Financial Analysis

COMMITMENTS AND CONTINGENCIES Warintza Project Stream and Royalty Acquisition As of December 31, 2025 , our conditional funding schedule of $100.0 million related to the acquisition of the Warintza Gold Stream and Royalty Agreements made on May 21, 2025 (Note 4) remains subject to certain conditions. Ilovica Gold Stream Acquisition As of December 31, 2025, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.

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DEBT The Companys debt for the years ended December 31, 2025 and 2024, consists of the following (amounts in thousands): As of December 31, 2025 As of December 31, 2024 Principal Debt Issuance Costs Total Principal Debt Issuance Costs (1) Total Revolving credit facility $ 900,000 $ (4,564) $ 895,436 $ $ $ Total debt $ 900,000 $ (4,564) $ 895,436 $ $ $ _______________________________________________ (1) Debt issuance costs of $3.1 million are included within Other assets on our consolidated balance sheets. Revolving Credit Facility On June 26, 2025, we entered into a sixth amendment to our revolving credit facility dated June 2, 2017, as amended. The amendment extended the maturity date from June 28, 2028, to June 30, 2030, increased the size of the accordion feature from $250.0 million to $400.0 million and revised the leverage ratio required to be less than or equal to 4.00:1.00 at all times, rather than 4.00:1.00 for only the two fiscal quarters following the consummation of a material permitted acquisition (as defined) and 3.50:1.00 at all other times. In July 2025, we notified the members of the credit syndication group of our exercise of the accordion feature and received commitments from the group for the full $400.0 million of increased capacity. On August 5, 2025, we closed on the accordion feature with our credit syndication group, bringing our total committed revolving credit facility to $1.4 billion. During the year ended December 31, 2025, we borrowed $1.275 billi …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): Years Ended December 31, 2025 December 31, 2024 December 31, 2023 Stream revenue: Gold $ 547,867 $ 367,492 $ 307,797 Silver 92,383 66,812 64,851 Copper 44,254 48,990 45,632 Other 1,968 Total stream revenue $ 686,472 $ 483,294 $ 418,280 Royalty revenue: Gold $ 252,018 $ 176,888 $ 154,327 Silver 28,455 18,702 8,554 Copper 32,537 17,776 11,792 Other 30,989 22,735 12,764 Total royalty revenue $ 343,999 $ 236,101 $ 187,437 Total revenue $ 1,030,471 $ 719,395 $ 605,717 Revenue by metal type attributable to each of our principal property revenue sources is disaggregated as follows (amounts in thousands): Years Ended Metal(s) December 31, 2025 December 31, 2024 December 31, 2023 Stream revenue: Mount Milligan Gold & Copper $ 223,713 $ 186,039 $ 158,167 Pueblo Viejo Gold & Silver 129,830 83,059 76,247 Andacollo Gold 77,896 47,531 48,920 Kansanshi Gold 32,279 Other Various 222,754 166,665 134,946 Total stream revenue $ 686,472 $ 483,294 $ 418,280 Royalty revenue: Cortez Legacy Zone Gold $ 31,823 $ 58,183 $ 79,920 Cortez CC Zone Gold 35,715 11,611 14,626 Other Various 276,461 166,307 92,891 Total royalty revenue $ 343,999 $ 236,101 $ 187,437 Total revenue $ 1,030,471 $ 719,395 $ 605,717 …

