Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Investor Presentation (January 2026)
52 slides from Royal Gold's investor presentation, January 2026
Slide 1: Investor Presentation January 2026
Investor Presentation January 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 Acquisitions of Sandstorm Gold and Horizon Copper add further scale, growth and optionality1 Gold-focused portfolio High margin with dividend growth Highly diversified portfolio 81%
Slide 4: Precious Metals Exposure with Consistent Financial Performance: Gold-Focused Portfolio
Precious Metals Exposure with Consistent Financial Performance Gold-Focused Portfolio ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 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 9% risk, currency depreciation and inflation CAGR $719 $654 $603 $606 $562 $413 $443 $430 $468 $719M 301,500 $320 Reve
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 – 1/2/26) Beta vs. Gold Price 8.0 Will provide higher 7.5 7.60 RGLD β Gold leverage to gold… 7.0 6.5 6.0 5.45 Spot Gold 5.5 5.43 S
Slide 7: High Margin with Dividend Growth
Precious Metals Exposure with Consistent Financial Performance High Margin with Dividend Growth ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 7
Slide 8: ~80% Adjusted EBITDA Margin Sustained Over the Last 5 Years
~80% Adjusted EBITDA Margin1 Sustained Over the Last 5 Years 2024 Cash Flow Metrics2 US $719M Revenue 81% Adjusted EBITDA1/Revenue US $586M Adjusted EBITDA1 US $530M Operating Cash Flow 74% Operating Cash Flow/Revenue 4% US $29M Cash G&A3 Expenses/Revenue Cash G&A3 1 – Adjusted EBITDA and Adjusted E
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 $1,004 $396 Total Revenue/Employee3 (US$ 000s as of September 30, 2025) (US$ 000s 12 Mo. ended September 30, 2025)4 $1,612 $895 $588 $1,542 $3,343 $545 $4,185 $9
Slide 10: Growing and Sustainable Dividend Despite Gold Price Volatility
Growing and Sustainable Dividend Despite Gold Price Volatility Royal Gold is the only precious metal company in the S&P High Yield Dividend Aristocrats Index Dividend Gold US$/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 | JANUARY 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 2024 Revenue By Operator By Consensus Asset NAV (%)1,2,3,4 Centerra 20% No single operator 15% Barrick 18% 26% materially drives 5% Newmont 16% revenue 5% Chifeng 14% Royal Gold 6% Teck 12% Sandstorm / Horizon New Gold 10% 7% 19% 7% Ero
Slide 14: Limited Operating Risk
Precious Metals Exposure with Consistent Financial Performance Limited Operating Risk ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 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) ~$987 RGLD Cash G&A Expense3: Royalty Metal price TCRC & dependent Shipment 8% Salaries 5% Accounting, tax and legal 6% Other Onsite Sustainability
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 | JANUARY 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 325 stream/royalty transactions in the past 20 years3: $1,027.6 Operating Cash Flow1 ($M) Market Capitalization2 ($B) 296 $829.5 Smaller than $300M 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 | JANUARY 2026 20
Slide 21: Accretive Growth Financed Without Significant Equity Dilution
Accretive Growth Financed Without Significant Equity Dilution Growth from Calendar 2000 through 2024: Revenue 76x $6.8B Cumulative revenue Operating Cash Flow 125x $4.4B Cumulative cash flow Cash G&A Expenses 18x Growth does not require increased G&A Avg. Gold Price 9x Growth not dependent on gold p
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 (JV Interest) Gualcamayo B2Gold Ivanhoe Mines Nevada Gold Mines SSR Mining ASIA Group 2026 Fourmile (Cortez) Warintza Oyu Tolgoi (HNE) Cactus MARA Great Bear 2030+ Barrick Mining Solaris Re
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 1.62x 15.1x 3.5x 60x 3.0x 50x 2.5x 40x 2.0x 1.62x 30x 1.5x 20x 1.0x 15.1x 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. 2024 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 $25.8B Streaming is a flexible product that is relevant throughout the commodity cycle Total Stream Investments by all companies 4% Primarily Balance Primarily Project MERGERS & P
Slide 31: History of Stream Transactions 2004 – 2024
History of Stream Transactions 2004 – 2024 Most stream transactions have been smaller than $300M ~50% $196M $400 < $500M $500M+ $300 < <$100M Average Size $400M $200 < 132 <$100M 18 $300M Transactions 2004-2024 Transactions >$500M 11 Balance sheet restructurings $100 < 6 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 • $1.4B credit facility (increased from $1B effective August 5, 2025) • Strong and diversified syndicate: BNS, CIBC, BofA, BMO, NBF, RBC, TD Debt Outstanding1: $900M • 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 • 84.4M shares outstanding1; lowest in the GDX Register Breakdown2 Dominant Orientation2 Remainder 9% Retail 9% Passive 43% Other Top 5 Identifiable 42% 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 • 37% 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 $5,000 • Royal Gold has invested ~$5.0Bn of $4,986 capital in royalty and stream assets1 • Impairments have been limited over a $4,000 long investing history • Impairments account for < 3% of Total USD Milli
Slide 42: Cortez Royalties: Exposure Covers the Entire Cortez Complex
Cortez Royalties: Exposure Covers the Entire Cortez Complex Transactions in 2022 expanded Royal Gold’s royalty exposure to the entirety of the Cortez Complex Legacy Royalty position Rio Tinto Royalty Idaho Royalty Acquired August 2, 2022 Acquired December 29, 2022 Notes: 1. Location of claim areas s
Slide 43: 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 Legacy Royalties2 Royalty Royalty Mine/Deposit/Area Mine Type Ore Process Approximate Royalty Rate Blended GSR Rate 1 Royalty Approximate Royalty Rate Roy
Slide 44: 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 High gold production expected with mining of ore in the Production mix expected to 1,
Slide 45: 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 - 2025 expenditure of $75-85M - Drilling has intersected higher-grade planned, including targeting
Slide 46: World Gold Council – 247 Initiative
World Gold Council – 247 Initiative ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2026 46
Slide 47: 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 48: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures Adjusted EBITDA and Adjusted EBITDA margin: Year Ended December 31, (amounts in thousands) 2024 2023 Net income and comprehensive income $ 332,479 $ 240,132 Depreciation, depletion and amortization 144,426 164,937
Slide 49: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Cash G&A and Cash G&A Margin: Three Months Ended December 31, September 30, June 30, March 31, (amounts in thousands) 2024 2024 2024 2024 General and administrative expense $ 8,909 $ 10,102 $ 10,511 $ 11,41
Slide 50: Non-GAAP Measures
Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures (cont.) Total cash cost per GEO: The Year Ended December 31, (amounts in thousands, except gold price, GEO, and per GEO amounts) 2024 Total costs and expenses $ 289,496 Depreciation, depletion and amortization (144
Slide 51: 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 52: Investor Relations Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com