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

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, , 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 2021 10 Broad Portfolio Provides Stable, Predictable and Sustainable Cash Flow

Royal Gold’s revenue is sourced from a geographically and operationally diverse portfolio, underpinned by primary precious metals mines

• Globally-diverse portfolio minimizes • Principal property revenues • Revenue contribution focused ~80% influence of geopolitical volatility supported by broad number of from precious metals mines, ~20% on revenue underlying assets exposure to base metals

FY 2020 Revenue Contribution

by Geography by Mine by Mine Type*

Mount Milligan

Rainy River Cortez

Wassa Pueblo Penasquito Viejo

Canada Dominican Rep. Chile Andacollo Gold Other Precious Copper Nickel Other USA Ghana Others * Mine type defined by metal that provides majority revenue

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 11 ESG Considerations are Integrated into our Approach to Business

Environmental Committed to analyzing and mitigating the environment around us; sponsors of innovation and best practices in mining

Social

Committed to supporting social causes where Source: Sustainalytics we have investments and in our local communities $1.5M 2021 Charity Budget

Governance Committed to good corporate governance, promoting long-term shareholder interests

6 of 7 2 of 7 Source: MSCI; see page 21 for additional information Independent Female Board Members

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 12 End Appendix Speaker Bio

Bill Heissenbuttel

President and Chief Executive Officer

Mr. Heissenbuttel brings more than 30 years of corporate finance experience with 25 of those years in project and corporate finance in the metals and mining industry. He joined Royal Gold in 2006.

Mr. Heissenbuttel was appointed President and Chief Executive Officer and a Class I Director of Royal Gold, effective January 2, 2020. From June 2018 to January 2, 2020, he served as our Chief Financial Officer and Vice President, Strategy. From 2007 through 2018, he served as Vice President, Corporate Development. From January 2015 to June 2016, he served as Vice President, Operations for the Company, and from April 2006 through January 2007, he was Manager, Corporate Development for the Company.

Prior to Royal Gold, Mr. Heissenbuttel served as Senior Vice President from 2000 to 2006 and Vice President from 1999 to 2000 at N M Rothschild & Sons (Denver) Inc. From 1994 to 1999, he served as Vice President and then as Group Vice President at ABN AMRO Bank N.V. From 1987 to 1994, he was a Senior Credit Analyst and an Associate at Chemical Bank Manufacturers Hanover.

Mr. Heissenbuttel holds a Master of Business Administration degree with a specialization in finance from the University of Chicago and a Bachelor of Arts degree in Political Science and Economics from Northwestern University.

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 15 2015-2020 Revenue Breakdown by Asset and 2021 Operator Guidance

Fiscal Year Revenue ($000) Calendar 2021 Operator Guidance

1 Stream/Royalty Metal(s) Current Stream/Royalty Interest 2015 2016 2017 2018 2019 2020 Gold (koz) Silver (koz) Copper (Mlb) Lead (Mlb) (Mlb) Stream : Canada Mount Milligan Gold, copper 35% of payable gold and 18.75% of $ 94,104 125,438 136,737 133,534 101,011 131,425 180-200 - 70-80 - - payable copper Rainy River Gold, silver 6.5% of gold produced and 60% of - - - 8,710 22,142 27,311 270-290 538-568 - - - payable silver Latin America Pueblo Viejo Gold, silver 7.5% of Barrick's interest in gold $ - 39,683 91,589 95,055 82,844 96,978 470-510 N/A - - - produced and 75% of Barrick's interest in payable silver Andacollo Gold 100% of gold produced2 38,033 49,243 60,251 57,413 69,263 74,219 N/A - - - - Africa Wassa Gold 10.5% of gold produced $ - - - - 2,817 23,203 165-175 - - - - Prestea and Bogoso Gold 5.5% of gold produced - 23,346 25,435 29,805 27,746 6,732 N/A - - - Total stream revenue 132,137 237,711 314,011 324,516 305,824 359,868 Royalty: Canada Holt Gold 0.00013 x Au price NSR (gold) $ 11,954 10,295 12,499 11,033 9,460 11,108 - - - - - Voisey's Bay Copper, nickel and cobalt 2.7% NVR (copper, nickel and cobalt) 16,665 11,044 - 1,396 11,930 6,880 - - N/A - - Canadian Malartic Gold 1.0%-1.5% sliding-scale NSR (gold) 5,054 6,310 7,303 8,380 6,886 6,758 350 - - - - Williams Gold 0.97% NSR (gold) 1,532 1,682 2,242 1,821 1,679 2,736 N/A - - - - LaRonde Zone 5 Gold 2.0% NSR (gold) - - - - 1,047 1,786 N/A - - - - Other-Canada Various Various 2,290 1,663 1,164 1,625 1,601 1,256 - - - - - United States Cortez Gold GSR1, GSR2, GSR3, NV R1, NV R1C $ 18,044 6,107 6,504 8,155 11,383 22,342 N/A - - - - Robinson Gold, copper 3.0% NSR (gold and copper) 8,016 8,096 7,933 10,165 8,030 8,712 N/A - N/A - - Marigold Gold 2.0% NSR (gold) 3,609 4,566 5,375 4,645 5,440 6,722 235-265 - - - - Goldstrike Gold 0.9% NSR (gold) 3,085 5,190 3,675 3,254 3,378 3,401 N/A - - - - Wharf Gold 0.0%-2.0% sliding-scale GSR 1,812 2,380 2,100 2,285 1,743 2,873 85-95 - - - - Other-United States Various Various 8,108 9,144 9,695 10,992 4,870 4,641 - - - - - Latin America Penasquito Gold, silver, lead and zinc 2.0% NSR (gold, silver, lead and zinc) $ 30,306 22,760 26,687 25,886 13,865 25,498 660 30,000 - 475 190 Dolores Gold, silver 3.25% NSR (gold), 2.0% NSR (silver) 4,363 4,411 5,552 6,703 6,275 7,233 161-179 2,730-2,970 - - - El Limon Gold 3.0% NSR (gold) 1,699 1,618 1,419 1,811 1,683 3,063 N/A - - - - Other-Latin America Various Various 11,057 9,080 12,518 13,134 8,650 1,052 - - - - - Africa Taparko Gold 2.0% GSR, 0.75% GSR (milling royalty) $ 2,385 1,868 3,131 2,098 1,416 2,575 N/A - - - - Other-West Africa Various Various 690 ------Australia South Laverton Gold 1.5% NSR, 4.0% NPI (gold) $ 2,990 2,723 2,794 3,947 4,060 5,263 N/A - - - - Gw alia Deeps Gold 1.5% NSR (gold) 4,590 4,624 5,048 5,270 4,023 4,166 175-1903 - - - - Meekatharra Gold 1.5% NSR (gold) - 435 2,444 2,690 2,611 3,027 N/A - - - - Other-Australia Various Various 913 2,680 2,657 1,802 2,112 2,796 - - - - - Europe Las Cruces Copper 1.5% NSR (copper) $ 6,717 5,404 6,064 7,434 5,089 5,062 - - 26.5 - - Other-Europe Various Various ------Total royalty revenue $ 145,882 $ 122,080 $ 126,803 $ 134,526 $ 117,232 $ 138,951 Total revenue $ 278,019 $ 359,790 $ 440,814 $ 459,042 $ 423,056 $ 498,819 1 - Please refer to Part I, Item 2, of the Company’s Fiscal 2020 Form 10-K for a full description of the Company’s stream and royalty interests 2 – Prior to July 1, 2015, Royal Gold held a royalty interest at Andacollo 3 – Based on fiscal year ending June 30, 2021

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 16 Non-GAAP Measures

Non-GAAP Financial Measures and Certain Other Measures Overview of non-GAAP financial measures:

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non- GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.

