Slide 1: Investor Presentation
AUGUST 2026 Investor Presentation
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: A Royalty Model That Delivers
A Royalty Model That Delivers Gold exposure with strong returns and built-in growth, without the operating risks Gold-focused portfolio High margin with dividend growth Highly diversified portfolio 82% 15% Strategic focus on precious metals 68% of 2025 revenue from North America No Energy. No Divers
Slide 4: Accretive Transactions in 2025
Accretive Transactions in 2025 Cementing Royal Gold as a leading North American streaming and royalty company Sandstorm & Horizon $4.1B, acquisition of royalty companies Diversification, growth, long-life assets Larger, higher-cash-flow portfolio Kansanshi Faster growth trajectory $1B, gold stream L
Slide 5: Table of Contents: Gold-Focused Portfolio
TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 1 Gold-FocusedPortfolio Gold-Focused Portfolio 2 High Margin with Dividend Growth 3 Highly Diversified Portfolio 4 Limited Operating Risk 5 Optimal Size Advantage 6 Embedded Growth and Optionality 5
Slide 6: Gold is the Dominant Driver of Revenue
Gold is the Dominant Driver of Revenue 40+ years of consistent, focused execution Revenue (US$ Million) $1,030 $1B 89% Gold Total Revenue Revenue from (2025) Precious Metals Silver (2025) Copper Other 12% CAGR $719 $654 2025 Gold Equivalent Ounces1 $603 $606 $562 300,300 oz $468 $443 $430 $413 $320
Slide 7: 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 May 22. 2006 – August 3, 2026 1.57 11 10 β Gold Price 9 8 0.58 7 6.94 RGLD 6 6.02 SP500 β S&P 500 5 5.11 Spot Gold 4 3 Royal Gold’s beta vs. Gold
Slide 8: Table of Contents: High Margin with Dividend Growth
TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 1 Gold-Focused Portfolio 2 High Margin High Marginwith withDividend Dividend Growth Growth 3 Highly Diversified Portfolio 4 Limited Operating Risk 5 Optimal Size Advantage 6 Embedded Growth and Optionality 8
Slide 9: High Operating Margin
High Operating Margin Lean business model reduces inflation and margin compression risks 2025 Cash Flow Metrics 2 US $1.030B Revenue 82% Adjusted EBITDA1/Revenue US $848M Adjusted EBITDA 1 US $705M Operating Cash Flow 68% Operating Cash Flow/Revenue 4% US $37M Cash G&A3 Expenses/Revenue Cash G&A3 1
Slide 10: Highly Efficient and Scalable Business Model
Highly Efficient and Scalable Business Model A global business operated by just 39 people across 4 offices $1,578 Anglo American $396 $2,246 Rio Tinto $895 $809 Glencore $1,542 Enterprise Value 1 / Employee 2 Total Revenue 3 / Employee 4 in US$ 000s $3,600 Barrick $545 in US$ 000s $5,484 Newmont $96
Slide 11: Growing and Sustainable Dividend Despite Gold Price Volatility
Growing and Sustainable Dividend Despite Gold Price Volatility The only precious metal company in the S&P High Yield Dividend Aristocrats Index $2.00 $4,800 Dividend Payout Ratio Gold Price $4,400 $1.80 $4,000 15% $1.2B $1.60 $3,600 $1.40 $3,200 Price (US$/ounce) Dividend (US$/share) $1.20 Dividend
Slide 12: Table of Contents: Highly Diversified Portfolio
TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 1 Gold-Focused Portfolio 2 High Margin with Dividend Growth 3 HighlyDiversified Highly DiversifiedPortfolio Portfolio 4 Limited Operating Risk 5 Optimal Size Advantage 6 Embedded Growth and Optionality 12
Slide 13: Global Portfolio in Mining-Friendly Jurisdictions
Global Portfolio in Mining-Friendly Jurisdictions 82 Producing 2 29 Development 82 Evaluation 3 175 Exploration 3 Principal Properties 1 Mount Milligan British Columbia, Canada 2 Cortez Nevada, USA 1 3 Pueblo Viejo Dominican Republic 4 Andacollo Chile 368 3 5 Kansanshi Zambia Total Properties1 5 2 4
Slide 14: Diversified Commodity and Geographic Exposure
Diversified Commodity and Geographic Exposure Asset NAV by Metal 1, 2 Asset NAV by Location 1, 2 Gold North America Silver South and Central America Copper EMEA 30% 94% Other 53% Precious Metals 17% Gold drives the portfolio with Portfolio concentrated important contributions from in well-establishe
