Royal Gold (RGLD) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Portfolio transformation and diversification

• Recent acquisitions, including Sandstorm and Horizon, have doubled the number of growth assets and strengthened the development pipeline.

• Portfolio now features about 10 key growth properties, with diversification reducing event risk from asset concentration.

• Only one asset, Milligan, exceeds 10% of NAV, reflecting successful risk mitigation.

• Expansion into new countries like South Africa, Turkey, and Zambia has increased geographic diversity, with political risk managed by focusing on mining-friendly jurisdictions.

• Major assets such as Mount Milligan and Cortez have extended mine lives, supporting long-term portfolio stability.

Asset performance and growth outlook

• Mount Milligan's life has been extended to 2045, with ongoing drilling improving grade understanding and potential for further upside.

• Pueblo Viejo faces short-term metallurgical challenges, but ongoing efforts and site visits aim to find solutions.

• Kansanshi in Zambia offers a 20-year mine plan and potential upside from laterite gold, with strong relationships positioning for future opportunities.

• Four Mile at Cortez has developed faster than expected, with a long runway for future production and cash flow.

• Goose, Platreef, and other assets are ramping up, contributing to expected growth in 2026 and beyond.

Portfolio optimization and non-core assets

• Focus remains on royalties and streams, with ongoing divestment of non-core equity positions such as Versament and Antofagasta.

• The 30% equity stake in Hod Maden is targeted for sale or conversion to a royalty or stream to reduce cost overrun risk.

• No plans to sell inherited royalties and streams from Sandstorm Horizon; focus is on rationalizing only non-core equity holdings.