Royal Gold (RGLD) Investor presentation summary

Strategic focus and portfolio composition

• Maintains a gold-focused portfolio with 78% of 2025 revenue from gold and 89% from precious metals overall.

• Holds interests in 367 properties, with 68% of 2025 revenue expected from North America.

• Portfolio is diversified across metals (gold, silver, copper) and geographies, with 94% of asset NAV in precious metals and 53% in North America.

• Major assets include Mount Milligan, Cortez, Pueblo Viejo, Andacollo, and Kansanshi.

• Portfolio operated by leading counterparties, reducing single-asset risk.

Financial performance and growth

• 2025 revenue projected at $1.03B, with an adjusted EBITDA margin of 82% and operating cash flow of $705M.

• Dividend CAGR of 15% from 2000–2026, with $1.2B in cumulative dividends paid.

• Growth achieved with limited equity dilution; shares outstanding remain lowest in sector.

• Accretive acquisitions in 2025 (Sandstorm, Horizon, Kansanshi, Warintza) expanded portfolio and growth outlook.

• High efficiency: $29.6M revenue per employee and $568M enterprise value per employee.

Business model and risk management

• Royalty/streaming model provides gold exposure, high margins, and limited operating/capital cost risk.

• Lean cost structure reduces inflation exposure; cash G&A is only 4% of revenue.

• No direct exposure to operating or capital costs, except for a minority interest in Hod Maden.

• Portfolio duration extended, with a shift toward longer-life assets and a weighted average mine life of 18 years.

• Robust due diligence and disciplined capital allocation underpin investment decisions.