We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgement. Non-GAAP financial measures used by management in this report or elsewhere include the following:

1. Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. 2. Adjusted net income and adjusted net income per share are non-GAAP financial measures that are calculated by the Company as net income and net income per share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliations below. We consider these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of our operating results excluding items that we believe are not indicative of our fundamental ongoing operations. The tax effect of adjustments is computed by applying the statutory tax rate in the applicable jurisdictions to the income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero. 3. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation.

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 17 Non-GAAP Measures

Reconciliation of non-GAAP financial measures to U.S. GAAP measures

Adjusted net income: Year-ended June 30, (amounts in thousands) 2020 2019 2018 2017 2016 Net income and comprehensive income attributable to Royal Gold common stockholders $ 199,343 $ 93,825 $ -113,134 $ 101,530 $ -77,149 Preliminary impacts of U.S. tax legislation — — 30,675 — — Fair value changes in equity securities -1,418 6,800 — — — Impairment of royalty interests 1,341 — 175,056 — 86,130 Discrete tax benefits -40,014 — — — — Non-recurring non-cash employee stock compensation 3,338 — — — — Income tax foreign currency election — — 16,407 — — Increase in uncertain tax positions — — 6,050 — — Tax expense on Andacollo royalty sale and Chilean subsidiary liquidation — — — — 56,000 Tax effect of adjustments -180 -1,467 — — — Adjusted net income attributable to Royal Gold common stockholders 162,410 99,158 115,054 101,530 64,981

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 18 Non-GAAP Measures

Reconciliation of non-GAAP financial measures to U.S. GAAP measures

Adjusted EBITDA Margin: Year-ended June 30, (amounts in thousands) 2020 2019 2018 2017 2016 Net income and comprehensive income $ 196,250 $ 89,079 $ -119,351 $ 92,425 $ -82,438 Depreciation, depletion and amortization 175,434 163,056 163,696 159,636 141,108 Non-cash employee stock compensation 9,116 6,617 8,279 9,983 10,039 Impairment of royalty interests 1,341 — 239,364 — 98,588 Fair value changes in equity securities -1,418 6,800 — — — Interest and other, net 7,767 27,330 30,044 27,075 26,574 Income tax expense (benefit) -3,654 17,498 14,772 26,441 60,680 Non-controlling interests in operating loss of consolidated subsidiaries 3,241 4,746 6,217 10,628 5,289 Adjusted EBITDA 388,077 315,126 343,020 326,188 259,840

Revenue $ 498,819 $ 423,056 $ 459,042 $ 440,814 $ 359,790 Adjusted EBITDA Margin 78% 74% 75% 74% 72%

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 19 Non-GAAP Measures

Reconciliation of non-GAAP financial measures to U.S. GAAP measures

Cash G&A Expenses: Year-ended June 30, (amounts in thousands) 2020 2019 2018 2017 2016 General and administrative expense $ 30,195 $ 30,488 $ 35,464 $ 33,350 $ 31,720 Non-cash employee stock compensation expense 9,116 6,617 8,279 9,983 10,039 Cash G&A Expenses 21,079 23,871 27,185 23,367 21,681

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 20 Other Disclaimers

DISCLAIMER STATEMENT FOR USE OF MSCI ESG RATING THE USE BY ROYAL GOLD OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF ROYAL GOLD BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’ AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 21 How we think about business development and growth Business Development – Experienced Team and Efficient Structure

Business Development is the “R&D” of Royal Gold, fully integrated with other key functions

Jason Hynes, VP BD & Strategy Dan Breeze, P.Eng., VP Corp. Dev. +15 years (banking, corp. dev.) +20 years (capital markets, technical, corp. dev.)

Kain Petterson, P.Eng., Manager BD Technical 10 years (technical, corp. dev.)

Financial & Business Commercial Tax Development

, President & CEO Bill Heissenbuttel Alistair Baker, P.Eng., VP IR & BD +30 years (lending/structuring, corp. +20 years (corp. dev., technical) Legal dev., finance) Kevin Chiew, CFA, Manager IR & BD +15 years (equity research)

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 2 Royalties vs. Streams

Royal Gold provides flexibility by tailoring financing to fit the needs of the operator

Purchase price to acquire royalty PHASE OF PROJECT ROYALTY Partner EXPLORATION DEVELOPMENT PRODUCTION A right to a percentage of revenue or Company metals produced from a project after deducting specified costs, if any, ROYALTY without ongoing payments ROYALTY STREAM Percentage of STREAM revenue or metals

RG investment may include right to finance future and/or further project development Advance payment to purchase percentage of Proceeds generally Proceeds generally Proceeds generally metal production + delivery used towards used towards project used towards production exploration or early development expansion, development STREAM payment (per unit delivered) project development of new projects, or other Partner corporate purposes A right to purchase metal Company production at a predetermined TYPICAL INVESTMENT SIZE price (fixed or % of spot) ~$10M-50M ~$50M-300M ~$200M-$1B+

Physical metal delivery

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 3 Royal Gold – Simplified Organizational Structure

Streaming continues to be the focus given benefits for counterparties and Royal Gold

Royal Gold, Inc. NASDAQ: RGLD

ROYALTIES STREAMS

Domicile: USA / Canada Switzerland Owner and manager of royalty Owner and manager of stream Primary business focus: interests contracts Tax treatment: US/Canadian corporate tax Swiss/US corporate tax

Approximate revenue split: 30% 70%

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 4 Competitive Landscape

Unique environment given coincident strength of various forms of financing

Status Status • Attractive terms available for higher • Equity markets are open as investor appetite has returned quality counterparties and assets Debt Equity • Equity financings concentrated in smaller sizes for earlier stage projects, which is a positive for stream financing

Status Smaller Larger Status • Newer entrants aggressively Peers Peers • Available liquidity continues to grow competing for first transactions

Transaction Size Intense competition in smaller end of market Where Royal Gold mainly competes

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 5 Select Transaction History

Royal Gold has demonstrated a disciplined approach to capital deployment

2,100 45 Gold (LHS - $/oz) Silver (RHS - $/oz) 2,000 Peak sale - Au + Ag 40 1,900 Rainy River - Au + Ag Andacollo - Au Alturas - Au 1,800 35 Castelo de Sonhos - Au 1,700

Pueblo Viejo - Au + Ag 30 1,600 Khoemacau - Ag Wassa II - Au 1,500 25 Cortez Crossroads - Au 1,400 Wassa I - Au

1,300 20

1,200 15 1,100

1,000 10

Source: Bloomberg

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 6 Business Development Process – Investment Criteria

• Opportunities identified through inbound requests, internal initiatives and cultivating relationships • Opportunity set monitored for changes that may upgrade investment prospect

INVESTMENT CRITERIA

1. People, Project and Place i. People – Teams who can build and operate safely and sustainably for the benefit of all stakeholders ii. Project – Competitive cost position (post-investment); mine life and resource optionality providing exposure to multi-cycle cash flows; environmentally and socially sustainable plan iii. Place – Projects in communities that welcome sustainable mining, in countries open to foreign investment and with respect for the rule of law 2. Strategic Fit in Existing Royal Gold Portfolio i. Limit concentration risk, maintain gold bias ii. Potential to generate cash flow for reinvestment and to grow shareholder returns 3. Executable i. Each investment has unique features that allow counterparty and Royal Gold to meet their requirements

Continuously assess the opportunity against investment criteria throughout the business development process