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STOCK-BASED COMPENSATION Our stockholders approved our 2025 Incentive Plan (the 2025 Plan), effective May 22, 2025, which serves as the successor to our 2015 Omnibus Long-Term Incentive Plan (as amended, the 2015 LTIP) and provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, other stock-based awards, and cash-based awards to qualified employees, officers, directors, consultants and advisors. No new awards will be issued under the 2015 LTIP as of the effective date of the 2025 Plan. Outstanding awards under the 2015 LTIP continue to be subject to the terms and conditions of the 2015 LTIP. As of the effective date of the 2025 Plan, 2,114,883 shares of common stock were available for future awards under the 2025 Plan. In addition, awards granted under the 2015 LTIP that were outstanding as of the effective date of the 2025 Plan and which expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right are added to the shares available for future awards under the 2025 Plan. We recognized stock-based compensation expense as follows (amounts in thousands): Years Ended December 31, 2025 December 31, 2024 December 31, 2023 Restricted stock $ 7,091 $ 7,049 $ 6,191 Performance stock 4,714 4,843 2,953 Stock appreciation rights 533 Stock options 19 Total stock-based compe …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Quoted prices for identical instruments in active markets; Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following table sets forth our financial assets measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Fair Value at December 31, 2025 Total Level 1 Level 2 Level 3 (in thousands) Assets (1) : Available-for-sale equity securities $ 120,814 $ 120,814 $ $ Available-for-sale debt securities 52,066 52,066 Fair Value at December 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Assets (1) : …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands): Years Ended December 31, 2025 December 31, 2024 December 31, 2023 United States $ 153,710 $ 127,366 $ 64,105 Foreign 420,156 298,726 218,035 Income before income taxes $ 573,866 $ 426,092 $ 282,140 Our Income tax expense consisted of (amounts in thousands): Years Ended December 31, 2025 December 31, 2024 December 31, 2023 Current: Federal $ 43,294 $ 51,643 $ 24,046 State (716) 715 (68) Foreign 63,638 32,901 24,499 Current tax expense $ 106,216 $ 85,259 $ 48,477 Deferred and others: Federal $ 589 $ (92) $ (763) State 104 (2) (14) Foreign (4,619) 8,448 (5,692) Deferred tax expense $ (3,926) $ 8,354 $ (6,469) Total income tax expense $ 102,290 $ 93,613 $ 42,008 The provision for income taxes for the years ended December 31, 2025, 2024, and 2023 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non- controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands): Years Ended December 31, 2025 December 31, 2024 December 31, 2023 Tax Effected Rate Tax Effected Rate Tax Effected Rate Income taxes at statutory rates $ 120,512 21.0 % $ 89,479 21.0 % $ 59,249 21.0 % State income taxes, net of federal benefit 429 0.1 % 914 0.2 % 625 0.2 % Foreign tax eff …

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LEASES Our significant lease arrangements relate to our office spaces. These arrangements are for leases of assets such as corporate office space and office equipment. We lease office space and office equipment under operating leases expiring at various dates between 2028 and 2039. In connection with the Transaction, we recognized lease liabilities of $32.9 million, measured using our incremental borrowing rate, and corresponding right-of-use assets of $30.7 million related to acquired office space leases. Certain office lease agreements include options to extend the lease for up to ten years. Office lease extension periods are not included in the lease terms used to calculate the lease liabilities and right-of-use assets. The Company's leases do not generally include options to terminate the lease prior to the end of the lease term. Variable lease payments, such as common area maintenance charges, property taxes, and other operating expenses, are recognized as lease expense in the period in which the obligation is incurred. The following amounts were recorded in the consolidated balance sheets as of December 31, 2025 and 2024 (amounts in thousands): Classification December 31, 2025 December 31, 2024 Operating Leases Right-of-use assets - non-current Other assets 33,757 4,318 Lease liabilities - current Other current liabilities $ 4,246 $ 965 Lease liabilities - non-current Other long-term liabilities 32,964 4,003 Total operating lease liabilities $ 37,210 $ 4,968 Total opera …

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New Accounting Standards Recently Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We adopted this guidance retrospectively for the periods ending December 31, 2025, 2024 and 2023. The changes are reflected in the tax footnote with no impacts to our financial condition or results of operations. See Note 14 for more detail. In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We adopted this guidance prospectively for the period ending December 31, 2025, and it only impacted our disclosures with no impacts to our financial condition or results of operations. See Note 18 for more detail. Recently Issued Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehe …

