counterparty Risk
Diversified Portfolio Reduces Single-Asset & Counterparty Risk 2025 Revenue By Operator By Consensus Asset NAV (%)1,2,3,4 Centerra 20% No single operator 23% 22% Barrick 18% materially drives Newmont 16% revenue Teck 14% Royal Gold 3% New Gold 12% Sandstorm / Horizon 5% 17% Chifeng 5% 10% 7% MMG 8%
Slide 14: Limited Operating Risk
Precious Metals Exposure with Consistent Financial Performance Limited Operating Risk ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 14
Slide 15: Exposure to Gold and Optionality with Reduced Risks
Exposure to Gold and Optionality with Reduced Risks ETFs, Bars Senior Operating Junior Operating Dev. & Expl. and Coins Companies Companies Companies Exposure to Gold Exploration Upside / Optionality Portfolio Diversification Sustainable Dividend No Direct Exposure to Operating Costs No Direct Expos
Slide 16: Royalty/Streamer Margins Expand with Gold Price
Royalty/Streamer Margins Expand with Gold Price Producers Royalty/Streamers 5000 3500 $/oz $/oz 4500 3000 4000 3500 2500 Margin is relatively 3000 static 2000 2500 Margin expands as 2000 1500 gold price increases 1500 1000 Costs increase 1000 with inflation 500 500 Relatively fixed cost base 0 0 1 2
Slide 17: Cost Structure and Business Model Reduce Inflation Exposure
Cost Structure and Business Model Reduce Inflation Exposure Operator costs tend to rise with commodity prices while RGLD’s costs remain stable (US$/oz) ~$1,098 RGLD Cash G&A Expense3: Royalty Metal price TCRC & dependent 1% Shipment 10% Salaries 5% Accounting, tax and legal Other Onsite 8% Office Su
Slide 18: Optimal Size Advantage in a Small Sector
Precious Metals Exposure with Consistent Financial Performance Optimal Size Advantage in a Small Sector ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 18
Slide 19: Large Enough to Compete, Small Enough to Show Growth
Large Enough to Compete, Small Enough to Show Growth Royal Gold is the right size for a sector with typically smaller transactions 356 stream/royalty transactions in the past 20 years3: Operating Cash Flow1 ($M) $1,027.6 Market Capitalization2 ($B) 296 Smaller than $300M $829.5 73% Are less than $10
Slide 20: Embedded Growth and Optionality
Precious Metals Exposure with Consistent Financial Performance Embedded Growth and Optionality ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 20
Slide 21: Accretive Growth Financed Without Significant Equity Dilution
Accretive Growth Financed Without Significant Equity Dilution Growth from Calendar 2000 through 2025: Revenue 110x $7.8B Cumulative revenue Operating Cash Flow 167x $5.1B Cumulative cash flow Cash G&A Expenses 23x Growth does not require increased G&A Avg. Gold Price 12x Growth not dependent on gold
Slide 22: Case Study: Embedded Optionality Unlocks Return Uplift
Case Study: Embedded Optionality Unlocks Return Uplift +1.3 Moz added through Mulatos – Alamos Gold exploration and conversion (Contained Gold M oz) • Acquired 1.5% NSR in 2005, capped at 2M oz; cap reached in 2019 • Pre-tax return of ~36% vs. 8% base case 4.3 • Return uplift driven by resource grow
Slide 23: Robust Development Pipeline Provides Organic Growth Potential
Robust Development Pipeline Provides Organic Growth Potential Back River Platreef Robertson (Cortez) Hod Maden Gualcamayo B2Gold Ivanhoe Mines Nevada Gold Mines SSR Mining ASIA Group 2026 Fourmile (Cortez) Warintza Oyu Tolgoi (HNE) MARA Great Bear Cactus 2030+ Barrick Mining Solaris Resources Rio Ti
Slide 24: Trading at Historically Attractive Multiples
Trading at Historically Attractive Multiples Royalty model trades at a premium due to cash flow consistency, embedded growth, and minimal operating risk P / NAV P / CF 1.89x 18.6x 3.5x 60x 3.0x 50x 2.5x 40x 2.0x 1.89x 30x 1.5x 20x 1.0x 18.6x 0.5x 10x 0.0x 0x Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17