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 7 Business Development Process – Evaluation and Execution

Multi-step evaluation and execution process can be completed quickly and efficiently

Due Diligence Financial Evaluation Transaction and Ongoing Contract Contract Structuring Management

• Technical, ESG, • Recognize commodity • Be creative • Foster relationship for financial, legal price environment • Share in optionality future investment opportunities • Identify risks & • Assess risk profile and • Protect Royal Gold’s opportunities discount rate interest • Take a balanced commercial approach • Develop internal LOM • Evaluate multiple • Give operator flexibility to to reflect changing plan scenarios run their business circumstances • Determine optionality • Accretion to Royal Gold shareholders • Same team as for transaction execution ensures continuity

The investment process can be completed in as little as two to three months

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 8 Business Development Process – Due Diligence

Evaluation Process Driven by Subject Matter Expertise

• Experienced professionals from diverse technical, financial and legal specialties and sub-specialties working together under tight timeframes • As conclusions are formed, the opportunity is continuously tested against Royal Gold investment criteria • Outputs from due diligence feed into the investment decision process

Due Commercial Stream Phase 1 New Deals Diligence Negotiation Investment

Commercial

Financial

Technical

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 9 Business Development Process – Financial Evaluation

Establish value & stress test assumptions

• Reasonable commodity price assumptions and due diligence conclusions applied to our base case production profile Financial ESG Risk Risk • This determines the maximum upfront price Royal Gold is willing to pay for the investment Political • This upfront price is tested against: Strategic Fit Risk • Various commodity price decks • Upside and downside production scenarios • The collateral securing, or assets underlying, the investment • Collective experience of management and the Technical Transaction Embedded Board of Directors Risk Economics Optionality

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 10 Business Development Process – Capturing Optionality

• RGLD’s business model provides optionality through its investments • Assets can demonstrate increases in value through resource and production growth, and metal price appreciation over time

PUEBLO VIEJO WASSA Millions of Gold Ounces5 55% Millions of Gold Ounces of Initial Investment Recovered6 9.0 90% of Initial Investment Recovered5 3.6 15.2 3.6 0.5 4.7 9.3 6.2 0.8 0.3 1.6 1.1

Reserves at Production Net Reserve Reserves at Potential Potential Reserves at Production Net Reserve Reserves at Potential Potential Stream Subject to Changes3 Dec. 31, Resource Total Stream Subject to Changes3 Dec. 31, Resource Total 4 Acquisition1 Stream2 2020 Conversion4 Reserves + Acquisition1 Stream 2 2020 Conversion Reserves + Resources Resources 1 - Reserves as of December 31, 2014 1 - Reserves as of December 31, 2014 2 - Production from 2015 to 2020 2 - Production from 2015 to 2020 3 - Reflects adjustment related to effective date of acquisition, metal recoveries, etc. 3 - Reflects adjustments related to effective date of acquisition, metal recoveries, etc. 4 - Pueblo Viejo expansion project expected to unlock just over 9 million ounces of M&I gold resources 4 - PEA production plan (effective December 31, 2020) 5 - Attributable to Barrick’s 60% interest 5 - As of December 31, 2020, pre-tax. Includes contribution from Prestea/Bogoso up to September 30, 2020 6 - As of December 31, 2020, pre-tax

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 11 BD Process – Unique Attributes of Royalty Packages

• With the right assets and at the right price, royalty packages can provide significant long-term value through optionality • Earlier-stage projects may advance over time and provide future revenue potential • Many portfolios have traded hands, but few that have met Royal Gold’s criteria

Portfolio Example: Barrick Gold Package Barrick royalty package acquired by Royal Gold (US$M) Optionality continues to surface • Acquired package of royalties in 2008 from (e.g. Bellevue) Barrick Gold for US$ 150M • Top 10 royalties have generated ~US$ 285M

in revenue to date Revenue Generation by Top 10 Royalties • Optionality continues to surface, e.g.: $285 • RG holds a 2% NSR royalty on production from the Bellevue Gold project in Australia • Latest Bellevue FS (February 2021) indicates LOM recovered gold of 1.1 Moz with further -$150 potential beyond the proposed mine plan

Acquired Top 10 2008 Cumulative

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 12 Business Development Process – Structuring

Creativity is our competitive advantage Pueblo Viejo Structure

• Listen to the counterparty and customize a solution that works for all parties • Negotiate commercial features and financial provisions which encourage and facilitate continued investment by the operator • Draw from credit-oriented project finance experience to integrate investment protections that fit the circumstances

No “one size fits all” solution

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 13 Case Study – New Business – Khoemacau

WhyWhy we we like like Khoemacau: Khoemacau • People: Experienced executive and project teams with de-risked execution plan, focus on ESG • Project: +20-year initial mine life, competitive cost position, attractive exploration and expansion potential, meaningful contribution to Royal Gold portfolio • Place: Botswana is a stable, multi-party democracy with a long history of mining • Commodity: Strong copper fundamentals support the mine; attractive entry point for a silver investment (spot price < $16/oz at time of investment)

Key Considerations for Cupric Key Considerations for Royal Gold • Maximize non-equity sources of capital (significant • Want to see robust financing plan, address potential equity already invested) for cost overruns upfront • Expansion planning was already underway • Expansion plans at early stage  difficult to attribute • Large unexplored land package  desire to limit upfront value area of interest • No direct experience in Botswana

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 14 Case Study – New Business – Khoemacau

PracticalPractical solutions solutions agreed agreed to meetmeet each each party’s party’s needs needs: • Robust base-case financing plan • Resource Capital Funds brought in as partner to provide equity component of financing package • Royal Gold security interest subordinated to Red Kite debt facility; protections governed by an intercreditor agreement • Cost overrun options provisioned • Additional silver stream, subordinated debt and equity options earmarked upfront to manage and provide flexibility for any potential cost overruns • Commercial features to capture optionality while encouraging growth • Progressive cash price adjustments for expansions beyond 130% of initial design • Agreement on 176 km2 area of interest provides significant exploration upside to Royal Gold • Country risk • Royal Gold drew upon industry relationships and diplomatic channels to confirm view on Botswana as an attractive investment jurisdiction

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 15 Business Development Process – Contract Management

When circumstances change, Royal Gold changes with them

• “Life of mine” nature of contracts means they require occasional amendment to address new circumstances • Royal Gold works with its partners to ensure the investment continues to work for all parties while preserving or enhancing its interest; notable examples include:

Mount Milligan, 2016 Wassa, 2020

• Partial gold-for-copper stream swap to attract gold • Single agreement governing both mines separated to producers to Thompson Creek sale process facilitate Prestea divestiture • Thompson Creek benefitted from more robust auction • Golden Star and Royal Gold both benefitted from a • Centerra Gold benefitted from greater exposure to its transaction that allows Golden Star to accelerate core metal growth and development of world-class Wassa • Royal Gold benefitted from: resource • Improved counterparty financial position • Royal Gold benefitted further from: • Discount rate arbitrage between copper and gold • Increased exposure to Wassa • Attractive copper/gold price ratio • Motivated new operator at Prestea

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 16 End Appendix Speaker Bio

Dan Breeze Jason Hynes

Vice President, Corporate Development, RGLD Gold AG Vice President, Business Development and Strategy, Royal Gold Corp. Mr. Breeze has 20 years of technical and commercial experience across international markets. Mr. Hynes has more than 15 years of business development, corporate finance and merger and acquisition experience in the Before joining Royal Gold in 2019, Mr. Breeze worked for Bank mining industry. He joined Royal Gold in 2013, serving as of Montreal from 2010 to 2018, serving most recently as Director, Business Development out of the Royal Gold offices in Managing Director, Equities for BMO Capital Markets, based in Denver, Zug and Vancouver offices, and was appointed Vice Zürich, Switzerland. He was focused primarily on the mining President, Business Development and Strategy in 2020. Prior sector and developed strong relationships with a range of global roles include seven years in the mining investment banking mining participants and management teams. Before Bank of group of National Bank of Canada where he advised companies Montreal, Mr. Breeze served at UBS Investment Bank with on mergers, acquisitions and financings, as well as business assignments in Paris, London, and Toronto, as part of the development and board roles with junior mining companies. Equities Group, working extensively with North American and European mining companies across the commodity spectrum. Mr. Hynes holds a Bachelor of Applied Science in Electrical Engineering from Queen’s University in Kingston, Ontario and an Prior to his banking career, Mr. Breeze gained global mining, MBA from the University of Toronto’s Rotman School of construction, and project management experience with Golder Management. Associates as a member of its geotechnical/mining team.

