Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Investor Day (March 2026)
111 slides from Royal Gold's investor day presentation, Mar 31, 2026
Slide 1: Investor Day 2026
MARCH 31, 2026 Investor Day 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: Investor Day Themes
INVESTOR DAY THEMES Consistent Diversified Embedded Strategy Portfolio Growth
Slide 4: Agenda
AGENDA 11 Overview & Strategic Position Bill Heissenbuttel | President and CEO 22 Recent Acquisitions Jason Hynes | SVP, Strategy and Business Development ROYAL GOLD CORP. 33 Guidance & Portfolio Highlights Martin Raffield | SVP, Operations 44 Capital Allocation & Growth Strategy Paul Libner | SVP a
Slide 5: Overview and Strategic Position
Overview and Strategic Position SPEAKER Bill Heissenbuttel | President and CEO 5
Slide 6: The Royal Gold Investment
The Royal Gold Investment Royal Gold can be a “set and forget” full cycle investment Simple and consistent strategy Strategy Exposure Low-risk exposure to precious metals Upside exposure and Upside growth through the cycle INVESTOR DAY 2026 6
Slide 7: Strategic Goals
Strategic Goals Consistent, simple and long-standing Acquire high-quality and long-life precious metal assets in mining-friendly jurisdictions Finance growth with limited equity dilution Maintain strong balance sheet and liquidity Increase return to shareholders INVESTOR DAY 2026 7
Slide 8: 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 9: 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 10: 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 11: 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 12: High Operating Margin
High Operating Margin Lean business model reduces inflation and margin compression risks Operating Cash Flow Margin Adjusted EBITDA Margin1 Cash G&A1 as % of 80% revenue 81% 82% 79% 80% 79% 79% 74% 71% Low and stable G&A expense 70% 69% 69% 69% 68% mitigates inflation impact from rising energy and o
Slide 13: Highly Efficient and Scalable Business Model
Highly Efficient and Scalable Business Model A global business operated by just 39 people across 4 offices $1,387 AngloAmerica $396 Enterprise Value 1 / Employee 2 $1,891 RioTinto $895 Total Revenue 3 / Employee 4 in US$ 000s in US$ 000s $701 Glencore $1,542 $4,172 Barrick $545 $6,202 Newmont $969 $
Slide 14: Gold is the Dominant Driver of Revenue
Gold is the Dominant Driver of Revenue 40+ years of consistent, focused execution 2025 Gold Equivalent Ounces1 300,300 oz Revenue (US$ Million) $1,030 1.63 Gold Silver Copper 12% Other CAGR β Gold Price $719 $654 0.53 $603 $606 $562 $468 $443 $430 $413 β S&P 500 $320 Royal Gold’s beta vs. Gold Price
Slide 15: 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 16: Creating Shareholder Value
Creating Shareholder Value Capital allocation strategy has created equity value for shareholders Equity Contributed/Issued $5.6B More than 20% of equity 1993–2025 issued has been returned through dividend payments Dividends Returned $1.2B 2000–20261 Equity Value Created ~$14.4B Market Capitalization
Slide 17: Recent Acquisitions
Recent Acquisitions Advancing Our Strategic Priorities SPEAKER Jason Hynes | SVP, Strategy and Business Development Royal Gold Corp. 17
Slide 18: 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 19: Advancing Our Post-Transaction Priorities
Advancing Our Post-Transaction Priorities Simplified Accelerated Consistent Portfolio Debt Repayment Capital Returns Fully collapsed the Horizon Began with $1.225B Increased dividend for the Copper structure outstanding at close of the 25th consecutive year Sandstorm/Horizon Divested +$200M of equit
Slide 20: Positive Developments Supporting Long-Term Growth