Slide 15: Diversified Asset Portfolio Operated by Leading Counterparties
Diversified Asset Portfolio Operated by Leading Counterparties NAV by Asset1, 2 NAV by Counterparty1 4% Mt. Milligan Centerra Gold 17% Pueblo Viejo Barrick Kansanshi Teck Resources Cortez Andacollo 70% First Quantum Nevada Gold Mines MMG Limited 11% Khoemacau Top 10 Assets Glencore plc Platreef 9% H
Slide 16: Table of Contents: Limited Operating Risk
TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 1 Gold-Focused Portfolio 2 High Margin with Dividend Growth 3 Highly Diversified Portfolio 4 LimitedOperating Limited OperatingRisk Risk 5 Optimal Size Advantage 6 Embedded Growth and Optionality 16
Slide 17: Advantages of Investing in the Royalty Model
Advantages of Investing in the Royalty Model ETFs, Bars Developers & Junior Senior and Coins Explorers Operators Operators Exposure to Gold Exploration Upside / Optionality Portfolio Diversification Sustainable Dividend No Direct Exposure to Operating Costs1 No Direct Exposure to Capital Costs1 1) E
Slide 18: Royalty and Streamer Margins Expand with Gold Price
Royalty and Streamer Margins Expand with Gold Price Producers Royalty and Streaming Operating costs Gold price Operating costs Gold price Relatively static margin $/oz $/oz Margin expands as gold price increases Costs increase with inflation Relatively fixed cost base Time Time 18
Slide 19: 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 RGLD Cash G&A Expense3 ~$1,098/oz Salaries Accounting, tax and legal Royalty Metal price Office Sustainability / Donations dependent TCRC & Shipment Business
Slide 20: Table of Contents: Optimal Size Advantage
TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 1 Gold-Focused Portfolio 2 High Margin with Dividend Growth 3 Highly Diversified Portfolio 4 Limited Operating Risk 5 OptimalSize Optimal SizeAdvantage Advantage 6 Embedded Growth and Optionality 20
Slide 21: Large Enough to Compete, Small Enough to Show Growth
Large Enough to Compete, Small Enough to Show Growth Royal Gold is right-sized for our sector $100 $2,400 Operating Cash Flow 1 $90 Market Capitalization 2 356 Stream/royalty $80 $1,905M $1,900 transactions $70 over 20 years3 $1,494M $60 $1,400 $50 296 Smaller than $300M $705M $40 $900 $30 $49B $41B
Slide 22: Table of Contents: Embedded Growth and Optionality
TABLE OF CONTENTS Precious Metals Exposure with Disciplined Financial Performance 1 Gold-Focused Portfolio 2 High Margin with Dividend Growth 3 Highly Diversified Portfolio 4 Limited Operating Risk 5 Optimal Size Advantage 6 EmbeddedGrowth Embedded Growthand andOptionality Optionality 22
Slide 23: Capital Allocation Priorities
Capital Allocation Priorities Royal Gold’s growth is based on a consistent approach with 3 priorities CURRENT LEVELS PARAMETERS Invest in accretive 84.7M Shares Outstanding1 Limit equity dilution growth Lowest in GDX 0.17x Net Debt/EBITDA1 Up to 3x Net Debt/EBITDA if we can reduce to 2x within one y
Slide 24: Capital Allocation Framework
Capital Allocation Framework Built-in flexibility and discretion as competing priorities change with market conditions Priorities Targets Considerations Invest in accretive growth Double-digit IRR over the long-term, limit Each opportunity should provide accretive equity dilution and show per share
Slide 25: 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 $5.1B Cumulative cash flow Cash G&A Expenses 23x Growth does not require increased G&A Avg. Gold Price 12x Growth not dependent on gold
Slide 26: Assets with Growth Potential Drive Returns Over Time
Assets with Growth Potential Drive Returns Over Time Early conviction in assets has driven higher returns as value is daylighted IRR at Deal Date IRR at January 2026 Kansanshi Khoemacau Andacollo 7.1% 14.4% 11.7% 3.4% 6.3% 6.3% <1yrs Time in Portfolio 6yrs Time in Portfolio 11yrs Time in Portfolio P
