Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Merger or Acquisition (August 2025)
14 slides from Royal Gold's merger presentation, Aug 5, 2025
Slide 1: Royal Gold Acquires Gold Stream on the Kansanshi Copper-Gold Mine
CORPO CORPORATE PROFILE Royal Gold Acquires Gold Stream on the Large-Scale, Long-Life, Kansanshi Copper-Gold Mine Operated by First Quantum Minerals Ltd. DENVER, COLORADO. AUGUST 5, 2025: ROYAL GOLD, INC. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) a
Slide 2: Royal Gold Acquires Gold Stream on Kansanshi Mine
I> ROYALGOLD, INC Royal Gold Acquires Gold Stream on Kansanshi Min World-class copper-gol mine provides m gold rev p Mes
Slide 3: Cautionary Statements
Cautionary Statements Mf Forward-Looking Statements: This presentation and the accompanying webcast include “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 stateme
Slide 4: Important Disclosures
Important Disclosures I No Offer or Solicitation: Communications in this presentation and the accompanying webcast do not constitute an offer to sell or the solicitation of an offerto subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed transacti
Slide 5: Kansanshi Gold Stream Meets Royal Gold's Investment Criteria
Kansanshi Gold Stream Meets Royal Gold’s Investment Criteria Mh The Kansanshi Gold Stream is a world-class stream interest on a world-class copper-gold mine + First Quantum Minerals Ltd. (“First Quantum”) operates and indirectly owns an 80% interest in the Kansanshi Operations; remaining 20% owned b
Slide 6: Gold Stream Overview
Gold Stream Overview I> Transaction Details Royal Gold, Inc., through its wholly-owned subsidiary RGLD Gold AG, entered into a precious metals purchase agreement for gold produced from the Kansanshi copper-gold mine, operated and 80% owned by a subsidiary of First Quantum Minerals Ltd. Consideration
Slide 7: Gold Stream Overview
Gold Stream Overview Mk Gold stream provides life of mine exposure to a large, long-life copper-gold mine Kansanshi Operations and Area of Interest: * Gold stream is life of mine * First Quantum acceleration options: 1. From the earliest achievement by First Quantum of either: + minimum ‘BB’ or equi
Slide 8: Kansanshi Overview
Kansanshi Overview I> Kansanshi S3 Expansion remains on budget and on schedule for first production H2/2025 2026-2027 Guidance 2024 NI 43-101 Technical Report ‘i 210-240 kt 180-210 Kt 160-190 kt 160 . ll | | | | Copper Production ( 033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Kans
Slide 9: Post-Transaction Liquidity
Post-Transaction Liquidity Ih Indebtedness Liquidity $1.4B Revolving Credit Facility’ - Additional liquidity expected from Greenstone gold payment?, Kansanshi deliveries®, and undrawn revolver capacity’ - Additional payment required for Warintza4 Revolver draw for Kansanshi Estimated draw at Sandsto
Slide 10: Diversified Asset Portfolio
Diversified Asset Portfolio I> Top 10 Principal Assets by NAV? Selected Consensus Asset NAV (%)123.45 PRINCIPAL ASSET % OF NAV see fe Mt. Milligan 12% tow MRoyal Gold we Kansanshi? 9% ™ Sandstorm After completion of the Sandstorm ‘ 9 ee ao 18 and Horizon transactions, Royal fh Cortez? 8% 12% Gold wi
Slide 11: I> RoYALGOLD,INC
I> RoYALGOLD,INC
Slide 12: Non-GAAP Measures
Non-GAAP Measures LN Reconciliation of non-GAAP financial measures to U.S. GAAP measures TTM Adjusted EBITDA: Royal Gold ‘Three Months Ended March 3, December 34, September 30, une 20, (emounts in thousands) 2025 2028 2028 2028 Net come and comprehensive home 3 Tass > Trea > mas Braz Depreciation, d
Slide 13: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures TTM Adjusted EBITDA: ‘Sandstorm Gold ‘Three Months Ended March 34, December 3, September 30, une 30, (anourtsintousards) 2025, 2024 228 2028 Netincome (kes) for the parod ES Tia 30S am F TOs Depreciation, depletion
Slide 14: I> RoYALGOLD,INC
I> RoYALGOLD,INC Tel. 303.573.1660 — = SG eam investorrelations@royalgold.com www.royalgold.com