Positive Developments Supporting Long-Term Growth Assets Acquired in 2025 Platreef First concentrate produced November 2025 MARA RIGI application, Alumbrera restart December 2025 Kansanshi S3 Commercial Production December 2025 Hod Maden Technical Report January 2026 Fruta del Norte Extend porphyry
Slide 21: 2025 Transactions Report Card
2025 Transactions Report Card +45% +39 +11 1 Producing Development Simplified EBITDA Assets Assets Portfolio Changes between Dec 31, 2024 and Dec 31, 2025. INVESTOR DAY 2026 21
Slide 22: Portfolio Covers Life Cycle of Mining Assets
Portfolio Covers Life Cycle of Mining Assets Properties at various stages of development provide optionality and organic revenue growth potential Exploration Evaluation Development Production Earliest stage projects Published resource Published reserve Revenue generating 178 76 29 81 As of December
Slide 23: Global Portfolio in Mining-Friendly Jurisdictions
Global Portfolio in Mining-Friendly Jurisdictions 81 Producing 2 29 Development 76 Evaluation 3 178 Exploration 3 Principal Properties 1 Mount Milligan British Columbia, Canada 2 Cortez Nevada, USA 1 3 Pueblo Viejo Dominican Republic 4 Andacollo Chile 364 3 5 Kansanshi Zambia Total Properties1 2 5 4
Slide 24: Exposure to Established and Major Mining Regions
Exposure to Established and Major Mining Regions 50 Nevada 30 British Columbia 26 Abitibi Greenstone Belt Producing 11 Producing 3 Producing 7 Development 1 Development 2 Development 5 45 Western Australia 24 Andes Region Producing 9 Producing 5 Development 2 Development 4 Note: only portions of map
Slide 25: 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 26: 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 27: 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 28: 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 29: Value Created for Royal Gold Shareholders
Value Created for Royal Gold Shareholders Large and gold-focused portfolio provides leverage to higher metal prices Significant NAV/share Accretion in 2025 Value created for Royal Gold $165 shareholders via: Metal price increase Positive portfolio developments 70% — Mount Milligan mine life extensio
Slide 30: Royal Gold Outperforming Peers
Royal Gold Outperforming Peers Since closing of Sandstorm/Horizon transaction, share price has outperformed Share Performance October 20, 2025 to March 25, 2026 20% Royal Gold 16% Wheaton PM 14% Franco Nevada 1.6% Triple Flag -7% OR Royalties 1% Gold Source: CapIQ, Share performance between October
Slide 31: Portfolio Growth and Duration Not Valued in the Market
Portfolio Growth and Duration Not Valued in the Market Lagging P/CF multiple indicates NAV disconnect Consensus P/NAV Consensus P/CF 2.0X 1.9X 20.8X 18.0X 16.5X 16.0X 1.4X 1.3X 13.9X 1.2X FNV WPM RGLD TFPM OR FNV OR WPM TFPM RGLD Source: CapIQ Consensus Estimates as of March 25, 2026. INVESTOR DAY 2
Slide 32: Guidance and Portfolio Highlights
Guidance and Portfolio Highlights SPEAKER Martin Raffield | SVP, Operations 32
Slide 33: 2026 Sales Guidance
2026 Sales Guidance Strong volume growth expected across all metals 2025A 2026 Guidance YoY Change1 Gold 231 koz 290–320 koz +32% Silver 3.0 Moz 3.0–3.5 Moz +8% Copper 16.4 Mlbs 21–25 Mlbs +40% Other $30M $34–38M +20% DD&A $339-379M Effective Tax Rate 17-22% Precious metals expected to contribute 90
Slide 34: Long-Term Outlook
Long-Term Outlook Expansions and new production are expected to drive longer-term growth 2025 Actuals 2026 Range 5 Year Outlook Additional Long-Term Potential Other Copper 430–480k Silver GEOs +50k GEOs Gold 365–410k + New Mines GEOs MARA + New Mines Fourmile (Cortez) 300k La India Cactus (royalty a
Slide 35: Robust Development Pipeline
