Royal Gold (RGLD) Virtual Non-Deal Roadshow Series summary

Business model and strategy

• Focuses on high-margin, gold-centric royalty and streaming business, not direct mining.

• Maintains a diversified portfolio across assets, operators, and jurisdictions, reducing single asset and counterparty risk.

• Consistent strategy for over 40 years, emphasizing conservative gold exposure and steady dividend growth.

• Prioritizes reinvestment, strong balance sheet, and disciplined capital returns, including a new $500M share buyback authorization.

• Avoids shareholder dilution, with minimal equity issuance and scalable operations supported by low fixed costs.

Recent performance and portfolio developments

• Completed transformational acquisitions (Sandstorm and Horizon) in 2025, adding significant growth and diversification.

• Achieved record revenue, cash flow, and earnings in Q1, with $391M adjusted EBITDA and $800M debt repaid since October.

• Increased portfolio reserve life by 25% to 18 years and raised dividend for the 25th consecutive year.

• Added new gold streams at Kansanshi (Zambia) and Warintza (Ecuador), and saw mine life extension at Mount Milligan to 2045.

• Portfolio now includes over 360 assets, with 80 producing, 30 in development, and 250+ at earlier stages.

Financial strength and growth outlook

• EBITDA margin reached 82% in 2025, with low G&A costs (~4% of revenue) and only 39 employees.

• Market cap currently $16B, previously as high as $25B, with strong per-employee value.

• Five-year guidance projects 17% growth in gold equivalent ounce production, with margins expected to remain consistent.

• Organic growth pipeline includes new production from Back River, Platreef, Robertson (2027), and others into the 2030s.

• Expansion projects at Khoemacau (30% increase in silver deliveries by 2028) and ongoing mine life extensions drive future cash flow.