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Virtual Investor Update April 20, 2021 Agenda Virtual Investor Update April 20, 2021 Agenda 1. Introduction and Strategic Review Bill Heissenbuttel, President & CEO 2. How we think about Business Dan Breeze, VP Corporate Development, RGLD Gold AG Development and Growth Jason Hynes, VP Business Development and Strategy 3. Technical Excellence is Fundamental to Mark Isto, EVP and Chief Operating Officer our Success 4. Sustainability and Good Governance are Randy Shefman, VP and General Counsel Core to our Strategy 5. Growth in the Portfolio Mark Isto, EVP and Chief Operating Officer John Munro, Director Corporate Finance and Development, Khoemacau Copper Mining 6. How we think about the Allocation of Paul Libner, CFO and Treasurer Capital 7. Q&A ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 2 Cautionary Statement Cautionary “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, the following: statements about our expected financial performance, including revenue, expenses, earnings or cash flow; operators’ expected operating and financial performance, including production, deliveries, mine plans and reserves, development, cash flows and capital expenditures; planned and potential acquisitions or dispositions, including funding schedules and conditions; liquidity, financing and shareholder returns; our overall investment portfolio; macroeconomic and market conditions including the impacts of COVID-19; prices for gold, silver, copper, nickel and other metals; potential impairments; or tax changes. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: a low-price environment for gold, silver, copper, nickel or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, changes to mine plans and reserves, liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, contractual issues involving our stream or royalty agreements; risks associated with doing business in foreign countries; our ability to identify, finance, value and complete acquisitions; adverse economic and market conditions; the impacts of COVID-19; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including our Form 10-K for the fiscal year ended June 30, 2020, and subsequent Quarterly Reports on Form 10-Q. Most of these factors are beyond our ability to predict or control. Forward-looking statements in this presentation speak only as of the date on which this presentation was first published. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements. Third-Party Information: Certain information provided in this presentation, including production estimates, has been provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties. ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 3 Introduction and Strategic Review History of Growing Revenue, Cash Flow and Earnings Proven business model has been foundation for strong financial performance • RGLD has delivered strong top-line growth; 10-year CAGR of 9% • Key driver for revenue growth coming from gold 9% • Efficient business structure allows for pass-through to earnings and cash flow 10-YR Revenue CAGR Revenue Cash Flow Gold Silver Copper Other 1 $US M $US M Adjusted Net Income Operating Cash Flow $499 $459 $341 $441 $423 $329 $360 $267 $253 $169 $162 $102 $115 $99 $65 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 1 – Adjusted net income is a non-GAAP financial measure. See page 17-20 for additional information ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 2 Gold is the Major Driver of Revenue True to our business strategy, gold continues Gold price is the strongest driver of metal price to be the dominant revenue source sensitivity FY 2020 Revenue Sources FY 2020 Revenue Sensitivity to 10% change in Metal Price -8.3% 8.3% Gold Gold 79% Copper 1 GOLD-FOCUS -1.0% 1.0% Copper Silver Others -0.9% 0.9% Silver ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 3 Efficient, Scalable and High Margin Business Efficient business model with high operating margin Our business is built on a core of highly qualified individuals, with… • Low G&A expense and highly scalable business • Ability to leverage third party resources when needed 28 3 Adjusted EBITDA Margin1 Cash G&A Expenses2 EMPLOYEES $US M $27 $30 84% $23 $24 $25 82% $22 $21 …across 80% $20 78% 78% $15 76% 75% 74% 74% $10 4 74% 3 72% $5 OFFICES 72% 70% $0 FY2016 FY2017 FY2018 FY2019 FY2020 1 – Adjusted EBITDA Margin is a non-GAAP financial measure. See page 17-20 for additional information 2 – Cash G&A Expenses is a non-GAAP financial measure. See page 17-20 for additional information 3 – As of March 31, 2021 ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 4 Denver-based With Global Reach Across Major Mining Jurisdictions Internal organization includes Business Development, Operations, Finance and Legal functional areas Vancouver, Royal Gold Corporation Business Development Royal Gold, Inc. Luzerne, RGLD Gold AG headquarters NASDAQ: RGLD Business Development, Metal Sales ROYALTIES STREAMS Domicile: USA / Canada Switzerland Primary business Owner and manager Owner and manager focus: of royalty interests of stream contracts US/Canadian Swiss/US Tax treatment: corporate tax corporate tax Denver, Royal Gold, Inc. headquarters Business Development, Finance, Legal Approximate 30% 70% Toronto, Royal Gold Corporation revenue split: Operations, Business Development, Investor Relations ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 5 Significant Industry Experience Throughout the Company Experienced management team complemented by an independent, diverse and highly-qualified Board of Directors Management: Bill Heissenbuttel President & CEO Mark Isto Paul Libner Randy Shefman Dan Breeze VP Corporate Development, EVP & Chief Operating Officer CFO & Treasurer VP & General Counsel RGLG Gold AG Board of Directors: William Hayes Chairman, Independent Bill Fabiana Kevin Jamie Ronald Sybil Heissenbuttel Chubbs McArthur Sokalsky Vance Veenman Inside Director Independent Independent Independent Independent Independent ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 6 High Margin Business Average pre-tax margin for revenue less cost of sales of 83% in FY 2020 • Stream segment: 77% considering Cost of Goods Sold • Royalty segment: 100% Margins: STREAMS $360 $276 77% ROYAL GOLD 83% MARGIN ROYALTIES $139 $139 100% Revenue Revenue less Cost of Sales1 1. Revenue less Cost of Sales related to the Stream Segment of $84M ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 7 Leverage to Gold with Market-Leading Return A stable, sustainable investment… …with a heritage of market outperformance (5/22/06 - 4/1/21) Indexed since the formation of the GDX 5.0 Beta vs. Gold Price GDX Providing higher leverage 4.5 1.75 RGLD to gold… 4.0 Spot Gold 3.85 β Gold SP500 3.5 DJIA 3.14 3.0 2.94 2.5 2.66 Beta vs. S&P 500 0.41 …with lower exposure to 2.0 general market risk 1.5 β S&P 1.0 0.87 0.5 0.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Beta calculation for the period 4/1/11 – 3/31/21. Source: Bloomberg, FactSet ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 8 Royal Gold Offers Unique Exposure to Gold Exploration No Direct No Direct Exposure Portfolio Sustainable Upside / Exposure to Exposure to to Gold Diversification Dividend Optionality Operating Costs Capital Costs ETFs, Bars and Coins Senior Operating Companies Junior Operating Companies Development and Exploration Companies ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 9 Diverse Portfolio in Established Mining Jurisdictions PRINCIPAL PROPERTIES 1 ANDACOLLO 3 Region IV, Chile 3 2 CORTEZ 2 Nevada, USA 4 5 3 MOUNT MILLIGAN British Columbia, Canada 4 5 6 6 4 PEŇASQUITO 7 Zacatecas, Mexico 1 5 PUEBLO VIEJO 1 Sanchez Ramirez, Dominican Republic 41 PRODUCING 6 WASSA Western Region, Ghana 19 DEVELOPMENT 187 48 EVALUATION PROPERTIES1 7 KHOEMACAU 79 EXPLORATION Botswana 1 - As of March 31, 2021 ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL
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