Royal Gold (RGLD) Investor presentation summary

Strategic focus and portfolio highlights

• Gold-focused portfolio with 76% of 2024 revenue from gold and no exposure to energy assets.

• Highly diversified interests in 364 properties across 30 countries, with 81 producing assets.

• Recent acquisitions of Sandstorm Gold and Horizon Copper add scale, growth, and optionality.

• ~60% of 2024 revenue generated from Canada, USA, and Australia, emphasizing low-risk jurisdictions.

• Largest mining asset portfolio in the sector with the lowest asset NAV concentration, reducing single-asset and counterparty risk.

Financial performance and efficiency

• 2024 revenue reached $719M, with an 81% adjusted EBITDA margin and 74% operating cash flow margin.

• Sustained ~80% adjusted EBITDA margin over the last five years.

• Cash G&A expenses represent only 4% of revenue, highlighting operational efficiency.

• Business operated by just 39 employees, generating $29.6M revenue per employee.

• Growth achieved without significant equity dilution; lowest share count in the GDX post-acquisitions.

Dividend and shareholder returns

• 15% dividend CAGR from 2000 to 2026, with $1.1B cumulative dividends paid.

• Only precious metal company in the S&P High Yield Dividend Aristocrats Index.

• Dividend payout ratio has remained stable despite gold price volatility.