Royal Gold (RGLD) Investor presentation summary

Strategic focus and portfolio composition

• Maintains a gold-focused portfolio with 82% 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 highly diversified by commodity and geography, 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

• Projects $1.03B in 2025 revenue, 82% adjusted EBITDA margin, and $705M operating cash flow.

• Achieved a 12% revenue CAGR over the past decade, with 300,300 gold equivalent ounces expected in 2025.

• Dividend has a 15% CAGR from 2000–2026, with $1.2B paid since inception and 25 consecutive years of growth.

• Growth achieved without significant equity dilution; shares outstanding remain lowest in sector.

• Accretive acquisitions in 2025, including Sandstorm & Horizon ($4.1B), Kansanshi ($1B), and Warintza ($200M).

Business model and risk management

• Royalty model provides gold exposure, exploration upside, and portfolio diversification with no direct exposure to operating or capital costs.

• Lean business model with only 39 employees, resulting in high revenue and enterprise value per employee.

• Cost structure is resilient to inflation, with stable cash G&A and low total cash cost per GEO ($677 in 2025).

• Maintains strong balance sheet: $1.1B liquidity, 0.3x net debt/EBITDA, and flexible credit facility.

• High success rate in investments, with impairments accounting for only ~1% of total invested capital.