Royal Gold (RGLD) Investor presentation summary

Strategic focus and portfolio composition

• Maintains a gold-focused portfolio with 82% of 2025 revenue from gold and 89% from precious metals overall.

• Holds interests in 368 properties, with 68% of 2025 revenue from North America.

• Portfolio is highly diversified by commodity and geography, with 94% of asset NAV in precious metals and 53% in North America.

• Major assets include Mount Milligan, Cortez, Pueblo Viejo, Andacollo, and Kansanshi.

• Portfolio operated by leading counterparties, reducing single-asset risk.

Financial performance and growth

• Achieved $1.03B in 2025 revenue, with an 82% adjusted EBITDA margin and 68% operating cash flow margin.

• 12% revenue CAGR over the past decade, with 300,300 gold equivalent ounces in 2025.

• Dividend has a 15% CAGR from 2000–2026, with $1.2B cumulative dividends paid.

• Growth driven by accretive acquisitions, including Sandstorm & Horizon ($4.1B), Kansanshi ($1B), and Warintza ($200M) in 2025.

• Growth achieved without significant equity dilution; shares outstanding increased only 5x since 2000 despite 23x revenue growth.

Business model and risk management

• Royalty and streaming model provides gold exposure with limited operating and capital cost risk.

• Lean business model with only 39 employees and industry-leading revenue per employee.

• Cost structure is resilient to inflation, with stable G&A expenses and low cash costs per GEO ($677/oz in 2025).

• No direct exposure to operating or capital costs of mining operations.

• Maintains a strong balance sheet with 0.17x net debt/EBITDA and $1.2B available liquidity.