Slide 25: Appendix
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Slide 26: Gold is a Unique Strategic Asset
Gold is a Unique Strategic Asset Gold is uncorrelated and is a diversifier that provides a hedge against systemic risk, currency depreciation and inflation Correlation of Gold vs. US Stock Returns Value of Currencies and Broad Commodities Relative to Gold Annual Gold Return and Inflation Weekly retu
Slide 27: Gold Momentum Builds
Gold Momentum Builds Strongest ETF Inflows Since 2020 and Historical Rallies Averaging Over 1,000 Days Gold performance Strongest YTD Inflows for Gold ETFs since 2020 driven by: Quarterly ETF demand and AUM, by region (as of September 30, 2025) Strong investment demand amid geopolitical tensions, do
Slide 28: Stream/Royalty Acquisition Process
Stream/Royalty Acquisition Process Royal Gold’s role in the mining value chain can be tailored to fit the needs of the operating partner Phase of EXPLORATION DEVELOPMENT PRODUCTION Royal Gold Payment Project • Interest is typically • Interest is typically • Interest is typically Development in the f
Slide 29: Stream/Royalty Detail
Stream/Royalty Detail From a cash flow perspective, streams and royalties are comparable in that the revenue from a stream less the ongoing cash price paid roughly equals a royalty-like interest in production ROYALTIES Royal Gold • Royalties are typically cash-settled. 2025 Revenue Split • A royalty
Slide 30: Stream Financing is Significant
Stream Financing is Significant Stream financing has become a mainstream source of capital to the global mining industry $28.3B Streaming is a flexible product that is relevant throughout the commodity cycle Total Stream Investments by all companies 5% Primarily Balance Primarily Project MERGERS & P
Slide 31: History of Stream Transactions 2004 – 2025
History of Stream Transactions 2004 – 2025 Most stream transactions have been smaller than $300M $400 < $500M $500M+ ~50% $198M $300 < <$100M Average Size $400M $200 < 143 <$100M 20 $300M Transactions 2004-2025 Transactions >$500M 12 Balance sheet restructurings $100 < 7 Project Development $200M 1
Slide 32: Robust Due Diligence Drives Disciplined Approach to Acquisitions
Robust Due Diligence Drives Disciplined Approach to Acquisitions Due diligence process includes: • Technical • Legal • Financial/Credit analysis − Geology, reserve/resource − Title, permitting, mining law • Management references definition • ESG − Mining − Environmental impact − Metallurgy − Social
Slide 33: Credit Facility is a Flexible and Strategic Financing Tool
Credit Facility is a Flexible and Strategic Financing Tool Credit facility is low-cost instrument to manage liquidity Current Leverage1: 0.79x • $1.4B credit facility (increased from $1B effective August 5, 2025) • Strong and diversified syndicate: BNS, CIBC, BofA, BMO, NBF, RBC, TD • Maturity date:
Slide 34: Experienced Independent Directors
Experienced Independent Directors Highly capable, independent board, with deep experience across the gold sector William Hayes Fabiana Chubbs Mark Isto Independent Director Independent Director Non-Independent Director Chair of the Board Retired CFO Retired EVP and COO of Retired EVP Project Eldorad
Slide 35: Experienced Management Team
Experienced Management Team Senior Management William Heissenbuttel Martin Raffield Paul Libner Randy Shefman Daniel Breeze President and CEO SVP, Operations SVP and CFO SVP and General SVP, Corporate of Royal Gold, Inc. Counsel Development, RGLD Gold AG Alistair Baker Jason Hynes Allison Forrest Da
Slide 36: Management Compensation Structure
Management Compensation Structure Short-term and long-term incentive program seeks to align compensation with the factors that drive and measure total shareholder return Compensation breakdown:1 • Short Term Incentives focused on financial, operational, strategic, stewardship and risk management, an
