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Royal Gold Presentation Investor Presentation February 2021 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 dividends; 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 for calendar 2020, 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 PRESENTATION | FEBRUARY 2021 2 Company Overview Opportunity to capture value in the precious metals sector without incurring many of the costs and risks associated with mining operations Dual Business Segments… …Across A Diverse, Gold-Focused Portfolio… …With Standout Performance Royalty Interests: An interest in real property (generally) that 189 12 provides a right to a percentage of revenue or PROPERTIES2 COUNTRIES2 metals produced from a mining project after, $499M 320,000 Canada deducting specified costs REVENUE3 GOLD EQUIVALENT OZ3 Producing Domin. Rep. Stream Interests: Development Chile A contractual arrangement to purchase metal production from a mining project at a Evaluation USA predetermined price Ghana ~$1.2B (0.41)x Exploration TOTAL LIQUIDITY2 NET DEBT/ADJ. EBITDA2 FY 2020 Revenue Split: Others 28% Gold $7.0B 29/4 ROYALTIES 79% Copper MARKET CAP.4 EMPLOYEES/OFFICES2 GOLD-FOCUS1 Silver 72% Others STREAMS 1 – FY2020 Revenue. 2 – As of December 31, 2020. 3 – FY2020. 4 – February 2, 2021 closing price of $105.74/sh. ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2021 3 Royal Gold: Core Attributes Differentiated model with disciplined capital management and a focus on shareholder returns UNIQUE . Business model provides optionality to gold price and production and reserve growth MODEL . Efficient model with high operating margin and revenue generation per employee DIVERSE . FY2020 revenue 79% from gold, derived mostly from primary precious metals assets PORTFOLIO . Global diversification with revenue from 41 producing properties (at December 31, 2020) CAPITAL . Highly experienced technical and commercial team with strong record of adding growth DISCIPLINE . Growth funded through cash flow and strategic use of debt, enhancing per share metrics FINANCIAL . Well capitalized with ~$1.2B of liquidity (at December 31, 2020) and strong operating cash flow STRENGTH . $1B credit facility provides low cost and flexible access to liquidity RETURNS . Consistent commitment to pay a growing and sustainable dividend FOCUS . Dividend CAGR of 17% 2001-2021, with attractive historical TSR ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2021 4 Royal Gold: Leverage to Gold with Market-Leading Return A stable, sustainable investment… …with a heritage of market outperformance (5/22/06 –2/2/21) Indexed since the formation of the GDX 5.0 Beta vs. Gold Price GDX Providing higher leverage 4.5 1.77 RGLD to gold… 4.0 Spot Gold β Gold SP500 3.5 3.66 DJIA 3.0 2.99 2.72 2.5 Beta vs. S&P 500 2.33 …with lower exposure to 2.0 0.40 general market risk β S&P 1.5 1.0 0.90 0.5 0.0 2006 2008 2010 2012 2014 2016 2018 2020 Beta calculation for the period 10/1/10 – 9/30/20. Source: Bloomberg, FactSet ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2021 5 Gold: As an Investment Gold is a strategic asset… 20 Year CAGR Real estate As of December 31, 2019 Gold EM bonds • A market that has outperformed many key asset classes Private equity EM stocks over a number of periods US stocks Hedge funds • A market that has outperformed the generic commodity US bonds Foreign bonds basket into which it is placed Foreign stocks Cash • A market that offers significant liquidity Commodities 0% 2% 4% 6% 8% 10% 12% CAGR Stocks Bonds Alternatives Annualised return 10 Average Daily 20 Year Annualized Broad-based Trading Volume Return commodity index 5 In US$ Gold vs. Broad Based returns Commodity Indices and Individual Commodities 0 Dec 1999-Dec 2019 -5 -10 Grains Agriculture Livestock S&P GSCI Bloomberg Commodity Index Silver Platinum Copper Gold PM fix Source: World Gold Council “The relevance of gold as a strategic asset” February 2020 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2021 6 Gold: As an Investment Negative debt US$tn Gold price US$ …offering unique performance advantages 20 1,600 Gold Price vs. 1,500 Negative 15 • Well positioned in a period of low interest rates and Yielding Debt 1,400 Monthly figures from 10 1,300 political, economic and social uncertainty 9/1/15 to 12/31/19 • Offers a unique correlation with the broader equity 1,200 5 market in different return scenarios 1,100 • Experiences less volatility than many markets 1,000 2015 2016 2017 2018 2019 Global negative yielding debt Gold US$/oz Volatility of Gold, 10th most volatile S&P 500 stocks Correlation: Gold vs. Stock Indices S&P 500 Tech stocks US Stock Returns S&P up by more than 2σ Based on S&P Return Top 10 largest S&P 500 stocks And Stocks Environments Volatility measured from S&P GS Commodity Index As of 12/31/19 12/31/09 to 12/31/19 10th least volatile S&P 500 stocks S&P between ±2σ MSCI EM Index Gold (US$/oz) S&P down by more than 2σ MSCI EAFE Index S&P 500 Index -0.40 -0.20 0.00 0.20 0.40 0% 10% 20% 30% 40% 50% Correlation Ann. volatility Gold Commodities Source: World Gold Council “The relevance of gold as a strategic asset” February 2020 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2021 7 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 PRESENTATION | FEBRUARY 2021 8 Optionality Royal Gold seeks to provide exposure to resource growth and metal price optionality. Resource growth and mine life extensions can significantly enhance returns over time. Case Study Reserves & Resources* Mine Life Contained Gold M oz Years Mulatos – Alamos Gold 2P Reserves • Royal Gold acquired 1.5% NSR from Kennecott Minerals in Dec. M&I Resources* 4.3 2005, 2M oz cap reached in March 2019 3.0 • Pre-tax return ~36%. Excess return from mine life extension (2016 2.6 1.1 6.5 7 through 2025) and higher gold price • Key to growth potential is exploration success and ability of operator 1.9 1.7 to find and convert resources to reserves and then to production YE 2005 YE 2018 YE 2005 YE 2018 Return Drivers 1. Return on initial acquisition based on mine feasibility study at date Acquisition Return of acquisition1 %age 2. Additional return resulting from resource conversion and mine life 25.1% extension2 3. Additional return resulting from exposure to higher gold price 2.8% received over the extended mine life3 8.0% 1 - Initial Expectation based on 2P reserve processed at 15,000 t/d, assumed $450/oz flat gold price 2 - Resource Conversion based on actual production at $450/oz flat gold price 1.
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