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 367 properties, with 68% of 2025 revenue expected 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 efficiency

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

• Business model is highly efficient, with only 39 employees and industry-leading revenue per employee.

• Dividend has a 15% CAGR from 2000–2026, with $1.2B paid since inception and consistent growth despite gold price volatility.

• Maintains a low net debt/EBITDA ratio (0.3x) and $1.1B in available liquidity.

• Growth achieved without significant equity dilution; shares outstanding remain lowest in peer group.

Growth strategy and capital allocation

• Completed $4.1B acquisition of Sandstorm Gold and Horizon Copper, plus major gold streams at Kansanshi ($1B) and Warintza ($200M) in 2025.

• Focuses on accretive growth, maintaining a strong balance sheet, and returning capital to shareholders.

• Robust development pipeline includes projects like Back River, La India, Robertson, Platreef II, Hod Maden, and Great Bear.

• Prioritizes investments with double-digit IRR and limits equity dilution.

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