Robust Development Pipeline Multi-year catalysts within the portfolio provide organic growth potential Robertson Back River La India Platreef Phase II Hod Maden Great Bear Warintza (Cortez) B2GOLD METALS EXPLORATION NEVADA GOLD MINES IVANHOE MINES SSR MINING KINROSS SOLARIS RESOURCES 2026 Fourmile O
Slide 36: 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 37: Cortez Complex, Nevada
Cortez Complex Nevada, USA Multi-Stage NEVADA GOLD MINES Effective Royalty Terms Fourmile — 1.6% GSR Development Goldrush — 1.6% GSR Producing Robertson — 2.6% GSR World-class gold Robertson Development Crossroads — 9.0% GSR mining complex with Crossroads Producing long-term growth Fourmile Attribut
Slide 38: Cortez Complex Production Outlook
Multi-Stage Cortez Complex NEVADA GOLD MINES Barrick expects significant production growth Production mix expected to evolve with Cortez 100% Production (excluding Fourmile) 1 new deposits and underground operations to at least 2050: 1,200 in 000’s oz Fourmile — Updated 2025 PEA outlines 600,000 to
Slide 39: Fourmile
Fourmile Cortez Complex Nevada, USA Development 1.6% GSR BARRICK MINING One of the most significant discoveries this century with production expected 2030+ Average Annual Production 600–750 koz Attributable Gold Equivalent Ounces Proven & Probable Measured & Indicated - 41 koz 25yr Mine Life Inferre
Slide 40: Fourmile Timeline to Production
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 41: Fourmile PEA Results
Development Fourmile Cortez Complex BARRICK MINING Barrick doubled gold resource at Fourmile in 2025 Further increases expected in 2026 PEA Results (Sept 2025): Goldrush 600–750 koz Au average annual production Up to 25 year mine life ~1.5–1.8 mtpa LOM AISC: $650–$750/oz Source: Barrick Nevada Gold
Slide 42: Goldrush
Goldrush Cortez Complex Nevada, USA Producing 1.6% GSR NEVADA GOLD MINES Long-life underground mine with significant upside opportunities Average Annual Production 400,000oz Au full production by 2028 Attributable Gold Equivalent Ounces 2050+ Proven & Probable Measured & Indicated Mine Life Inferred
Slide 43: Goldrush Upside Opportunities
Production Goldrush Cortez Complex NEVADA GOLD MINES Significant upside opportunities Confirmed high grade breccia discovery potential The area below the northern third of the Goldrush deposit is largely untested. Fourmile Applying the lessons learned at Fourmile, both surface and underground explor
Slide 44: Robertson
Robertson Cortez Complex Nevada, USA Development 2.6% GSR NEVADA GOLD MINES Organic growth project, Robertson has potential to extend the Cortez oxide mill Attributable Gold Equivalent Ounces 2027 Proven & Probable Measured & Indicated 12yr First Production Mine Life Inferred INVESTOR DAY 2026 44
Slide 45: Goldrush Robertson Cortez Complex
Muti-Stage Goldrush Robertson Cortez Complex NEVADA GOLD MINES Additional production delivered Goldrush Underground Robertson Open Pit 700 in 000’s oz 600 500 400 300 200 100 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Barrick Nevada Gold Mines Investor Visit Presentation, Feb
Slide 46: Mount Milligan
Mount Milligan British Columbia, Canada Producing CENTERRA GOLD Stream Terms 35% of payable gold Ongoing payment: $435/oz Au + Cost-Support Payments1 18.75% of payable copper Ongoing payment: 15% of spot price of Cu + Cost-Support Payments1 Further growth potential with life of mine extension Attrib
Slide 47: Mount Milligan Exploration
Producing Mount Milligan CENTERRA GOLD Exploration drilling aimed at expanding the mineral resource base Mineralization Cross Section Mineralization remains open to the west of the current resource pit 10% expansion in plant throughput beginning in 2028 — Increase throughput to 66,300 tpd — Increase
Slide 48: Khoemacau