Slide 27: Assets with Growth Potential Drive Returns Over Time
Assets with Growth Potential Drive Returns Over Time Royal Gold has a record of adding value through investing in assets with growth potential Initial Investment Cash Flow Received Consensus NAV 1 Figures shown in US$M end of 2025 Kansanshi Khoemacau Andacollo $26 $1,111 $112 $743 $548 $779 $1,000 $
Slide 28: Multiplier Effect Creates Optionality
Multiplier Effect Creates Optionality Mine life extension provides longer exposure to metal prices More production × longer exposure = higher return Over 2 million meters of drilling completed across properties in which we hold interests in 2025 Production Incremental Mine plan based production due
Slide 29: Robust Development Pipeline
Robust Development Pipeline Multi-year catalysts within the portfolio provide organic growth potential Back River Robertson La India Platreef Phase II Hod Maden Great Bear Warintza Gold District (Cortez) B2GOLD METALS EXPLORATION NEVADA GOLD MINES IVANHOE MINES LIDYA KINROSS SOLARIS RESOURCES 2026 F
Slide 30: Portfolio Growth and Duration Not Valued in the Market
Portfolio Growth and Duration Not Valued in the Market Royal Gold trades in line with or below smaller, less diversified peers on both P/NAV and P/CF Consensus P/NAV Consensus P/CF 1.7X 19.7X 1.6X 17.5X 16.8X 1.3X 14.4X 1.2X 12.7X 1.0X FNV WPM RGLD TFPM OR FNV OR WPM TFPM RGLD Market capitalization
Slide 31: 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 4.00x Price to NAV 65 Price to Cash Flow Royal Gold Peer Range 1 Royal Gold Peer Range 1 3.50x 1.3x 55 12.7x 3.00x 45 2.50x 35 2.00x 1.50x 25 1.00x
Slide 32: Appendix
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Slide 33: Gold is a Unique Strategic Asset
Gold is a Unique Strategic Asset 140 Currencies and Commodities Relative to Gold1 WHY GOLD? January 2000 = 100 120 Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, 100 currency depreciation and inflation 80 Value in Gold 60 Store of Value Liquid Asset Diversifier 4
Slide 34: Gold's Key Drivers
Gold’s Key Drivers Annualized Returns1 US cash Global stocks ex US Commodities US Treasuries EM stocks Gold US stocks Economic expansion 70% CAGR (%) Periods of growth are supportive of jewelry, technology and long-term savings 60% Risk and uncertainty Gold performs well, Market downturns, inflation
Slide 35: 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 Acquired 1.5% NSR in 2005, capped at 2M oz; cap reached in 2019 (Contained Gold M oz) Pre-tax return of ~36% vs. 8% base case 2P Reserves M&I Resources Return uplift driven by
Slide 36: Significant Growth in Attributable GEOs
Significant Growth in Attributable GEOs Acquisitions and organic developments provided increases across the portfolio Principal Producing Development Evaluation 10 in M ounces 9 8 7.0M 7 AGEOs 5.6M 6 4.3M 4.6M AGEOs AGEOs 5 AGEOs 4 3 2 1 Proven & Probable Measured & Indicated 0 2024 2025 2024 2025 1
Slide 37: Enhanced Portfolio Duration
Enhanced Portfolio Duration Shift toward longer-life portfolio driven by disciplined M&A and organic developments 45% of NAV 40% 20–25 35% 10–15 years 14.5yr 18yr years 30% Weighted Average Weighted Average Mine Life Mine Life 25% 15–20 20% years 10–15 15% 20–25 years 15–20 years years 10% 5–10 25–3
Slide 38: 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 EXPLORATION DEVELOPMENT PRODUCTION Interest is typically in Interest is typically in Interest is typically in Royalty the form of a royalty, the form of a stream,
Slide 39: 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 40: Robust Due Diligence Drives Disciplined Approach to Acquisitions
Robust Due Diligence Drives Disciplined Approach to Acquisitions Due diligence process includes: TECHNICAL LEGAL & ESG FINANCIAL Geology • Reserves & Resources • Mining Title & Permitting • Mining Law • Financial & Credit Analysis • & Metallurgy • Operating & Capital Costs • Environmental Impact • S
Slide 41: Streaming & Royalty Market is Growing
