Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Merger or Acquisition (July 2025)
24 slides from Royal Gold's merger presentation, Jul 7, 2025
Slide 1: Corporate Profile: Royal Gold to Acquire Sandstorm Gold and Horizon Copper
CORPORATE PROFILE Royal Gold to Acquire Sandstorm Gold and Horizon Copper and Reinforce its Position as a Leading North American Gold-Focused Streaming and Royalty Company • Transactions increase Royal Gold’s scale, diversification and potential for organic growth, and the strong balance sheet and c
Slide 2: Proposed Acquisition of Sandstorm Gold and Horizon Copper
| Re Proposed Acquisition JULY 7, 2025 of Sandstorm Gold and Horizon Copper Creating a Premier Growth Company in the Gold Streaming and Royalty. WN Sector
Slide 3: Important Disclosures
Important Disclosures No Offer or Solicitation: Communications in this presentation do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solictation of any vote or approval with respect to the proposed transactions or otherwise, nor shall the
Slide 4: Cautionary Statements
Cautionary Statements Forward-Looking Statements: This presentation includes “forward-looking statements” and “forward-looking information’ within the meaning of applicable securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statem
Slide 5: Today's Speakers
Today’s Speakers Nolan Watson President and CEO, Sandstorm Gold Ltd. A Chairman, Horizon Copper Corp. If, Ree eee ee ene ee eee ee
Slide 6: Acquisitions Add High Quality, Long-Life Precious Metals Assets
Acqu tions Add High Quality, Long-Life Precious Metals Assets Accretive transactions cement Royal Gold as a leading North American streaming and royalty company Accretive and Strategic Growth + Adds high-quality producing assets, bolstering immediate revenue and cash flow from a larger portfolio + A
Slide 7: Strategic Rationale
Strategic Rationale Significant benefits to Royal Gold, Sandstorm and Horizon shareholders Royal Gold Shareholders Meaningfully accretive to NAV and mid-to-long-tem cash flows Increases production and cash flow from high-quality assets Reinforces organic growth potential with material assets to crea
Slide 8: Transaction Summary
Transaction Summary Proposed z Transaction Consideration Approvals and . Conditions Support Expected Timing . Royal Gold Inc. (‘Royal Gold”) to acquire 100% of the common shares of both Sandstorm Gold Ltd. (‘Sandstorm’) and Horizon Copper Corp. ("Horizon") Sandstorm shareholders will receive 0.0625
Slide 9: Accretive and Strategic Growth
Creating a Premier Growth Company in the Gold Streaming and Royalty Sector | Accretive and Strategic Growth
Slide 10: Addition of High-Quality Production Assets
ACCRETIVE AND STRATEGIC GROWTH Addition of High-Quality Production Assets Diversified production from top-tier assets with strong operators Greenstone Fruta Del Norte Chapada Caserones EE Ecuador Brazil 1.66% 2.375% 0.9% 4.2% 0.63% NPI Gold Stream‘ NSR Copper Stream’ NSR? BHP GLENCORE EQUINOX LUNDIN
Slide 11: Addition of Material Growth Assets
ACCRETIVE AND STRATEGIC GROWTH Addition of Material Growth Assets Growth assets with enormous potential being advanced by experienced and well-capitalized operators Oyu Tolgoi Hugo North Extension Hod Maden South Africa Argentina Mongolia 37.5% 20% 447% 0.33% ~5% 0% 2% Gold Stream* Gold Stream ee ee
Slide 12: Accretive to NAV for Royal Gold shareholders
ACCRETIVE AND STRATEGIC GROWTH Accretive to NAV for Royal Gold shareholders Pro Forma Consensus Asset NAV (%)'2 Sandstorm and Horizon to substantially increase Royal Gold net asset value 23% Sandstorm @ Royal Gold Shareholders® ® Sandstorm Horizon +44% Increase in Asset NAV? 771% Royal Gold Sharehol