Mr. Breeze holds a Bachelor of Science degree in Civil Engineering from the University of Manitoba, graduate degrees in Engineering (M.Eng.) and Business Administration (MBA) from the University of Toronto, and is a registered Professional Engineer (P.Eng.).

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 19 Technical excellence is fundamental to our success Operations – Experienced Team and Efficient Structure

Operations performs a key role in the technical due diligence of new opportunities and in the ongoing monitoring of royalty/stream investments

Kain Petterson, P.Eng., Manager BD Commercial 10 years (technical, corp. dev.)

Financial & Business Technical Tax Development

Matthew Bidwell, Principal Geologist Mark Isto, EVP and COO Legal +35 years (exploration) +30 years (operations, capital projects) Rusty Craft, Principal Metallurgist Julian Varaschin, CFA, XXX +40 years (technical) +15 years (operations, equity research)

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 2 The Technical Review Process Provides for Efficient Screening

Inquires  100 • Overall number of potential opportunities tends to Idea Generation remain consistent over time

Screening Reviews • Screening efficiency is high – those that don’t (10-40 hours) make it to the next stage are dropped quickly  40-60 • COVID has not impacted the number of reviews, Phase 1 Reviews but we have adapted some of our techniques to (50-100 hours) allow for remote reviews

Due Diligence  (1000 hours) 4-8

Firm  4-6 Proposals

In 2020, this included: Complete  • Alturas royalty acquisition (Jan. 2020) Transactions 0-3 • Increased royalties at Peak Gold (Sept. 2020)

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 3 Review and Due Diligence Processes are Systematic

Systematic approach used for each opportunity

• Critical to quickly identify opportunity strategic fit and quality • Due diligence process designed to define red flags, value drivers and risks • Mitigation strategies for identified risks are built into commercial analysis

Due Commercial Stream Phase 1 New Deals Diligence Negotiation Investment

Commercial

Financial

Technical

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 4 In-House Project Screening Tool Provides Consistency

• Screening tool has been used, validated and perfected using several years of experience • Allows for quick assessment using established scoring guidelines and benchmarks to minimize bias • Considers “current state” and potential “future state” as a project progresses through development

Technical Score considerations:

• Current status: PEA/PFS/FS/Construction/Operating • Permitting status • Ore reserves and potential to expand through resource Commercial Score considerations: conversion or exploration • Jurisdiction, stream/royalty opportunity, metal • Orebody, metallurgical and mining complexity • Forecast future performance of project or mine • Infrastructure challenges • Counterparty financial condition, size and skillset • Counterparty team

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 5 Review of ESG Factors Has Always Been Part of the Process

Current ESG workbook AIR • Developed in 2019 to more clearly define ESG reviews and documentation ENERGY WATER CRITERIA • Nine areas reviewed and broken down into Policy & Framework six criteria Permits & Approvals • Detailed technical reviews undertaken on: • Water supply BIODIVERSITY Compliance COMMUNITY • Tailing and waste storage Performance • Environmental controls Monitoring • Benchmarking completed on safety Documentation performance, water consumption, GHG HEALTH & HUMAN RIGHTS emissions SAFETY Field Inspection & LABOR • Sustainability of our investments is key to success of our business model WASTE GOVERNANCE MANAGEMENT

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 6 Due Diligence Teams are Fit for Purpose

Unique teams formed for each project

• Staffed internally with external experts as required • Teams led internally vs. outsourcing to a single engineering firm • Draw on engineering firms, but typically specific people or subject-matter experts • Doubling of review with two subject-matter experts for unusually difficult or complex issues

Basic Team includes For Greenfield Projects: • Project Coordinator (Royal Gold leader) • Capital Cost Estimator/Project Controls Expert • Geologist • Capital Cost Benchmarking Expert • Resource Geologist • Mining Engineer Specialty experts include: • Metallurgist • Geotechnical Engineer • Tailing Engineer • Specialty Metallurgical Expert • Environmental/Permitting/Social Expert • Country/Political Risk

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 7 We Have Adapted to the Virtual Environment

Virtual site visits have proven to be efficient and in-depth

Typical virtual site visits include: • Extensive webcast meetings with project team and subject matter experts • 3D geological review with core photos linked to assay and geology data • Virtual walkthrough tours of surface facilities • Support with real time video (GoPro or similar off- the-shelf technology) • Virtual tour/inspection of general site, construction progress, waste dumps, tailings storage and open pits with drone photography • Need to locate in-country firm that can complete this task

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 8 Monitoring Assets Post-Investment is Critical Stream/Royalty Operations leads the process for review and monitoring of existing investments to: Investment Period Monitoring (site visits, monthly 1. Protect our interest reports, LOM updates • Verification of metal deliveries and royalty payments

Monthly Royalty Stream/Royalty 2. Understand the asset Annual Information Monitoring Review Monitoring (payment audits, (reserves, Operators • Regular review of information, including (issues discussion) budgets, LOM plans) operational performance) monthly reports, annual budgets, Life-of-Mine plans, ESG performance Build and maintain counterparty relationships RGLD Production View 3. Follow-up Annual Site Visit Annual Actions (budget, LOM plan, (Principal Properties) • Regular interaction and annual site visit Cycle upside case)

We strive to be the Partner of Choice RGLD Production Performance Information Forecast Updates Monthly/Quarterly Reports • Good counterparty relationships influence the (current year) success of our investments over the long-term

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 9 End Appendix Speaker Bio

Mark Isto

Executive Vice President and Chief Operating Officer, Royal Gold Corp.

Mr. Isto has 38 years of experience in mining engineering, mine management, and project development on a regional and global basis. Mr. Isto joined Royal Gold in January 2015 as Executive Director, Project Evaluation for RGLD Gold (Canada) Inc., our wholly-owned subsidiary.

Prior to joining Royal Gold, he served as Vice President, Operations for First Nickel Inc. from 2012 to 2014 and served as both the Vice President and Senior Vice President levels in the Projects Group at Kinross Gold Corp. from 2006 to 2012.

He served as Mine General Manager of Golden Sunlight Mines, Inc. (Placer Dome America) from January 2004 to October 2006, and previously held numerous other management positions in Placer Dome’s global operations, including Chief Engineer, Mine Superintendent, Project Director and Senior Advisor over a nearly 25-year career with Placer Dome.

Mr. Isto holds a Bachelor of Science degree in Mining Engineering from Montana College of Mineral Science and Technology, as well as a Master of Business Administration degree in Business Administration from the University of Nevada - Reno.

