Royal Gold (RGLD) Investor presentation summary

Strategic focus and portfolio highlights

• Maintains a gold-focused portfolio with 82% of 2025 revenue from gold and 94% of asset NAV in precious metals.

• Portfolio is highly diversified across 368 properties, with 68% of 2025 revenue from North America.

• Operates with limited capital and operating cost exposure, reducing risk compared to mining operators.

• $22 billion market capitalization as of August 2026, with the scale to compete and grow.

• Completed major accretive transactions in 2025, including $4.1B Sandstorm & Horizon acquisition and $1B Kansanshi gold stream.

Financial performance and capital allocation

• Achieved $1.547B in trailing 12-month revenue and $1.280B in adjusted EBITDA, with an 83% EBITDA margin.

• Operating cash flow reached $1.044B, with a 68% margin.

• Maintains a low net debt/EBITDA ratio of 0.17x and $1.2B in available liquidity.

• Dividend has a 15% CAGR since 2000, with $1.2B paid cumulatively and 25 consecutive years of growth.

• Capital allocation prioritizes accretive growth, strong balance sheet, and consistent shareholder returns.

Growth outlook and embedded optionality

• 2025 actual gold equivalent ounces (GEOs) were 300k, with a 2026 range of 365-410k and a 5-year outlook of 430-480k GEOs.

• Growth driven by new mines (Platreef, Back River, La India, Robertson, Hod Maden, Great Bear, Warintza) and expansions (Khoemacau, Platreef Phases 2/3).

• Portfolio duration has increased, with a shift toward longer-life assets and a weighted average mine life of 18 years.

• Early investments in assets like Cortez, Mount Milligan, and Wassa have delivered strong IRRs and significant cash flow.

• Organic growth pipeline includes 29 development and 257 evaluation/exploration properties.