Royal Gold (RGLD) investor relations material

Strategic overview and business model

• Operates as a high-margin, efficient royalty and streaming company focused on precious metals, primarily gold, with a 40+ year track record and a U.S. domicile that differentiates its investor base.

• Maintains a disciplined capital allocation strategy, prioritizing cash and credit for acquisitions, with equity issuance as a last resort; recent Sandstorm acquisition was an exception.

• Consistently grows dividends, with 25 consecutive years of increases, and is the only precious metals company in the S&P High Yield Dividend Aristocrats Index.

• Focuses on per-share metrics and conservative financial management, aiming to balance growth, debt reduction, and shareholder returns.

• Evaluates around 100 transactions annually, using a phased due diligence process and scaling resources as needed.

Portfolio diversification and recent transactions

• Portfolio includes over 80 producing assets, 40+ in development, and 200+ in earlier stages, with significant embedded growth potential.

• Recent Sandstorm and Horizon acquisitions expanded and diversified the portfolio, reducing asset concentration and exposure to single assets like Mount Milligan.

• Integration of Sandstorm and Horizon assets is ongoing, with a standardized property count and detailed asset handbook expected by Q1 2026.

• New assets from Sandstorm bring growth potential, complementing legacy assets' cash flow; the combined portfolio is positioned for both near-term and long-term growth.

• Non-core equity positions, such as VersaMet, are being divested to simplify the portfolio and reduce earnings volatility.

Key growth assets and development pipeline

• Eleven major new projects highlighted, including Back River (Canada), Platreef (South Africa), Robertson and Four Mile (Cortez Complex, Nevada), Hod Maden (Turkey), Gualcamayo (Argentina), Great Bear (Ontario), Mara (Argentina), Cactus (Arizona), Oyu Tolgoi (Mongolia), and Warintza (Ecuador).

• Back River and Platreef are ramping up, with expected contributions of 9,000–10,000 and 15,000–20,000 GEOs per year, respectively.

• Four Mile is projected to deliver 11,000 GEOs annually from a 1.6% royalty on up to 750,000 oz/year production.

• Mara offers an option to convert a royalty to a 20% gold stream, potentially adding 22,000 GEOs per year starting in 2031.

• Hod Maden's structure is under review, with a 2% royalty and a 30% JV interest; future restructuring may convert equity to a stream or royalty.