Investor Presentation (05/07/2026 10: 10
RGLD
Published on 05/07/2026 at 10:28 am EDT
MAY 2026
Gold exposure with strong returns and built-in growth, without the operating risks
Gold-focused portfolio
High margin with dividend growth
Highly diversified portfolio
No Energy. No Diversions.
82%
2025 Adjusted
15%
Dividend CAGR
Copper
78%
2025 Revenue from Gold
EBITDA margin1
(2000-2026)
Limited operating risk
Optimal size advantage
Embedded growth and optionality
Market Cap ($B) 2
Right-sized to compete and show growth
e.g. Cortez, MARA, Great Bear
Number of properties 3
Prod
Development 30
Organic growth
RGLD
$20
FNV
$45
WPM
$61
OR TFPM
$7 $7
ucing 79
pipeline
Evaluation/Exploration 258
Adjusted EBITDA margin is a non-GAAP financial measure. See Appendix for additional information.
As of May 6, 2026.
As of March 31, 2026. Our evaluation of the property interests acquired through the acquisitions of Sandstorm Gold and Horizon Copper remains ongoing, including ongoing mineral title work. Readers are cautioned that the summary property information in this
Cementing Royal Gold as a leading North American streaming and royalty company
Sandstorm & Horizon
$4.1B, acquisition of royalty companies Diversification, growth, long-life assets
Kansanshi
$1B, gold stream
Long life asset, in production
Warintza
$200M, gold stream and royalty Long-life growth asset, large AOI
Larger, higher-cash-flow portfolio Faster growth trajectory
Stronger long-term growth outlook More diversified, lower-risk asset base
Precious Metals Exposure with Disciplined Financial Performance
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1
2
3
4
5
High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk
6
Optimal Size Advantage Embedded Growth and Optionality
40+ years of consistent, focused execution
$1B
Total Revenue
(2025)
89%
Revenue from Precious Metals (2025)
2025 Gold Equivalent Ounces1
300,300 oz
Gold Silver Copper Other
$1,030
12%
CAGR
$719
$654
$603
$606
$562
$413
$443
$430
$468
$320
Why Gold?
Gold is uncorrelated and a diversifier that provides a hedge against systemic risk, currency depreciation and inflation
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
A stable, sustainable investment with a heritage of market outperformance
1.58
β Gold Price
0.56
β S&P 500
Royal Gold's beta vs. Gold Price and S&P 500 shows higher leverage to gold with lower exposure to general market risk
May 22. 2006 - May 6, 2026
8.14 RGLD
5.91 Spot Gold
5.84 SP500
2.48 GDX
11
10
9
8
7
6
5
4
3
2
1
0
2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
Precious Metals Exposure with Disciplined Financial Performance
1
Gold-Focused Portfolio
HHiigghhMMaarrggininwwithithDDiviivdiednednGd rGowrothwth
6
2
3
4
5
Highly Diversified Portfolio Limited Operating Risk Optimal Size Advantage
Embedded Growth and Optionality
Lean business model reduces inflation and margin compression risks
82%
Adjusted EBITDA1/Revenue
US $37M
Cash G&A3
US $705M Operating Cash Flow
US $848M Adjusted EBITDA1
US $1.030B Revenue
68%
Operating Cash Flow/Revenue
4%
Cash G&A3 Expenses/Revenue
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See Appendix for additional information.
Calendar 2025.
Cash G&A and Cash G&A margin are non-GAAP financial measures. Cash G&A is calculated as G&A Expense of $49.2M less Non-
A global business operated by just 39 people across 4 offices
$1,400
Anglo American
$396
in US$ 000s
$568,143
$2,172
$862
$3,927
$6,535
$25,867
$17,896
$22,118
$1,454
Rio Tinto Glencore Barrick Newmont Royal Gold
Netflix
Alphabet Apple Amazon
$895
$1,542
$545
$969
$3,098
$2,103
$2,538
$444
Total Revenue 3 / Employee 4
in US$ 000s
$29,576
$18,395
Meta $2,558
Source: Capital IQ
Enterprise value = market cap. + debt + preferred equity + minority interest - cash & ST investments. As of March 31, 2026.
Employee count as of December 31, 2025, except for Apple, which is as of September 27, 2025.