Khoemacau Botswana Producing MMG LIMITED Stream Terms 100% of payable silver @ 20% spot ongoing payment until 40 million oz delivered; then 50% of payable silver @ 20% spot ongoing Expansion construction underway, first production expected in Attributable Gold Equivalent Ounces H1 2028 Proven & Prob
Slide 49: Khoemacau Expansion
Producing Khoemacau MMG LIMITED Expansion expected to increase production Area of interest runs 22km along Zone 5 strike with a Increase copper production to 130,000 t/year by 2028 width of 8km — with potential for 200,000 t/year over time Includes new 4.5 Mtpa processing plant — increasing total ca
Slide 50: Kansanshi
Kansanshi Zambia Producing FIRST QUANTUM MINERALS Stream Terms 75oz of Au per million lbs of recovered Cu until the delivery of 425,000 ounces 55oz of Au per million lbs of recovered Cu between 425,001 ounces and 650,000 ounces delivered 45oz of Au per million lbs of recovered Cu thereafter One of A
Slide 51: Kansanshi Production
Production Kansanshi FIRST QUANTUM MINERALS Gold stream deliveries based on copper production1 S3 plant expansion: Gold Deliveries to Royal Gold First ore in June 2025 50 45 Commercial production Gold Deliveries (kozs) 40 December 1, 2025 35 30 25 Adds 25 mtpa ore processing 20 Guidance 2024 NI 43-1
Slide 52: Xavantina
Xavantina Brazil Producing ERO COPPER CORP. Stream Terms 25% of gold produced @ 40% of spot ongoing payment until 160 koz delivered; then 10% of gold produced @ 40% spot ongoing Guidance 2026: 40-50 koz Au High-grade underground Long-term: 50-60 koz Au through 2028 + gold sale concentrates through m
Slide 53: Xavantina Improvements Since Acquisition
Producing Xavantina ERO COPPER CORP. Significant improvements since acquisition in 2021 Mine Life Annual Production Reserves & Resources1 (koz Au) Significant exploration 2032 45 koz success provides the basis +22% Au Inf 365 for material value beyond +120% 37 koz +134% what was visible in 2021 Au M
Slide 54: Red Chris
Red Chris British Columbia, Canada Producing NEWMONT CORPORATION (70%) Royalty Terms 1.0% NSR 2026 Guidance 50 koz Au, 63 mlbs Cu (100% basis) Advancing feasibility study on underground Attributable Gold Equivalent Ounces mine expansion project Proven & Probable Measured & Indicated 89 koz 98 koz 20
Slide 55: Red Chris Block Cave Expansion
Producing Red Chris NEWMONT CORPORATION 70% Block cave expansion designated as a project of national interest by Feasibility study: Government of Canada Expected in H2-2026 Permitting activities to support underground project are advancing Development capital $160M in 2026 Source: Newmont Press Rele
Slide 56: Platreef
Platreef South Africa Development IVANHOE MINES Stream Terms 37.5% of Au @ $100/oz Au until 131koz delivered; then 30% of Au @ $100/oz Au until 257 koz World’s largest development PGM mine accelerating expansion Attributable Gold Equivalent Ounces 395 29yr Proven & Probable Measured & Indicated 5 In
Slide 57: Platreef Expansion
Development Platreef IVANHOE MINES Processing Capacity (Mtpa) 3.3 Mtpa Phase 3 Concentrator (2/2) 3.3 Mtpa Phase 3 Concentrator (1/2) 10.7 Phase 1 & 2 Shaft #2 Hoisting (ore & waste) targeting production capacity of ~400 koz 4PE annually Shaft #2 Hoisting (labor & materials) Phase 2 7.4 accelerated
Slide 58: Platreef Orebody Comparison
Development Platreef IVANHOE MINES Unique wide orebody allows for efficient mining PGM Deposit Merensky Reef / UG2 Platreef 1 Comparison Bushveld Location Western/Eastern Limb Northern Limb Mining Method Underground Underground narrow-reef, manual, efficient mechanised, long labour intensive hole st
Slide 59: MARA
MARA Argentina Evaluation GLENCORE Royalty Terms 0.25% NSR with an option to convert to 20% gold stream Stream Option Additional Advance Payment: $225 million1 paid during construction period Glencore’s most advanced Gold Stream: 20% of Au @ 30% spot copper-gold growth Attributable Gold Equivalent O
