Royal Gold (RGLD) investor relations material

Portfolio transformation and diversification

• Post-2025 portfolio expansion and Sandstorm acquisition significantly increased scale and diversification, reducing revenue concentration risk with no single asset contributing more than 13% of revenue in recent quarters.

• Top five assets now represent 44% of revenue, down from over 60% previously, reflecting successful diversification efforts.

• Growth assets from Sandstorm, such as Hod Maden, Mara, and Platreef, are progressing, with Platreef delivering first metal and Hod Maden now under construction.

• Portfolio simplification included divesting non-core equity and debt investments, generating over $200 million and accelerating debt repayment.

• Ongoing rationalization targets include potential divestment of Entrée Resources and transitioning Hod Maden to a royalty-only interest.

Capital allocation and investment strategy

• Capital priorities include debt repayment, growing dividends, share buybacks, and new royalty/streaming investments, with a preference for new investments to drive long-term growth.

• Liquidity preservation is emphasized to remain competitive for large-scale opportunities, with flexibility in balancing buybacks and new investments.

• Recent share buyback program was initiated at attractive valuations, but management remains focused on positioning for future growth.

Deal pipeline, competition, and market dynamics

• Expanded revolving credit facility supports capacity for larger transactions, with a focus on project construction, M&A, and debt restructuring.

• Recent large transactions by major miners, especially in Australia, signal growing acceptance of streaming, opening new regional opportunities.

• Competitive landscape remains stable, with only a few players able to compete for multi-billion dollar deals.