Slide 13: Contribution to Near-Term Production
ACCRETIVE AND STRATEGIC GROWTH Contribution to Near-Term Production 2025E GEO Production Guidance Pro Forma Production Immediate increase in GEO production to >350 koz (+26%) based on Royal Gold and Sandstorm management guidance Excludes contribution from Horizon given no 2025 production guidance; ~
Slide 14: Diversified and Gold-Focused Portfolio
Creating a Premier Growth Company in the Gold Streaming and Royalty Sector | Diversified and Gold-Focused Portfolio AND Ho ER | JULY
Slide 15: Embedded Growth and Portfolio Optionality
DIVERSIFIED AND GOLD-FOCUSED PORTFOLIO Embedded Growth and Portfolio Optionality Robust Asset Portfolio with Strong Growth Pipeline’ 393 assets in pro forma portfolio ™ Producing lM Development ll Evaluation/Exploration 80 assets producing, 47 in development Royal Gold 266 assets (68%) in earlier st
Slide 16: Diversified Commodity and Geographic Exposure
DIVERSIFIED AND GOLD-FOCUSED PORTFOLIO Diversified Commodity and Geographic Exposure Gold-Focused Portfolio by Asset NAV12 Geographically Diversified by Asset NAV12 78% Gold 11% Silver 9% Copper 3% Other 28% Canada 13% United States 10% Dominican Rep. 9% Chile 5% Brazil 12% Other LatAm 15% Africa 2%
Slide 17: Diversified Asset Portfolio
DIVERSIFIED AND GOLD-FOCUSED PORTFOLIO Diversified Asset Portfolio Top 10 Principal Assets by NAV Selected Consensus Asset NAV (%)1234 PRINCIPAL ASSET 6 OF NAV st fe Mt. Milligan 13% jos BM Royal Gold Mk Pueblo Viejo 10% toe @ Sandstorm Me — Cortez? 8% 44% Royal Gold will have the : z 5 largest mini
Slide 18: Unlocks Synergies and Enhances Value
Creating a Premier Growth Company in the Gold Streaming and Royalty Sector | Unlocks Synergies and Enhances Value AND Ho ER | JULY 16
Slide 19: Simplification of Sandstorm-Horizon Ownership Structures
UNLOCKS SYNERGIES AND ENHANCES VALUE Simplification of Sandstorm-Horizon Ownership Structures CURRENT PRO FORMA Sandstorm i Royal Gold — Equity Debentures’ Stream Ownership? Entrée Hod / (oyuToI Antamina Horizon Copper | Extensions) // /| Maden Enhanced Value from Simplification 1.66% NPI v Simplifi
Slide 20: High Quality Institutional Share Ownership
UNLOCKS SYNERGIES AND ENHANCES VALUE High Quality Institutional Share Ownership Pro Forma Shareholders! Select Crossover Shareholders PF Ownership’: aa GROUP" RGLD 77% Variiek BlackRock. Retail & Other World? SAND 23% BlackRock Sprott As Invesco Insiders 2% Cl] FINANCIAL Kopernik ‘3 7 2 Varitek’ DE
Slide 21: Strengthens Market Position
Creating a Premier Growth Company in the Gold Streaming and Royalty Sector | Strengthens Market Position
Slide 22: Large Enough to Compete, Small Enough to Grow
STRENGTHENS MARKET POSITION Large Enough to Compete, Small Enough to Grow Market Capitalization’ (US$B) $41.2 Transactions cement Royal Gold’s unique industry position Increased scale, but small enough to show growth Strong financial position and continued focus on paying a growing dividend $4.9 $4.
Slide 23: Conclusion
Conclusion Creating a Premier Growth Company in the Gold Streaming and Royalty Sector e Leading growth profile with exploration and | Accretive and Strategic Growth development optionality Gold-dominant portfolio with sector-leading Diversified and Gold-Focused Portfolio 7 elie hae ee Brean at diver
Slide 24: Tel. (303) 573-1660 ie Sa es
Tel. (303) 573-1660 ie Sa es investorrelations@royalgold.com j 2 = www.royalgold.com