12 months ended March 31, 2026, except for Barrick, Glencore, Rio Tinto, and Anglo American, which are as of December 31, 2025, and Apple, which is as of December 27, 2025.
The only precious metal company in the S&P High Yield Dividend Aristocrats Index
$2.00
$1.80
$4,800
Dividend
Payout Ratio
Gold Price
15%
Dividend CAGR
2000-2026
$1.2B
Cumulative Common Stock Dividends Paid 1
31%
34%
34% 35%
24%
29%
17%
19%
20%
21%
21%
22%
23%
25%
22%
23% 23%
19%
22%
24%
20%
14%
18%
15%
17%
17%
$4,400
$1.60
DDiviviiddeenndd (US$/share)
$1.40
$1.20
$1.00
$4,000
$3,600
GGoolldd PPrriicce (US$/ounce)
$3,200
$2,800
$2,400
$0.80
$2,000
$0.60
$0.40
$0.20
$1,600
$1,200
$800
$400
$0.00
$0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Source: Company reports, FactSet.
Precious Metals Exposure with Disciplined Financial Performance
1
Gold-Focused Portfolio
2
High Margin with Dividend Growth
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6
3
4
5
Limited Operating Risk Optimal Size Advantage
Embedded Growth and Optionality
79 Producing 2 30 Development 78 Evaluation 3 180 Exploration 3
1
367 3
Total Properties1
5
2
Principal Properties
1 Mount Milligan
British Columbia, Canada
2 Cortez
Nevada, USA
3 Pueblo Viejo
Dominican Republic
4 Andacollo
Chile
5 Kansanshi
Zambia
4
As of March 31, 2026.
Including Principal Properties.
Gold Silver Copper Other
94%
Gold drives the portfolio with
important contributions from silver and copper
Precious Metals
North America
South and Central America EMEA
30%
53%
17%
Portfolio concentrated
in well-established and mining-friendly jurisdictions
Based on consensus asset NAV (available analyst estimates) as of March 12, 2026.
Excludes NAV categorized as "Other Assets". Royal Gold has asset NAV in Australia Pacific region, but they are in the excluded NAV
Mt. Milligan Pueblo Viejo Kansanshi Cortez Andacollo Khoemacau Platreef
Hod Maden Antamina
MARA
70%
High diversification and low
concentration within the portfolio mitigates single-asset risk
Top 10 Assets
4%
4%
5%
6% 7%
17%
9%
11%
9%
Most of our portfolio counterparties are well-capitalized, established and experienced
Based on consensus asset NAV (available analyst estimates) as of March 12, 2026.
Excludes NAV categorized as "Other Assets". 15
Precious Metals Exposure with Disciplined Financial Performance
1
Gold-Focused Portfolio
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2
3
High Margin with Dividend Growth Highly Diversified Portfolio
4
6
5
Optimal Size Advantage Embedded Growth and Optionality
ETFs, Bars and Coins
Developers & Explorers
Junior Operators
Senior Operators
Exposure to Gold
Exploration Upside / Optionality
Portfolio Diversification
Sustainable Dividend
No Direct Exposure to Operating Costs1
No Direct Exposure to Capital Costs1
$/oz
Relatively static margin
Costs increase with inflation
Margin expands as gold price increases
$/oz
Relatively fixed cost base
Time Time
18
Operator costs tend to rise with commodity prices while RGLD's costs remain stable
Production Taxes
RGLD1
~$1,098/oz
Other Onsite
Reagents
Energy
Labor
TCRC & Shipment
~$677/oz
Metal price dependent
Subject to inflation
Cash G&A
Cost of Sales
Royalty
Producers 2
Metal price dependent
Subject to inflation
10%
1%
5%
8%
16%
60%
This is a non-GAAP measure calculated as total costs and expenses ($392M), less DD&A ($177M), and non-cash employee stock compensation expense ($12M), per GEO (300,300) for calendar 2025.
Industry average total cash costs per ounce for 2025; based on reported/actual data where available; Source: S&P Market Intelligence.
Precious Metals Exposure with Disciplined Financial Performance
1
Gold-Focused Portfolio
OppttiimmaallSSizizeeAAddvvaanntatgaege
2
3
4
High Margin with Dividend Growth Highly Diversified Portfolio Limited Operating Risk
5
6
Embedded Growth and Optionality
Disclaimer
Royal Gold Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 14:27 UTC.