MAY 2026

Investor Presentation

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

Strategic focus on precious metals

No Energy. No Diversions.

Gold

82%

2025 Adjusted

15%

Dividend CAGR

68% of 2025 revenue from North America

Interests in 367 properties3 spread across operators, mines and jurisdictions

Copper

Silver

Other

78%

2025 Revenue from Gold

EBITDA margin1

(2000-2026)

Limited operating risk

Optimal size advantage

Embedded growth and optionality

Limited capital & operating cost exposure

Stable margin profile compared to mining operators

Market Cap ($B) 2

Right-sized to compete and show growth

Optionality from long-life assets

e.g. Cortez, MARA, Great Bear

Number of properties 3

Prod

Development 30

Organic growth

RGLD

$20

FNV

$45

WPM

$61

OR TFPM

$7 $7

ucing 79

pipeline

Evaluation/Exploration 258

  1. Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for additional information.

  2. As of May 6, 2026.

  3. As of March 31, 2026. Our evaluation of the property interests acquired through the acquisitions of Sandstorm Gold and Horizon Copper remains ongoing, including ongoing mineral title work. Readers are cautioned that the summary property information in this

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

Kansanshi

$1B, gold stream

Long life asset, in production

Warintza

$200M, gold stream and royalty Long-life growth asset, large AOI

Larger, higher-cash-flow portfolio Faster growth trajectory

Stronger long-term growth outlook More diversified, lower-risk asset base

TABLE OF CONTENTS

Precious Metals Exposure with Disciplined Financial Performance

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1

2

3

4

5

High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk

6

Optimal Size Advantage Embedded Growth and Optionality



Gold is the Dominant Driver of Revenue

40+ years of consistent, focused execution

$1B

Total Revenue

(2025)

89%

Revenue from Precious Metals (2025)

2025 Gold Equivalent Ounces1

300,300 oz

Revenue (US$ Million)

Gold Silver Copper Other

$1,030

12%

CAGR

$719

$654

$603

$606

$562

$413

$443

$430

$468

$320



Why Gold?

Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, currency depreciation and inflation

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Gold Leverage with Market-Leading Return

A stable, sustainable investment with a heritage of market outperformance

1.58

β Gold Price

0.56

β S&P 500

Royal Gold's beta vs. Gold Price and S&P 500 shows higher leverage to gold with lower exposure to general market risk

Indexed since the formation of the GDX

May 22. 2006 - May 6, 2026

8.14 RGLD

5.91 Spot Gold

5.84 SP500

2.48 GDX



11

10

9

8

7

6

5

4

3

2

1

0

2006 2008 2010 2012 2014 2016 2018 2020 2022 2024

TABLE OF CONTENTS

Precious Metals Exposure with Disciplined Financial Performance

1

Gold-Focused Portfolio

HHiigghhMMaarrggininwwithithDDiviivdiednednGd rGowrothwth



6

2

3

4

5

Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage

Embedded Growth and Optionality



High Operating Margin

Lean business model reduces inflation and margin compression risks

2025 Cash Flow Metrics 2

82%

Adjusted EBITDA1/Revenue

US $37M

Cash G&A3

US $705M Operating Cash Flow

US $848M Adjusted EBITDA1

US $1.030B Revenue

68%

Operating Cash Flow/Revenue

4%

Cash G&A3 Expenses/Revenue

  1. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See Appendix for additional information.

  2. Calendar 2025.

  3. Cash G&A and Cash G&A margin are non-GAAP financial measures. Cash G&A is calculated as G&A Expense of $49.2M less Non-

Highly Efficient and Scalable Business Model

A global business operated by just 39 people across 4 offices



$1,400

Anglo American

$396

Enterprise Value 1 / Employee 2

in US$ 000s

$568,143

$2,172

$862

$3,927

$6,535

$25,867

$17,896

$22,118

$1,454

Rio Tinto Glencore Barrick Newmont Royal Gold

Netflix

Alphabet Apple Amazon

$895

$1,542

$545

$969

$3,098

$2,103

$2,538

$444

Total Revenue 3 / Employee 4

in US$ 000s

$29,576

$18,395

Meta $2,558

Source: Capital IQ

  1. Enterprise value = market cap. + debt + preferred equity + minority interest - cash & ST investments. As of March 31, 2026.

  2. Employee count as of December 31, 2025, except for Apple, which is as of September 27, 2025.

  3. 12 months ended March 31, 2026, except for Barrick, Glencore, Rio Tinto, and Anglo American, which are as of December 31, 2025, and Apple, which is as of December 27, 2025.

