Royal Gold (RGLD) Investor presentation summary

Investment proposition

• Gold-focused royalty and streaming model: 82% of 2025 revenue from gold and 89% from precious metals; 300,300 GEOs sold in 2025.

• Model offers metal-price exposure, exploration optionality and portfolio diversification with no direct operating or capital cost exposure, except the non-operating Hod Maden equity interest.

• 2025 adjusted EBITDA margin was 78%; dividend CAGR was 15% from 2000 to 2026.

Financial performance and shareholder returns

• TTM through September 30, 2026: $1.760B revenue, $1.462B adjusted EBITDA and $1.215B operating cash flow; respective margins were 83% and 69% for EBITDA and operating cash flow.

• Cash G&A was $49M, or 3% of TTM revenue; the measure excludes non-cash employee stock compensation.

• Dividend growth reached 25 consecutive years; cumulative dividends paid were $1.3B through October 16, 2026.

Portfolio and diversification

• Portfolio included 365 properties as of September 30, 2026: 82 producing, 30 in development and 253 in evaluation or exploration.

• 68% of 2025 revenue came from North America; 94% of asset NAV was in precious metals, with gold the primary driver and contributions from silver and copper.

• Portfolio NAV was diversified across assets and counterparties; most counterparties were described as well-capitalized, established and experienced.