Royal Gold (RGLD) investor relations material

Strategic updates and portfolio growth

• Completed transformative acquisitions of Sandstorm Gold and Horizon Copper, expanding scale and diversification.

• Executed major transactions including Warintza in Ecuador and Kansanshi in Zambia, adding significant growth assets.

• Extended Mount Milligan mine life by at least 10 years and gained exposure to the Fourmile project, a major gold discovery.

• Maintained a consistent gold-focused strategy and conservative management approach.

• Integrated new high-profile operators, further reducing single asset and counterparty risk.

Financial performance and shareholder returns

• Achieved long-term outperformance versus gold, GDX, and S&P, with a beta to gold price of 1.7.

• Maintained EBITDA margins above 80% and low, fixed G&A costs, supporting scalable growth.

• Announced a 6% dividend increase for 2026, marking the 25th consecutive annual increase.

• Only precious metals company in the S&P High Yield Dividend Aristocrats Index.

• Focused on debt reduction to increase revolver capacity and support future transactions.

Portfolio diversification and risk management

• Now holds over 80 producing assets, 40+ in development, and 200+ earlier-stage assets, the most diversified in the sector.

• Mount Milligan now represents only 10-13% of portfolio NAV, down from 30% a decade ago.

• Reduced single asset exposure by adding assets rather than selling down interests.

• Portfolio weighted toward low-risk, mining-friendly jurisdictions and managed by top-tier operators.

• Business model provides gold exposure with reduced operating and capital cost risk.