Growing and Sustainable Dividend Despite Gold Price Volatility

The only precious metal company in the S&P High Yield Dividend Aristocrats Index

$2.00

$1.80

$4,800

Dividend

Payout Ratio

Gold Price

15%

Dividend CAGR

2000-2026

$1.2B

Cumulative Common Stock Dividends Paid 1

31%

34%

34% 35%

24%

29%

17%

19%

20%

21%

21%

22%

23%

25%

22%

23% 23%

19%

22%

24%

20%

14%

18%

15%

17%

17%



$4,400

$1.60

DDiviviiddeenndd (US$/share)

$1.40

$1.20

$1.00

$4,000

$3,600

GGoolldd PPrriicce (US$/ounce)

$3,200

$2,800

$2,400

$0.80

$2,000

$0.60

$0.40

$0.20

$1,600

$1,200

$800

$400

$0.00

$0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Source: Company reports, FactSet.

TABLE OF CONTENTS

Precious Metals Exposure with Disciplined Financial Performance

1

Gold-Focused Portfolio

2

High Margin with Dividend Growth

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6

3

4

5

Limited Operating Risk Optimal Size Advantage

Embedded Growth and Optionality



Global Portfolio in Mining-Friendly Jurisdictions

79 Producing 2 30 Development 78 Evaluation 3 180 Exploration 3

1

367 3

Total Properties1

5

2

Principal Properties

1 Mount Milligan

British Columbia, Canada

2 Cortez

Nevada, USA

3 Pueblo Viejo

Dominican Republic

4 Andacollo

Chile

5 Kansanshi

Zambia

4

  1. As of March 31, 2026.



  2. Including Principal Properties.

Diversified Commodity and Geographic Exposure Asset NAV by Metal 1, 2

Gold Silver Copper Other

94%

Gold drives the portfolio with

important contributions from silver and copper

Precious Metals

Asset NAV by Location 1, 2

North America

South and Central America EMEA

30%

53%

17%

Portfolio concentrated

in well-established and mining-friendly jurisdictions



  1. Based on consensus asset NAV (available analyst estimates) as of March 12, 2026.

  2. Excludes NAV categorized as "Other Assets". Royal Gold has asset NAV in Australia Pacific region, but they are in the excluded NAV

Diversified Asset Portfolio Operated by Leading Counterparties NAV by Asset1, 2

Mt. Milligan Pueblo Viejo Kansanshi Cortez Andacollo Khoemacau Platreef

Hod Maden Antamina

MARA

70%

High diversification and low

concentration within the portfolio mitigates single-asset risk

Top 10 Assets





NAV by Counterparty1Centerra Gold

Barrick

Teck Resources

First Quantum

Nevada Gold Mines

MMG Limited

Glencore plc

Other

4%

4%

5%

6% 7%

17%

9%

11%

9%

Most of our portfolio counterparties are well-capitalized, established and experienced



  1. Based on consensus asset NAV (available analyst estimates) as of March 12, 2026.



  2. Excludes NAV categorized as "Other Assets". 15



TABLE OF CONTENTS

Precious Metals Exposure with Disciplined Financial Performance

1

Gold-Focused Portfolio

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2

3

High Margin with Dividend Growth Highly Diversified Portfolio

4

6

5

Optimal Size Advantage Embedded Growth and Optionality



Advantages of Investing in the Royalty Model

ETFs, Bars and Coins

Developers & Explorers

Junior Operators



Senior Operators

Exposure to Gold



Exploration Upside / Optionality



Portfolio Diversification



Sustainable Dividend



No Direct Exposure to Operating Costs1



No Direct Exposure to Capital Costs1



Royalty and Streamer Margins Expand with Gold Price Producers Royalty and Streaming Operating costs Gold price Operating costs Gold price

$/oz

Relatively static margin

Costs increase with inflation

Margin expands as gold price increases

$/oz

Relatively fixed cost base

Time Time

18



Cost Structure and Business Model Reduce Inflation Exposure

Operator costs tend to rise with commodity prices while RGLD's costs remain stable

Production Taxes

RGLD1

~$1,098/oz

Other Onsite

Reagents

Energy

Labor

TCRC & Shipment

~$677/oz

Metal price dependent

Subject to inflation

Cash G&A

Cost of Sales

Royalty



Producers 2

Metal price dependent

Subject to inflation

RGLD Cash G&A Expense3 Salaries Accounting, tax and legal

Office Sustainability / Donations

Business Development Other

10%

1%

5%

8%

16%

60%

  1. This is a non-GAAP measure calculated as total costs and expenses ($392M), less DD&A ($177M), and non-cash employee stock compensation expense ($12M), per GEO (300,300) for calendar 2025.

  2. Industry average total cash costs per ounce for 2025; based on reported/actual data where available; Source: S&P Market Intelligence.

TABLE OF CONTENTS

Precious Metals Exposure with Disciplined Financial Performance

1

Gold-Focused Portfolio

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2

3

4

High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk

5

6

Embedded Growth and Optionality



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Royal Gold Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 14:27 UTC.