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 12 Sustainability and good governance are core to our strategy Legal Team – Strong Transactional, Finance and Governance Experience

Legal provides specialized expertise to support business development, ESG and other initiatives

Commercial Jessica Borlack, Senior Counsel, Royal Gold Corp. +8 years (transactions, diligence)

Randy Shefman, VP & General Counsel +21 years (transactions, project finance) Technical Legal Margaret McCandless, Asst. General Counsel, Chief Compliance Officer & Corporate Secretary +20 years (securities, compliance)

Matthew Thompson, Assistant General Counsel +11 years (transactions, diligence) Financial & Tax Michelle Perry, Assistant Corporate Secretary + 12 years (equity plan administration)

Katie Giger, Land Manager +16 years (land management)

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 2 ESG – Sustainability Is Our Business

Sustained economic performance cannot be obtained without sound ESG practices

Why is ESG important to Royal Gold? How is ESG integrated into Royal Gold’s business?

• Sustainability of our investments is fundamental to our • ESG Policy ensures integration of ESG in our business long-term success planning and operations

• Our reputation in local and international business • ESG review in due diligence of new opportunities communities is critical to our “partner of choice” approach • Incorporating ESG considerations in transactions • We are accountable to the needs of our investors • Monitoring ESG issues across our portfolio

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 3 Environmental Responsibility – Minimizing Our Impacts

Our office environment Our portfolio of streams and royalties

• Modest direct footprint (28 employees, 4 offices) • Endorse the World Gold Council’s Responsible Gold Mining Principles (RGMP’s) and the International Council on • LEED Gold certified Denver head office Mining & Metals’ 10 Principles of Sustainable Development (ICMM 10) • Eliminated single use water bottles, reduce use of paper, recycling • 99%+ of fiscal 2020 revenue from operators who endorse the RGMPs, ICMM 10 or similar international charters

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 4 Social Responsibility – Commitment to Our People and Communities

Our people are our most important assets Giving back to our local communities

• Several generations of company leadership developed from • $1.5 million charitable giving budget for fiscal 2021 within • Paid leave for employees to volunteer with charities of their • Longstanding culture of respect and safety choosing • Training in the field and board room • Continuing education benefits available Charitable giving • High quality healthcare benefits available budget for Fiscal $1.5M 2021 • Flexible and remote work policies

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 5 Social Responsibility – Commitment to Our Global Communities

We strive to partner with our operating counterparties to support meaningful community and social opportunities

>$2 million committed to our host communities since 2015

• 5 year, $750,000 commitment to support Golden Star (Oil Palm Plantation) Ltd. • Award-winning social enterprise project founded in Ghana in 2006 • More than 700 members of the Wassa operations community benefit from sustainable agri-business income provided by GSOPP

• Joint effort with Pueblo Viejo JV and Denver-based Project C.U.R.E. • Providing critical medical equipment and supplies to four hospitals serving the Pueblo Viejo mine community in the Dominican Republic • Donation potential identified while supporting Project C.U.R.E. activities in Colorado as part of COVID-19 response

• $400,000 donation made toward construction of medical clinic and scholarship program for residents in the area of the Mulatos mine

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 6 Governance – Best Practices Provide Strong Foundation

Committed to principled corporate governance, promoting long-term shareholder interests

Highly competent and capable independent directors Diverse qualifications and experience of directors • Deep experience across the mining sector

William Hayes Fabiana Chubbs Kevin McArthur Independent Director and Independent Director; Independent Director; Chairman of the Board; Former Former Chief Financial Former Executive Chair, EVP, Placer Dome Inc. Officer, Eldorado Gold Tahoe Resources and Corporation Former CEO and Director, Goldcorp, Inc.

• Other important board characteristics

. Independence All directors other than CEO are independent

. Tenure 6 years average director tenure Jamie Sokalsky Ronald Vance Sybil Veenman Independent directors serve on an average of 1 Independent Director; Independent Director; Independent Director; . Service Former President and CEO, Former SVP Corporate Former Sr. Vice President outside public board Barrick Gold Corporation Development, and General Counsel, Teck Resources Barrick Gold Corporation

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 7 ESG Ratings Reflect Leading Approach

Recent disclosure of Royal Gold’s approach to sustainability has materially improved market perception and recognition from leading ESG ratings providers

60 51.9 50 SEVERE RISK 40 RATING HIGH 30 23.4 22.8 MEDIUM 18.7 20 10 LOW 0 2018 2019 2020 2021 Source: Sustainalytics

AAA7 ESG AA6 RATING 5A A A A BBB4 BBB BBB BB3 2B CCC1 0 Mar-16 Mar-17 Mar-18 Jun-19 Jun-20 Source: MSCI; see page 12 for additional information

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 8 End Appendix Speaker Bio

Randy Shefman

Vice President and General Counsel

Mr. Shefman has more than 20 years of legal experience in international transactions across the mining, oil and gas, and power sectors. He joined Royal Gold in 2011 as Associate General Counsel and served in that capacity until his appointment as Vice President and General Counsel in January 2020.

Prior to Royal Gold, Mr. Shefman was in private legal practice with regional and international law firms, including LeBouef Lamb Greene & MacRae, Holland & Hart and Hogan Lovells.

Mr. Shefman holds a J.D. from the University of Colorado, an LL.M. in Environmental and Natural Resources Law and Policy from the University of Denver, and a Bachelor of Arts in history from the University of Michigan.

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 11 Other Disclaimers

DISCLAIMER STATEMENT FOR USE OF MSCI ESG RATING THE USE BY ROYAL GOLD OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF ROYAL GOLD BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’ AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 12 Growth in the portfolio Portfolio Performance in 2020 was Strong

Available 2021 guidance for Principal Properties is similar

Mt. Milligan Pueblo Viejo (60%)

200 190 210 • 60k t/d throughput 542 • Lower grades expected ) 162 ) ) yr target ~560 in 2021 in line with / yr yr ~500 lb 180 170 180 ~490 mining and stockpile 100 • Water not expected 83 80 80 to be a constraint processing plan 90 in the medium term • Expansion plan Gold (k oz/ (k Gold oz/ (k Gold Copper (M (M Copper 70 70 advancing

2020A 2021 2022 2023 2020A 2021 2022 2023 Guidance Guidance Guidance Guidance Guidance Guidance * Guidance source: Newmont Corp.

Peñasquito Wassa

175 • 105k t/d average 168 • Mining rate target in ) excess of 4,500 t/d yr throughput and ) ) 826 1120 yr yr record performance 165 • Expect to continue 526 from pyrite leach processing low 660 plant grade stockpiles Gold (k oz/ (k Gold Gold (k oz/ (k Gold • 2021 full year of Gold Eq.* (k oz/ (k Eq.* Gold production 2020A 2021 Guidance expected 2020A 2021 Guidance * co-product silver, lead, zinc

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 2 Expected Catalysts in the Portfolio

In production Organic growth opportunities expected to add to portfolio revenue and duration Defined startup date Longer-dated production

WASSA – Southern Extension to add 11 years to 6-year reserve life

PEÑASQUITO – potential for exploration to extend life to 2040

PUEBLO VIEJO – plant and tailings expansions to maintain production and extend life to mid-2040’s

LARONDE ZONE 5 – depth extension, production rate increase to 3,000 t/d through 2029

RELIEF CANYON – commercial production declared January 11/2021

KHOEMACAU – first concentrate in calendar Q3/2021

KING OF THE HILLS – first production in calendar Q2/2022

BELLEVUE – first production in calendar Q4/2022

MANH CHOH – first production in calendar 2024

BACK RIVER – shovel ready, financing underway 2020 2022 2024+

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 3 Wassa PEA Provides Potential for Significant Mine Life Extension

