Royal Gold (RGLD) Investor presentation summary

Investment profile

• Gold-focused stream and royalty portfolio: 82% of 2025 revenue came from gold; precious metals represented 89% of revenue, with 2025 revenue of $1.03B and 300,300 GEOs.

• Interests across 365 properties as of September 30, 2026, including 82 producing, 30 development, and 253 evaluation or exploration properties.

• 68% of 2025 revenue came from North America; asset NAV was 94% precious metals, with gold complemented by silver and copper.

• Royalty and streaming model provides exposure to metal production without direct operating-cost or capital-cost exposure, except for the non-operating Hod Maden equity interest.

Financial performance and shareholder returns

• TTM through June 30, 2026: revenue $1.547B, adjusted EBITDA $1.280B, operating cash flow $1.044B; adjusted EBITDA margin 83% and operating cash flow margin 68%.

• TTM cash G&A was $46M, equal to 3% of revenue; 2025 total cash cost was $677 per GEO.

• Dividend growth reached 25 consecutive years; capital-allocation metrics cited a $1.90/share dividend and 1.0% yield as of June 30, 2026.

• Since 2000, revenue grew 23x and operating cash flow 12x through 2025, while shares outstanding grew 5x; cumulative revenue was $7.8B and cumulative cash flow $5.1B.

2025 transactions and integration

• 2025 transactions included the $4.1B Sandstorm and Horizon acquisitions, a $1B Kansanshi gold stream, and a $200M Warintza gold stream and royalty.

• Sandstorm and Horizon assets generated $235M revenue from October 20, 2025 through June 30, 2026; H1-26 versus H1-25 attributable accretion was 2% in GEOs/share, 13% in adjusted EBITDA/share, and 12% in operating cash flow/share, excluding Kansanshi.

• Integration actions included divesting more than $200M of non-core equity positions, restructuring Hod Maden and Bear Creek interests, and settling Relief Canyon fixed delivery obligations.

• Portfolio developments included MARA RIGI approval and Alumbrera restart, record H1-26 Antamina royalty receipts, and continued Platreef ramp-up with commercial production targeted for Q4-26.