THE GOLD STANDARD IN PRECIOUS METAL INVESTING NASDAQ: RGLD 1 - PowerPoint PPT Presentation

Investor Presentation August 2020 THE GOLD STANDARD IN PRECIOUS METAL INVESTING NASDAQ: RGLD 1

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. 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 187 12 Royalty Interests: An interest in real property that provides a $499M 320,000 right to a percentage of revenue or metals PROPERTIES 2 COUNTRIES 2 produced from a mining project after, Canada REVENUE 3 GOLD EQUIVALENT OZ 3 deducting specified costs Producing Dominican Rep. Stream Interests: Development Chile ~$1.0B (0.04)x A contractual arrangement to purchase metal Evaluation USA production from a mining project at a predetermined price Exploration Ghana TOTAL LIQUIDITY 2 NET DEBT/ADJ. EBITDA 2 Others FY 2020 Revenue Split: 28% $9.2B 27/4 72% ROYALTIES 79% Gold Copper MARKET CAP. 4 EMPLOYEES/OFFICES 2 STREAMS GOLD-FOCUS 1 Siver Others 3 1 – FY2020 Revenue. 2 – As of June 30, 2020. 3 – FY2020. 4 – July 31, 2020 closing price of $139.93/sh.

Royal Gold: Core Attributes Differentiated model with disciplined capital management and a focus on shareholder returns  Business model provides optionality to gold price and production and reserve growth UNIQUE MODEL  Efficient model with high operating margin and revenue generation per employee  Revenue 79% from gold , derived mostly from primary precious metals assets DIVERSE PORTFOLIO  Global diversification with revenue from 42 producing properties  Highly experienced technical and commercial team with strong record of adding growth CAPITAL DISCIPLINE  Growth funded through cash flow and strategic use of debt, enhancing per share metrics  Well capitalized with ~$1B of liquidity (at June 30, 2020) and strong operating cash flow FINANCIAL STRENGTH  $1B credit facility provides low cost and flexible access to liquidity  Consistent commitment to pay a growing and sustainable dividend RETURNS FOCUS  Dividend CAGR of 18% 2001-2019, with attractive historical TSR 4

Royal Gold: Leverage to Gold with Market ‐ Leading Return A stable, sustainable investment… …with a heritage of market outperformance (5/22/06 – 7/31/20) Indexed since the formation of the GDX 5.0 4.84 Beta vs. Gold Price 1.60 RGLD 4.5 Providing higher leverage GDX to gold… 4.0 Spot Gold β Gold SP500 3.5 DJIA 3.04 3.0 2.56 2.5 Beta vs. S&P 500 0.37 2.34 …with lower exposure to 2.0 general market risk β S&P 1.5 1.11 1.0 0.5 0.0 2006 2008 2010 2012 2014 2016 2018 2020 YTD 5 Beta calculation for the period 4/1/10 – 3/31/20. Source: Bloomberg, FactSet

Gold: As an Investment Gold is a strategic asset… 20 Year CAGR Real estate Gold As of December 31, 2019 EM bonds • A market that has outperformed many key asset classes Private equity over a number of periods EM stocks 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 20 Year Annualized Average Daily Broad-based Return Trading Volume commodity index 5 returns Gold vs. Broad Based In US$ 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 6 Source: World Gold Council “The relevance of gold as a strategic asset” February 2020

Gold: As an Investment …offering unique performance advantages Negative debt US$tn Gold price US$ 20 1,600 Gold Price vs. 1,500 Negative 15 • Well positioned in a period of low interest rates and Yielding Debt 1,400 political, economic and social uncertainty Monthly figures from 10 1,300 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$/oz Correlation: Gold vs. Volatility of Gold, 10th most volatile S&P 500 stocks US Stock Returns Stock Indices S&P 500 Tech stocks S&P up by more than 2 σ Based on S&P Return And Stocks Top 10 largest S&P 500 stocks Environments Volatility measured from S&P GS Commodity Index As of 12/31/19 S&P between ±2 σ 12/31/09 to 12/31/19 10th least volatile S&P 500 stocks MSCI EM Index Gold (US$/oz) S&P down by more than 2 σ MSCI EAFE Index S&P 500 Index -0.40 -0.20 0.00 0.20 0.40 0% 10% 20% 30% 40% 50% Correlation Gold Commodities Ann. volatility 7 Source: World Gold Council “The relevance of gold as a strategic asset” February 2020

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 8