WASSA - Ghana Principal Property

• PEA covers the Southern Extension 500m to 1,500m below surface; to increase mining rate and use of installed mill capacity k oz/yr • 3.0M oz Measured & Indicated resource, 7.7M oz 177 Inferred resource; PEA assumes conversion rate of 50% 6-yr reserve plan of Inferred to the PEA mine plan

• PEA production plan considers additional 11 years of production at 294,000 oz/year; estimated to begin in year 294k oz/yr 5, with full production in year 7 at 7,400 t/d 11-yr PEA plan • Reserve mine plan considers 6 years of production at 177,000 oz/year

RGLD Position 2021+ Plans

• Right to acquire 10.5% of payable gold until 240,000 oz are • Infill drilling to target resource to reserve conversion delivered, 5.5% of the payable gold thereafter1 • Final feasibility study in early 2023 • 120,343 oz delivered as of Dec. 31, 20202 1 – The cash purchase price for gold is 20% of the spot price of gold per ounce delivered until the delivery of 240,000 ounces, and 30% thereafter. 2 – Includes deliveries from Prestea/Bogoso prior to separation of Wassa and Prestea/Bogoso streams effective September 30, 2020

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 4 Peñasquito Exploration Potential Could Extend Mine Life to 2040

PEÑASQUTO - Mexico Principal Property

• Exploration targets proximal to active pits has potential to extend LOM to 2040

• Ongoing regional and district-scale prospectivity 2040 assessments applying proprietary technologies Potential LOM • Significant operational improvements since Newmont takeover, including reaching 105,000 t/d throughput and record production from pyrite leach plant $10M RGLD Position 2021 Expl. Budget

• 2.0% NSR royalty on gold, silver, lead and zinc • Royalty covers significant portion of Newmont claims around Peñasquito 2021+ Plans

• $10M exploration budget applying proprietary technologies to explore under cover for blind Peñasco-style deposits • Continued application of Full Potential Program to further improve operations

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 5 Pueblo Viejo Expansions Expected to Maintain Production and Extend Mine Life

PUEBLO VIEJO - Dom. Rep. Principal Property

• Studies for process plant and tailings expansion remain supportive for throughput increase to 14M t/yr to allow minimum gold production of 800,000 oz/yr after 2022, unlocking +9M oz Measured and Indicated resources Mid-2040’s (100% basis) Potential LOM • Process plant expansion: basic engineering complete, overall engineering 50% complete, procurement contracts and purchase orders being placed 800k oz/yr • Tailings expansion: social, environmental and technical Post-exp. Production studies advancing (100%) • New structural model improves understanding of mineralization controls, unlocking new brownfield targets RGLD Position (on Barrick’s 60% interest) 2021+ Plans

• Right to acquire 7.5% of payable gold until 990,000 oz are • Completion of process plant expansion expected by end of 2022 delivered, 3.75% thereafter; and 75% of payable silver until • Advancing tailings geotechnical and feasibility study 50,000,000 oz delivered, 37.5% thereafter1 • Further mapping, soil sampling and drilling underway • 246,283 oz of gold and 8,755,432 oz of silver delivered as

of Dec. 31, 2020 1 – The purchase price for gold ounces delivered is 30% of the spot price until 550,000 ounces have been delivered, and 60% thereafter. The purchase price for silver ounces delivered is 30% of the spot price until 23.1 million ounces have been delivered, and 60% thereafter.

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 6 LaRonde Zone 5 (“LZ5”) to Maintain Increased Production Rate Through 2029

LZ5 - Quebec

• LZ5 reached commercial production in June 2018

• Successful implementation of automated mining techniques led to consistent production improvement in t/d 2020; mine expected to maintain 3,000 t/d production 3,000 rate through 2029 Ave. Prod. Rate

• Extension of mining activities to depth of 650m approved, resulting in addition of 272k oz to reserves as of Dec. 31, Through 2020 • Measured and Indicated resources of 776k oz (12.2Mt 2029 @1.98 g/t gold) and Inferred resources of 1.4M oz (15.1Mt @ 2.88 g/t gold) as of Dec. 31, 2020

RGLD Position 2021+ Plans

• 2.0% NSR royalty (all metals) • 2021 drilling to expand mineral reserves and mineral resources at depth and test other nearby satellite zones • Royalty covers ~100% of reserves and ~50% of resources • Revisiting LaRonde camp-scale exploration

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 7 Relief Canyon Reaches Commercial Production in Nevada

RELIEF CANYON - Nevada

• First gold pour February 2020

• Commercial production reached Jan. 11, 2021 k oz/yr • Expected annual production of ~90,000 oz of gold with 90 an initial ~6-year mine life Ave. Production • Historic producing mine; restarted operation includes a new crusher, ore conveyor system, leach pads and a refurbished heap-leach processing facility 6 yr • Permit application to continue mining below the water Reserve LOM table, expand the operating footprint and mining permit boundary in progress with approval expected by the end of Q3 2021

RGLD Position 2021+ Plans

• 2.0% NSR royalty (gold and silver) • Ramp up to commercial production by the end of Q2 2021 • Royalty covers ~69% of resource area

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 8 King of the Hills Mine Life Expected to be 16 Years

KING OF THE HILLS - Australia

• 2.4M oz reserve (64.6Mt @ 1.2g/t), 4.1M oz resource (91Mt @1.4 g/t)

• 16-year mine life, targeted 176k oz/yr production in first 6 k oz/yr years; open pit with underground to provide high-grade 176 ore in years 1-6 Yr 1-6 average

• Potential for future processing expansion: 6M t/yr crushing circuit installed, 4M t/yr SAG mill selected, design allowance for upgrading with minimal interruption 16 yr to future production LOM • Development capital fully funded

• Exploration potential – ore body remains open at depth and along strike

RGLD Position 2021+ Plans

• 1.5% NSR royalty (gold) • EPC mobilization in Q1/Q2 2021 • Royalty covers 100% of Red 5 Limited property position • Commissioning in Q1 2022, full production end of Q2 2022

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 9 Bellevue Gold Project Considers High-Grade Reserve with Exploration Potential

BELLEVUE - Australia

• 690k oz reserve (2.7Mt @ 8.0g/t), 2.7M oz resource (8.6Mt @ 9.9g/t)

• Stage 1 initial mine life of 7.4 years, average gold k oz/yr production of 151k oz/yr 151 Ave. Production • Existing infrastructure from past operations to allow accelerated access to high grade areas with low capital intensity yr • Simple process flowsheet; 750k t/d process plant design 7.4 allows for expansion Stage 1 LOM

• Exploration potential with drill program underway to target resource conversion and growth RGLD Royalty Outline

RGLD Position 2021+ Plans

• 2.0% NSR royalty • Rehabilitation of existing decline and project optimization studies in 2021; Stage 2 feasibility study in Q2 2021 • Royalty covers 100% of Bellevue Project total resource area and extends approximately 8km along strike • Construction to start early 2022, first gold in Q4 2022

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 10 Manh Choh Project (formerly Peak) to Provide Satellite Ore to Fort Knox Mine

MANH CHOH - Alaska

• 1.2M oz of Measured and Indicated resource at 4.1 g/t

• Estimated production of 1M gold equivalent oz over 4.5 years, with average mined grade of 6 g/t 1M oz • High-grade, open pit mine with limited pre-strip Total production requirements; crushed ore to be trucked to Fort Knox mill for processing • Kinross (operator) expects to complete near-mine 4.5 yr exploration between pits, and regional exploration to explore targets on the Tetlin Lease (675,000 acres) LOM