Slide 60: MARA Derisked Through Alumbrera Restart
Evaluation MARA GLENCORE Significantly derisked through restart at Alumbrera Onboarded workforce Mining of historic Alumbrera pits to produce ore and stabilize highwalls for tailings storage Conveyor from Agua Rica to Ore Transport Alumbrera for transport of ore conveyor Revenue generating & contrib
Slide 61: MARA Project Development Timeline
Evaluation MARA GLENCORE Current project development timeline RIGI Application submitted in 2025, expected approval in 2026 2026 2027 2028 2029 2030 2031 2032 Feasibility Study Final Investment Decision Construction First Production/Ramp-Up Source: Glencore Capital Markets Day Presentation December
Slide 62: Great Bear
Great Bear Ontario, Canada Evaluation KINROSS GOLD CORPORATION Royalty Terms 2.0% NSR Average Annual Production 500,000oz Au First 8 years World-class project is a centerpiece of Kinross’ Attributable Gold Equivalent Ounces development portfolio Proven & Probable Measured & Indicated - 54 koz 12yr M
Slide 63: Great Bear Development Timeline
Evaluation Great Bear KINROSS GOLD CORPORATION Conceptual project development timeline 2026 Budget: 2025 2026 2027 2028 2029 $260M (AEX construction, detailed engineering & other) Advanced 2026 Focus: Exploration Project Studies Exploration Decline Advanced exploration decline (AEX) Program developm
Slide 64: Great Bear Production Potential
Evaluation Great Bear KINROSS GOLD CORPORATION Multi-decade production potential Annual Gold Production (koz) Underground Upside potential for Open Pit & Stockpiles additional underground resources at depth 601 541 524 543 480 498 493 461 355 320 250 133 109 Source: Kinross Investor Presentation Mar
Slide 65: Warintza
Warintza Ecuador Development SOLARIS RESOURCES Stream Terms 20 oz Au per 1m lbs Cu produced @ 20% of spot increasing to 60% after 90koz Au delivered Royalty Terms 0.3% – 0.6% NSR 22yr Inferred 4,276 Conceptual plan to extend Mine Life Indicated 6,392 mine life by an additional Attributable Gold Equi
Slide 66: Warintza Project Timeline
Development Warintza SOLARIS RESOURCES Project timeline 2025 2026 2027–2030 US$200m Financing Package ENAMI 2 Option Agreement Construction Period May 2025 Q1/26 PFS Publication EIA Technical Approval November 2025 H1/26 2025 Updated MRE Exploitation Agreement ~10,000 Au oz/year for the first Novemb
Slide 67: Cactus
Cactus Arizona, United States Development ARIZONA SONORAN COPPER COMPANY Royalty Terms 2.0% NSR (all metals) Average Annual Production 198 mlbs Copper Past producing large copper porphyry project Attributable Gold Equivalent Ounces with long mine life Proven & Probable Measured & Indicated 78 koz 11
Slide 68: Cactus Mine Life Extension Opportunities
Development Cactus ARIZONA SONORAN COPPER COMPANY Mine life extension opportunities: Primary sulphides at depth Cactus East deposit Inclusion of inferred material through infill drilling to the M&I category NE Extension drilling 1) Source: Arizona Sonoran Copper Company Website, Maps & Figures. INVE
Slide 69: Gualcamayo DCP
Gualcamayo DCP Argentina Producing MINAS ARGENTINAS Royalty Terms 1.0% – 3.0% NSR (on oxides) 2.5% NSR (on Deep Carbonates Project) + $30M commercial production payment Average Annual Production Advancing feasibility 120,000oz study on underground mine expansion project Attributable Gold Equivalent
Slide 70: Gualcamayo RIGI Approval Timeline
Producing Gualcamayo DCP MINAS ARGENTINAS 2024 2025 2026 2027 2028 2029 2030 2031+ RIGI approval in PEA December 2025, first gold mining project to Feasibility get approval EIA + Permitting Construction Ramp-Up Operation 1) Asia Group Press Release, December 24, 2025. INVESTOR DAY 2026 70