Streaming & Royalty Market is Growing 2025 was a record year for transactions & corporate M&A Figures shown in US$M Industry Transactions Stream & Royalty Corporate $10,239 $5,386 $6,013 $4,453 $4,697 $3,928 $3,189 $99 $3,173 $3,488 $1,357 $628 $183 $2,151 $98 $2,023 $2,270 $41 $1,961 $6,013 $1,874
Slide 42: History of Stream Transactions from 2004 to 2026
History of Stream Transactions from 2004 to 2026 1 Most stream transactions have been smaller than $300M with larger streams appearing in the last few years Average Transaction Size $500M+ $400M+ 2023-2026 $375M $300M+ 147 2004-2022 $185M Less $200M+ than $100M Total transactions 22 14 Balance sheet
Slide 43: Sources of Transactions
Sources of Transactions Financing Needs Use of Proceeds1 Balance sheet restructuring, development projects, expansion M&A Balance sheet 4% restructuring/ Mergers & Acquisitions 38% value arbitrage Assist buyer through stream and royalty financing Third party 23% Third Party Stream and Royalty Sales
Slide 44: Credit Facility is a Flexible and Strategic Financing Tool
Credit Facility is a Flexible and Strategic Financing Tool A low-cost instrument to provide liquidity and avoid dilution Acquisitions: Kansanshi Sandstorm Total Credit Facility Acquisitions: Figures shown in US$M Red Chris $1,500 Amount Drawn Repayment of Xavantina $1.4B convertible notes Cote Total
Slide 45: Experienced Team Reduces Management Risk
Experienced Team Reduces Management Risk Board of Directors Senior Management CHAIRMAN W IL L I AM F ABI ANA MARK W IL L I AM MART I N PAUL RANDY DAN Hayes Chubbs Isto Heissenbuttel Raffield Libner Shefman Breeze Independent Director Independent Director Non-Independent Non-Independent SVP, Operatio
Slide 46: 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 Short Term Incentives focused on Compensation breakdown:1 financial, operational, strategic, stewardship and risk management, and
Slide 47: US Domicile & Register Are Unique
US Domicile & Register Are Unique Only U.S. based precious metals streaming and royalty company Remainder (Retail) 15% 84.7M1 Top 5 34% Retail 14% Passive Shares Outstanding 44% Lowest in GDX Register Dominant Breakdown Orientation Other Identifiable 31% Active 42% Top 6-10 10% Top 11-20 9% Source:
Slide 48: Our Investing Success Rate is High
Our Investing Success Rate is High Royal Gold is an effective steward of shareholder capital $12,000 USD Millions $10,000 $10,703 Royal Gold has invested ~$10.7B of capital in royalty and stream $8,000 assets1 Pascua-Lama, Impairments have been limited $6,000 Phoenix Gold, and over a long investing
Slide 49: 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 50: 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 and underground operations to at least 2050 Cortez 100% Production (excluding Fourmile) 1,2 Production mix expected to 1,200 in 000’s oz evolve wi
Slide 51: Fourmile Cortez Complex
Development Fourmile Cortez Complex BARRICK MINING Foundational asset for Barrick’s future production 16 rigs doubling 32–34Mt @ 15–16g/t mineral resources Ramp-up to Extensive Target conversion of 20 surface rigs drill conversion Exploration Upside First Ore Timeline to Production Q4 | 2025 2026 20
Slide 52: 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 Fourmile (100% Barrick) - 2026 expenditure of $150-160M Swift2 planned - NGM continuing to earn in - Mineral resources covers 1/3 of - Drilling has intersecte
Slide 53: Overview of non-GAAP financial measures
NON-GAAP MEASURES APPENDIX 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 iso
Slide 54: Reconciliation of non-GAAP financial measures to U.S. GAAP measures
NON-GAAP MEASURES APPENDIX 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
Slide 55: Certain Other Measures
CERTAIN OTHER MEASURES APPENDIX 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 bas
Slide 56: investorrelations@royalgold.com
DIRECT +1 303 573 1660 EMAIL investorrelations@royalgold.com WEB www.royalgold.com