• Contango Ore expects to drill the Triple Z porphyry target and complete earlier-stage activities on the State Claims (170,000 acres)

RGLD Position 2021+ Plans

• 3.0% NSR royalty (all metals) on the Tetlin Lease • Metallurgical/geotechnical drilling programs, and engineering and environmental studies to support permitting underway • 28% NSR royalty (silver) on the Manh Choh project area • Scoping study expected in Q2 2021, feasibility study by the • 3.0% NSR royalty (all metals) on certain State Claims end of 2022 and target for first production in 2024

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 11 Back River Project Fully Permitted with Production Decision Subject to Financing

BACK RIVER - Canada

• Updated feasibility study (March 2021) demonstrates longer mine life and increased production profile

• Ore sourced from open pit and underground; tailings to M oz be stored in exhausted open pits; process plant 3.6 expansion from 3,000 to 4,000 t/d at end of 2nd year of 2P Reserves production

• Earthworks completed include box-cut for underground exploration ramp, 4km of roads, airstrip extension and 223k oz/yr site prep for the process pad and accommodation complex 15-yr LOM

• $466M initial capital cost

• Project is fully permitted

RGLD Position 2021+ Plans

• ~2% GSR royalties on Goose Lake after 400k oz gold • Detailed engineering and project debt process underway produced and George Lake after 800k oz gold • Production decision subject to project financing, H1 2021 produced

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 12 The Khoemacau Project Royal Gold Funding Advanced as Project De-Risked

Quarterly funding contributions followed rigorous review of project progress and plans

• After April 7 contribution of $28.6M, Royal Gold owns an 84% silver stream1, and has provided $18M in debt funding • Total Royal Gold contribution = $240.6M ($222.6M silver stream, $18.0M debt) 7th advance 6th advance $10.6M, $32.6M; Jan. 6 $18.0M loan; Apr. 7 5th advance $32.5M; Oct. 5 150% 240 4th advance $212 $223 Announced acquisition $11.1M; Jul. 5 130% of Khoemacau silver 3rd advance $179 190 stream; Feb. 25 $47.9M; Apr. 3 110% 2nd advance $147 $22.0M; Feb. 5 $136 93% 140 1st advance 90% 85% $65.8M; Nov. 5 $88 70% 70% $66 90 54% M)(US$

50% 43%

40

30% 26% Cumulative Stream Funding Stream Cumulative 11% -10

10% Construction Completion (%) Completion Construction

-10% Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 -60 1 – The stream rate will decrease to 42% of payable silver after the delivery of approximately 33.6M ounces; the purchase price for silver ounces delivered is 20% of the spot price

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 14 Khoemacau Execution Success Enhanced with Credible Counterparties

Experienced project execution team backed by Tier 1 funding partners

Khoemacau Project

Execution team: Khoemacau Copper Mining (KCM) Fluor Daniel (Botswana) Ltd. (EPCM contractor) Barminco Mining Services (Mining contractor) Local/Specialty contractors

Financing partners: Cupric Canyon Capital LP, Resource Capital Fund VII (equity) RGLD Gold AG (silver stream and debt) Red Kite Mine Finance (debt) US$650M raised in 2019

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 15 Khoemacau is Transitioning from Construction to Commissioning

As of March 31, 2021 the project is in month 30 of the 34-month execution schedule; overall 92.1% complete

• COVID-19 has impacted the project schedule by 12 weeks; management, contact tracing and isolation of positive cases have been effective mitigants • The Company remains well-funded with undrawn facilities available Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022

194,000t surface ore stockpile

Construction

Commissioning

Production Ramp-Up

Production

KCM expects to reach steady state operations by early 2022

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 16 Khoemacau Operations Expected to Start in Calendar Q2 2021

First concentrate is expected to be sold in calendar Q3 2021

Production Forecasts

• Mining – ramp up from current levels to nameplate capacity in early 2022 • Milling – commissioning to begin in Q2 2021 and reach nameplate capacity by the end of 2021 • Payable metal production is expected to begin in Q3 2021 and ramp up to steady state in early 2022

70

3,650 3,650 2500 61

60

2000 1.8 50 Mined Milled Ag Cu

40

1500

30

1000 20 Tonnes (000) Tonnes

10 PayableSilver (M oz) Payable Copper (000 t)

500

0 172

0 -10 Q1/21 Q2/21 Q3/21 Q4/21 2022 Q1/21 Q2/21 Q3/21 Q4/21 2022

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 17 KCM Intends to Unlock the Full Potential of this New Copper District

Focus on delivering full production at Zone 5 and Boseto while advancing the project pipeline1

Near-term, KCM expects to: i. Complete PFS for the Expansion Project ii. Continue property-scale resource development and exploration iii. Advance studies on renewable energy iv. Pursue best in class ESG performance

Banana Zone KCM’s vision is to unlock the full potential of the Upside Khoemacau property by designing, building and operating safe, reliable, low cost, mechanized mines, Boseto Projects that create value for all stakeholders in Botswana and +130 ktpa offer investors equitable returns Zone 5 Exp Project +80 ktpa

Zone 5 Starter Project +60 ktpa Cu

1 – Royal Gold’s stream agreement covers an area of interest of 176 km2 that includes Zone 5, and does not include the Boseto Projects, Banana Zone and certain other Expansion Resource and Exploration Targets as shown on this slide ----- Property Boundary District Scale Project Pipeline

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 18 End Appendix Speaker Bios

Mark Isto Johan Ferreira John Munro

Executive Vice President and Chief Chief Executive Officer, Khoemacau Director Corporate Finance and Operating Officer, Royal Gold Corp. Copper Mining and Cupric Group Development, Khoemacau Copper Mining

Mr. Isto has 38 years of experience in mining engineering, Over and above his leadership and rigorous operational John Munro has 30 years of experience in the mining and mine management, and project development on a regional experience, his areas of expertise include: mine design, private equity industries. He began his career with Gold and global basis. Mr. Isto joined Royal Gold in January project management, the turning around of businesses / Fields South Africa in 1991, and in 1999, John joined the 2015 as Executive Director, Project Evaluation for RGLD operations and commissioning of mining projects. newly created Gold Fields Limited as the head of feasibility Gold (Canada) Inc., our wholly-owned subsidiary. and acquisitions. Johan started his mining career in 1986 with Anglo Prior to joining Royal Gold, he served as Vice President, American as a Learner Official and progressed to the level He was appointed to the Executive Committee of that Operations for First Nickel Inc. from 2012 to 2014 and of Senior Vice President Operations - South Africa Region, company in 2002, and assumed responsibility for served as both the Vice President and Senior Vice which later operated as AngloGold Ashanti. Prior to joining international gold, copper and PGM operations and President levels in the Projects Group at Kinross Gold Corp. Khoemacau, Johan was the Regional Senior Vice President development projects, covering Ghana, Peru, Australia and from 2006 to 2012. - Africa Region for Newmont, based in Ghana. During his Finland, he returned to Business Development and Strategy four year tenure with Newmont, he had many successes. in 2006. He served as Mine General Manager of Golden Sunlight Apart from dealing with complex internal and external Mines, Inc. (Placer Dome America) from January 2004 to In 2008 he was appointed CEO of Rand Uranium, a private stakeholder relationships, infrastructure challenges, and October 2006, and previously held numerous other gold and uranium start up in South Africa, owned by First new project development, Ghana was one of Newmont’s top management positions in Placer Dome’s global operations, Reserve Corporation, AMCI and Harmony Gold. Following performing operating divisions under Johan’s leadership. including Chief Engineer, Mine Superintendent, Project the sale of that company in 2011, he joined First Reserve Director and Senior Advisor over a nearly 25-year career In addition to his career, he also led the Association of Mine Corporation’s buyout team in London. In 2014, John with Placer Dome. Managers of South Africa as President as well as the commenced working with Cupric Canyon, covering President of the Ghana Chamber of Mines and served as business development and corporate finance, was CEO of Mr. Isto holds a Bachelor of Science degree in Mining Director on various Boards. the Cupric Group from early 2017 to late 2018, and currently Engineering from Montana College of Mineral Science and looks after all corporate finance, corporate development and Technology, as well as a Master of Business Administration Johan holds a Bachelor of Engineering (Mining) degree exploration activities. degree in Business Administration from the University of from the University of Pretoria and is a qualified and Nevada - Reno. registered Professional Engineer. Johan assumed the role He is a non-executive director of Norgold SE and Manuli. as CEO of the Cupric group, which owns and operates John holds a Bachelor of Science degree in Chemical Khoemacau, in October 2018. Engineering from the University of Cape Town and completed the Advanced Management Program at Harvard Business School.