Slide 71: Back River Gold District
Back River Gold District Nunavut, Canada Producing B2GOLD CORP Royalty Terms Goose: 3.3% approximate blended GSR George: 3.2% – 4.0% GSR (all metals) Average Annual Production >300,000oz 2026–2031 New asset in production Attributable Gold Equivalent Ounces Proven & Probable Measured & Indicated 51 k
Slide 72: Back River Royalty Rate Structure
Producing Back River Gold District B2GOLD CORP Royalty rate ramps up in stages at Goose Goose 0.7% 0.7% NSR royalty rate until the receipt of NSR C$5 million of royalty revenue, declining to 0.35% thereafter, on all gold produced from startup through to the cumulative production of 400,000 ounces; 2
Slide 73: Goose Mine Exploration and Opportunities
Producing Back River Gold District B2GOLD CORP Goose mine exploration: open at depth Opportunities Flotation/concentrate leach process Expand throughput capacity to 6 ktpd — evaluating installation of a SAG mill to be paired with existing 4 ktpd ball mill Evaluating alternative underground mining me
Slide 74: Hod Maden
Hod Maden Türkiye Development SSR MINING Royalty Terms High-grade gold- 30% JV interest 2% NSR copper project Average Annual Production 189,000oz AuEq Attributable Gold Equivalent Ounces 1 Proven & Probable Measured & Indicated 44 koz 15 koz 10yr Mine Life Inferred 6 koz 1) Excludes 30% interest. IN
Slide 75: Hod Maden Project Comparison
Development Hod Maden SSR MINING Underground mines with production rates between 2,000 and 7,000 tpd Grade and reserves project comparison1 relative size = production rates 2.00 Pumpkin Hollow Hod Maden Cozamin 1.50 Media Luna Aranzazu Kainantu 1.00 % Cu Bolivar Chelopech 0.50 Bulyanhulu LaRonde Gol
Slide 76: Hod Maden 2026 Feasibility Study Summary
Development Hod Maden SSR MINING 2026 Feasibility study summary Payable Gold 3 Year Avg. Production: 5 Year Avg. 273koz AuEq Production: Payable Copper 223koz AuEq 269 Development work ongoing: 236 2025 capital spend: $78 million 214 206 202 190 2026: AuEq (koz) 172 — Road & tunnel development 163 —
Slide 77: Capital Allocation and Growth Strategy
Capital Allocation and Growth Strategy SPEAKERS SPEAKER Paul Libner | SVP and CFO Dan Breeze | SVP, Corporate Development, RGLD Gold AG 77
Slide 78: Capital Allocation Priorities
Capital Allocation Priorities Royal Gold’s growth is based on a consistent approach with 3 priorities CURRENT LEVELS PARAMETERS Invest in accretive 84.4M Shares Outstanding Limit equity dilution growth Lowest in GDX 0.8x Net Debt/EBITDA1 Up to 3x Net Debt/EBITDA if we can reduce to 2x within one yea
Slide 79: Capital Allocation Framework
Capital Allocation Framework Built-in flexibility and discretion as competing priorities change with market conditions Priorities Targets Considerations Invest in accretive growth Double-digit IRR over the long-term, limit Each opportunity should provide accretive equity dilution and show per share
Slide 80: Credit Facility is a Flexible and Strategic Financing Tool
Credit Facility is a Flexible and Strategic Financing Tool A low-cost instrument to provide liquidity and avoid dilution Acquisitions: Kansanshi Sandstorm Acquisitions: Total Credit Facility Figures shown in US$M Red Chris $1,500 Amount Drawn Repayment of Xavantina $1.4B convertible notes Cote Total
Slide 81: Rapid Debt Repayment
Rapid Debt Repayment Strengthens balance sheet and provides liquidity Figures shown in US$M Repayment $625M November Repayment Total Repayments December since October 20, 2025 $450 -$75 Repayment January Repayment February -$250 $900 Repayment -$75 March $775 Draw1 Oct. 10, 2025 -$100 -$125 $600 Rem
Slide 82: Streaming & Royalty Market is Growing