Slide 37: US Domicile and Register are Unique
US Domicile and Register are Unique • Only U.S. based precious metals streaming and royalty company U.S. BASED • Member of >200 U.S. indices • 84.5M shares outstanding1; lowest in the GDX Register Breakdown Dominant Orientation Remainder Retail 13% 13% Top 5 Passive 41% 43% Other Identifiable 28% Ac
Slide 38: Shareholder Base Reflects Company's Unique Position
Shareholder Base Reflects Company’s Unique Position Shareholder base is institutional with some unique characteristics • 38% of investors are Index investors • High-quality shareholder register, with large and long-term Investor Styles institutional investors comprising the majority of the register
Slide 39: The Right Assets Should Show Return Growth Over Time
The Right Assets Should Show Return Growth Over Time Assets with growth potential provide multiples of payback and higher returns as mine lives lengthen 19.5% 12.1% 9.8% 9.8% 9.6% IRR at Deal Date 9.1% 9.1% 7.6% IRR at December 2024 6.3% 6.6% 6.4% 6.4% 6.3% 4.1% 2.1% 2.3% 1.1% 0.4% 0.1% 0.4% Andacol
Slide 40: Assets with Growth Potential Provide Excess Returns Over Time
Assets with Growth Potential Provide Excess Returns Over Time Royal Gold has a track record of adding value through investing in assets with growth potential • As of December 31, 2024, cash flow received to date and forward Street estimates of stream/royalty net asset values exceed initial investmen
Slide 41: Our Investing Success Rate is High
Our Investing Success Rate is High Royal Gold is an effective steward of shareholder capital $11,000 • Royal Gold has invested ~$10.7Bn of capital in royalty and stream assets1 $10,000 $10,703 $9,000 • Impairments have been limited over a long investing history $8,000 • Impairments account for ~1% o
Slide 42: Overlapping Royalties at Cortez Create High Royalty Rates
Overlapping Royalties at Cortez Create High Royalty Rates Simplified Royalty Detailed Royal Gold Royalty Coverage and Rates Rates Rio Tinto Idaho Sandstorm Legacy Royalties2 Mine/Deposit/Area Mine Type Ore Process Royalty Royalty Royalty Approximate Blended Royalty Rate Royalty Royalty Royalty Royal
Slide 43: NGM Expects Significant Production Growth from the Cortez Complex
NGM Expects Significant Production Growth from the Cortez Complex Planned conversion of resources to reserves has potential to extend open pit operations to at least 2038 and underground operations to at least 2052 Production mix expected to 1,000 evolve with new deposits 900 Goldrush (1.6% GSR3): •
Slide 44: Advancing High-Quality Targets a Continued Focus
Advancing High-Quality Targets a Continued Focus Focus on conversion and addition of inventory at CHUG, Cortez Pits, Crossroads and Robertson Swift2 Fourmile (100% Barrick) - NGM continuing to earn in - 2026 expenditure of $150-160M - Drilling has intersected higher-grade planned mineralization - Mi
Slide 45: World Gold Council – 247 Initiative
World Gold Council – 247 Initiative ROYAL GOLD, INC. | INVESTOR PRESENTATION | MARCH 2026 45
Slide 46: Non-GAAP Measures
Non-GAAP Measures Overview of non-GAAP financial measures: Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation o
Slide 47: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures Adjusted EBITDA and Adjusted EBITDA margin: Cash G&A and Cash G&A Margin: Twelve Months Ended Three Months Ended December 31, December 31, September 30, June 30, March 31, (amounts in thousands) 2025 2024 (amounts
Slide 48: Certain Other Measures
Certain Other Measures We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and wh
Slide 49: Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com