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 364 properties, with 68% of 2025 revenue from North America.

• Portfolio is highly diversified across metals and jurisdictions, 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.

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

• Revenue and operating cash flow have grown 23x and 12x, respectively, since 2000, with minimal equity dilution.

• Maintains a low net debt/EBITDA ratio of 0.8x and ~$1B in available liquidity.

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

Business model and risk management

• Operates a lean, scalable business with only 39 employees and industry-leading revenue per employee.

• Royalty and streaming model provides gold exposure, exploration upside, and portfolio diversification without direct operating or capital cost exposure.

• Cost structure is resilient to inflation, with stable cash G&A expenses and margins that expand with gold price increases.

• High success rate in investments, with impairments accounting for only ~1% of total invested capital.

• Management compensation is aligned with shareholder returns and long-term performance.