Streaming & Royalty Market is Growing 2025 was a record year for transactions & corporate M&A Figures shown in US$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 $1,874
Slide 83: Scale Advantages Driving Market Leadership
Scale Advantages Driving Market Leadership Stream/Royalty Financing by Year Percentages based on transaction value ($) Big Three Mid Cap Others 100% 80% 60% Major streaming and royalty 40% companies benefiting from access to bigger deals and lower cost of 20% capital 0% 2010 2011 2012 2013 2014 2015
Slide 84: 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 85: 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 86: Business Development Process
Business Development Process Continuously assess the opportunity against investment criteria Investment Criteria 1 People, project and place People Teams who can build and operate safely and sustainably for the benefit of all stakeholders Opportunities identified through Project Competitive cost pos
Slide 87: Evaluation and Execution
Evaluation and Execution Multi-step process can be completed quickly and efficiently Transaction & Ongoing Contract Due Diligence Financial Evaluation Contract Structuring Management Technical, ESG, financial Recognize commodity Be creative Foster relationship for future and legal price environment
Slide 88: Transaction Timing Can Be Unpredictable
Transaction Timing Can Be Unpredictable We need to be prepared for opportunities that may arise quickly Stream & Royalty Transactions1 Corporate Transactions $1,600 USD Millions $1,200 $4.1B Completed in 2025 Sandstorm/Horizon $800 $0.7B $400 Completed in 2010 IRC $0 1) Royal Gold transactions inclu
Slide 89: Partnership and Structuring
Partnership and Structuring Creativity is our competitive advantage, with no “one size fits all” solution Select examples: Kansanshi Mount Milligan Xavantina Khoemacau Gold stream Long-term Incremental Financing structure cost support stream package INVESTOR DAY 2026 89
Slide 90: Assets with Growth Potential Drive Returns Over Time
Assets with Growth Potential Drive Returns Over Time Early conviction in assets has driven higher returns as value is daylighted IRR at Deal Date IRR at January 2026 Kansanshi Khoemacau Andacollo 7.1% 14.4% 11.7% 3.4% 6.3% 6.3% <1yrs Time in Portfolio 6yrs Time in Portfolio 11yrs Time in Portfolio P
Slide 91: Assets with Growth Potential Drive Returns Over Time
Assets with Growth Potential Drive Returns Over Time Royal Gold has a record of adding value through investing in assets with growth potential Initial Investment Cash Flow Received Consensus NAV 1 Figures shown in US$M end of 2025 Kansanshi Khoemacau Andacollo $26 $1,111 $112 $743 $548 $779 $1,000 $
Slide 92: 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 93: Unique Attributes
Unique Attributes SPEAKER Alistair Baker | SVP, Investor Relations and Business Development Royal Gold Corp. 93
Slide 94: US Domicile & Register Are Unique
US Domicile & Register Are Unique Only U.S. based precious metals streaming and royalty company Remainder (Retail) 13% 84.5M1 Top 5 41% Retail 13% Shares Outstanding Passive Lowest in GDX 43% Register Dominant Other Identifiable Breakdown Orientation 28% Active 44% Top 11-20 Top 6-10 9% 9% Source: N
Slide 95: Sources of Passive Ownership
Sources of Passive Ownership Royal Gold index inclusion across major equity benchmarks Royal Gold is included in Key Index Inclusions Factor & strategy 2.9M over 250 indices globally S&P 400 CRSP US Total Market MarketVector Global Gold Miners Precious metals/mining Index 6.7M Russell 1000 S&P US Co
Slide 96: Metals & Mining is Currently a Small Sector in the General Market