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 21 How we think about the allocation of capital Finance – Experienced Team and Efficient Structure

Finance controls financing, tax, reporting and assurance functions to ensure the financial health of the company

Dan Rabil, Director, Finance & Metal Sales of Legal RGLD Gold Ag +25 years (finance, metals trading)

Financial & Commercial Tax

Paul Libner, CFO & Treasurer Brooke Beckstead, Asst. Controller +25 years (finance, accounting) +8 years (finance, accounting)

Mike Doerr, Controller Yelena Ovanesyan, Accounting Manager +21 years (finance, accounting) +25 years (accounting) Technical Robert Cambruzzi, Tax Director Charity Lakeman, Senior Accountant +25 years (tax) +14 years (accounting)

Kassia Bet, Tax Manager +13 years (tax)

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 2 Royal Gold has a Multi-National Structure

Overall effective tax rate for fiscal 2021 is expected to be 19-23%

Royal Gold, Inc. NASDAQ: RGLD

ROYALTIES STREAMS

Domicile: USA / Canada Switzerland Owner and manager of royalty Owner and manager of stream Primary business focus: interests contracts Tax treatment: US/Canadian corporate tax Swiss/US corporate tax

Approximate revenue split: 30% 70%

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 3 Current Financial Position – Strong Liquidity

As of December 31, 2020, strong liquidity Further debt repayments in January 2021 and April position provides flexibility to pursue new 2021 have reduced current outstanding debt to $0 business opportunities

RGLD Liquidity Position Credit Facility balance Dec. 31, 2020 April 20, 2021

$382M $US M CASH Outstanding RCF Balance ~$1.2B $200 TOTAL AVAILABLE LIQUIDITY $150 $200M $50 $800M FACILITY Undrawn Credit DRAWN Facility $1B $0 CREDIT Balance, Dec. January 4 April 4 Current Balance FACILITY 31, 2020 repayment repayment

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 4 Prioritizing Our Uses Of Capital

Disciplined capital allocation prioritizes balance sheet, dividends and investment in new business

$US M $85

$341

27% $(156) $1 $319 Debt Repayment $(71) Dividends 50% FY2020

Reinvestment $119 23%

Beginning Operating Debt Drawn Investments Dividends Misc. Ending Cash Cash Flow / (Repaid) (Khoemacau Cash Balance + others) Balance

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 5 Last Phase of Growth Financed Without Equity

2015 was a year of significant investment, which was financed without dilution to shareholders • $1.5B of total commitments were made to acquire stream interests at Pueblo Viejo, Andacollo, Rainy River and Golden Star • Transactions were funded using debt capacity and without issuing shares

$US M Shares (in millions)

$1,000 65 65 65 65 66 66 70

$800 60

$600 50

$400 40 $200

30 $0

20 -$200

-$400 10

-$600 0 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 YTD Convertible Senior Notes Revolving Credit Facility Debt Repayment Shares Outstanding

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 6 Share Count is a Key Metric for Royal Gold

Royal Gold is one of the original members of the VanEck Vectors Gold Miners ETF (“GDX”) and has the lowest share count of all index members

60% GOLD 50% NEM RGLD share count has 40% increased <1% since 2015

30%

20% WPM

10% AEM FNV

Indexed Share Count (2015 = = 0%) (2015 Count Share Indexed 0% RGLD FY2015 FY2016 FY2017 FY2018 FY2019 FY2020

-10%

Source: CapitalIQ

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 7 Capital Allocation Record

Royal Gold has a 20 year history of financing growth accretively and without significant equity dilution $3.9B CUMULATIVE REVENUE

Change from FY 2000 to FY 2020 $2.4B CUMULATIVE OPERATING CASH FLOW Revenue 53.0x

Operating Cash Flow 80.6x $264M CUM. CASH G&A1 EXPENSES Cash G&A Expenses1 12.9x

UP 5.6X TO /OUNCE Avg. Gold Price 5.6x $1,560

Shares Outstanding 3.7x UP 3.7X TO 65.5M SHARES

1 –G&A Expense less Non-Cash Employee Stock Compensation Expense. For the period FY 2000 through FY 2020 cumulative G&A Expense was $355M and Non-Cash Employee Stock Compensation Expense was $91M. For FY 2000, G&A expense was $1.8M and Non-Cash Stock Compensation was $0.1M

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 8 Dividend Record – Focused On A Sustainable Dividend We Can Grow

Since 2000, Royal Gold shareholders have received a dividend regardless of the gold price

CONSISTENT - INCREASING - SUSTAINABLE

US$/share US$/oz $1.40 $2,200

Dividend Payout Ratio Gold Price $2,000 $1.20 17% $1,800 DIVIDEND CAGR (FY 2001-2021) $1.00 $1,600 $1,400 $0.80 $1,200

$1,000 $619M $0.60 $800 CUM. COMMON STOCK 34% 36% 35% 1 $0.40 DIVIDENDS PAID 27% 30% 29% 27% $600 25% 26% 23% 25% 23% 20% 19% 21% 19% 21% 15% 18% $400 $0.20 12% $200

$0.00 $0 FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: Company reports, FactSet. 1 – Since inception of the RGLD dividend in July 2000 through FQ2 2021

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 9 Royal Gold’s Dividend History is Unique in the Precious Metals Sector

Dividend payments began in 2000, before the formation of the GDX1 in 2006 Since the inception of the GDX, Royal Gold is the only member to increase its dividend every year

14

12 Better

10 Number of Years with a Year-over-year 8 Dividend Increase 6

4

2

0 0 2 4 6 8 10 12 14 Better Number of Years Paying a Dividend

Industry Peers, >$5B market capitalization Source: CapitalIQ Note: 1. VanEck Vectors Gold Miners ETF

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 10 End Appendix Speaker Bio

Paul Libner

Chief Financial Officer and Treasurer

Mr. Libner brings more than 20 years of finance and accounting experience. He joined Royal Gold in June 2004. Mr. Libner served as our Controller and Treasurer since June 2018. From June 2004 through May 2018, he served as Controller. Mr. Libner began his career with Ernst & Young where he provided audit and business advisory services, primarily for the financial services and healthcare industries, and later held various finance and accounting roles within the financial services industry.

Mr. Libner holds a Bachelor of Science and Masters degree in Accountancy from the University of Denver.

ROYAL GOLD, INC. | INVESTOR UPDATE | APRIL 2021 13 Q&A Session