Metals & Mining is Currently a Small Sector in the General Market S&P 500 S&P 500 S&P 500 Sector Weightings Materials Sector Metals & Mining Information Technology Financials Chemicals Metals & Mining Newmont 45.6% 24.3% Freeport- Nucor & 32.3% 12.5% Construction Containers McMoRan Steel Materials &
Slide 97: Institutional Holdings
Institutional Holdings Increase in total number of shareholders Passive Investors Active Passive 39.3M 133,360 900 Shares Owned Average Position 822 55% of Total 800 750 Institutional Holders 715 700 656 615 263 303 21.0 yrs Weighted Average length of ownership 600 551 569 253 526 230 500 196 175 19
Slide 98: Institutional Holdings: Net Buying
Institutional Holdings More net buying than selling; mostly by active investors Buyers Sellers Net Change 550 450 505 350 396 376 357 244 317 250 251 257 259 153 150 117 94 68 36 35 27 50 -50 -215 -222 -232 -223 -240 -243 -150 -261 -308 -250 -350 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 20
Slide 99: Royal Gold Shares are Highly Liquid
Royal Gold Shares are Highly Liquid Royal Gold is closing the liquidity gap amongst royalty larger peers Amivest Liquidity 200 USD Value Traded (in millions) Q3 Associated with a 1% Change in Share Price 180 160 Q3 Q4 Q4 +74% 140 Q3 Q4 +54% Q1 Q2 Q2 120 Q1 100 +191% Q3 Q4 Q1 Q2 Q4 Q2 Q3 Q4 Q4 Q1 Q3
Slide 100: Liquidity Comparison
Liquidity Comparison On a relative-to-float basis, Royal Gold is more liquid than its large-cap peers in USD Millions Royal Gold Wheaton PM Franco-Nevada $200M ADTV Turn of Float Market cap1 $24,790 $67,803 $50,429 $191 192 Average daily $160M trading volume $302 $505 $363 179 159 172 168 $137 159 1
Slide 101: Royal Gold is Currently Trading Well Below Peers
Royal Gold is Currently Trading Well Below Peers We believe recent developments should help us capture higher multiples 25.0X 22.0X FNV $45B 19.0X OR $7B P/CF WPM $56B 16.0X TFPM $7B RGLD $20B 13.0X 10.0X 1.0X 1.5X 2.0X 2.5X P/NAV Source: CapIQ as of March 25, 2026. INVESTOR DAY 2026 101
Slide 102: Closing Commentary
Closing Commentary SPEAKER Bill Heissenbuttel | President and CEO 102
Slide 103: 2025 was Transformational for Royal Gold
2025 was Transformational for Royal Gold Turning Headwinds Into Momentum: Limited long-term growth visibility Improved growth profile, provided 5-year guidance Asset concentration risk Most diversified portfolio amongst peers Subscale size relative to peers Consistent strategy of growth through acqu
Slide 104: Conclusion
CONCLUSION + Precious Metal Focused + 80 Producing Assets + High Quality Assets + 364 Interests Spanning + 30 Development Assets Many Jurisdictions + Steady Return of Capital + 250 Earlier-stage Assets + Most Diversified Portfolio + Strong Balance Sheet in the Sector + Leverage to the Gold Price Con
Slide 105: Appendix
Ip ROYALGOLD,ING
Slide 106: 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 107: 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: Tw elve Months Ended Decem ber 31, (amounts in thousands) 2025 2024 2023 2022 2021 2020 Net income (loss) $ 471,576 $ 332,479 $ 240,132 $ 239,942 $ 274,940 $ 253
Slide 108: 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 Cash G&A and Cash G&A Margin: Tw elve Months Ended Decem ber 31, (amounts in thousands) 2025 2024 2023 2022 2021 2020 General and administrative expense $ 49,183 $ 40,934 $ 39,761 $ 34,612 $ 29,306 $ 30,33
Slide 109: DD&A Rates
DD&A RATES APPENDIX PRINCIPAL PROPERTIES Commodity Current Stream / Royalty Rate Depletion Rate Royal Gold has included Gold 35% $223/oz Au Mount Milligan the DD&A rates for the Copper 18.75% $0.48/lb Cu Principal Properties. Cortez (blended rate) Gold 3.5-4.0% GSR $1,269/oz Au Gold 7.5% $283/oz Au
Slide 110: 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 111: investorrelations@royalgold.com
DIRECT +1 303 573 1660 EMAIL investorrelations@royalgold.com WEB www.royalgold.com