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MOUNT MILLIGAN DEFERRED LIABILITY On February 13, 2024, RGLD Gold entered into a Cost Support Agreement (the Mount Milligan Cost Support Agreement) with Centerra Gold Inc. (Centerra), whereby RGLD Gold has agreed, subject to the terms and conditions set forth therein, to provide cost support payments for gold and copper deliveries under the existing stream agreement with respect to the Mount Milligan mine for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future (Deferred Gold Consideration) and a free cash flow interest. The value of the cash consideration, free cash flow interest received from Centerra and Deferred Gold Consideration is recorded as a deferred liability in our consolidated balance sheets as of December 31, 2025. On October 3, 2025, we received and subsequently sold 11,111 ounces of the Deferred Gold Consideration for proceeds of $44.2 million. The proceeds from the sale of Deferred Gold Consideration do not impact revenue and are recorded as operating cash flows in the consolidated statements of cash flows. As of December 31, 2025, the balance of the deferred liability was $69.2 million and 38,889 ounces of the Deferred Gold Consideration remain outstanding. REVENUE Revenue Recognition A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contracts transaction price is allocated to each distinct performance obli …

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SEGMENT INFORMATION We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker (CODM) and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments. Royal Golds long-lived assets (stream and royalty interests, net) as of December 31, 2025 and 2024 are geographically distributed as shown in the following table (amounts in thousands): As of December 31, 2025 As of December 31, 2024 Stream interest Royalty interest Total stream and royalty interests, net Stream interest Royalty interest Total stream and royalty interests, net North America $ 1,214,810 $ 1,834,921 $ 3,049,731 $ 719,765 $ 1,520,147 $ 2,239,912 South and Central America 1,045,620 1,846,211 2,891,831 284,340 249,901 534,241 EMEA 2,270,717 309,467 2,580,184 249,065 321 249,386 Australia Pacific 13,595 48,534 62,129 19,265 19,265 Total (1) $ 4,544,742 $ 4,039,133 $ 8,583,875 $ 1,253,170 $ 1,789,634 $ 3,042,804 _______________________________________________________ (1) Includes the carrying value of all stream and royalty interests acquired during the years ended December 31, 2025 and 2024. Our reportable segments for purposes of assessing perfo …

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COMMITMENTS AND CONTINGENCIES Warintza Project Stream and Royalty Acquisition As of September 30, 2025 , our conditional funding schedule of $100.0 million related to the acquisition of the Warintza Gold Stream and Royalty Agreements made on May 21, 2025 (Note 2) remains subject to certain conditions. Ilovica Gold Stream Acquisition As of September 30, 2025, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition entered into in October 2014, remains subject to certain conditions.

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DEBT The Company's debt as of September 30, 2025 and December 31, 2024 consists of the following (amounts in thousands): As of September 30, 2025 As of December 31, 2024 Principal Debt Issuance Costs Total Principal Debt Issuance Costs (1) Total Revolving credit facility $ 775,000 $ (4,805) $ 770,195 $ $ $ Total debt $ 775,000 $ (4,805) $ 770,195 $ $ $ _______________________________________________ (1) Debt issuance costs of $3.1 million included within Other assets on our consolidated balance sheets. Revolving credit facility On June 26, 2025, we entered into a sixth amendment to our revolving credit facility dated June 2, 2017, as amended. The amendment extended the maturity date from June 28, 2028, to June 30, 2030, increased the size of the accordion feature from $250.0 million to $400.0 million and revised the leverage ratio required to be less than or equal to 4.00:1.00 at all times, rather than 4.00:1.00 for only the two fiscal quarters following the consummation of a material permitted acquisition (as defined) and 3.50:1.00 at all other times. In July 2025, we notified the members of the credit syndication group of our exercise of the accordion feature and received commitments from the group for the full $400.0 million of increased capacity. On August 5, 2025 , we closed on the accordion feature with our credit syndication group, bringing our total committed revolving credit facility to $1.4 billion. On August 1, 2025, we borrowed $825.0 million under our revolving c …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"Revenue by metal type attributable to each of our revenue sources is disaggregated as follows (amounts in thousands): Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Stream revenue: Gold $ 131,950 $ 100,126 $ 330,965 $ 270,000 Silver 22,533 20,026 60,279 51,653 Copper 11,598 12,900 30,510 36,878 Total stream revenue $ 166,081 $ 133,052 $ 421,754 $ 358,531 Royalty revenue: Gold $ 64,655 $ 46,837 $ 175,681 $ 117,504 Silver 7,767 3,674 17,684 12,981 Copper 4,794 4,808 17,459 12,077 Other 8,771 5,466 22,570 15,742 Total royalty revenue $ 85,987 $ 60,785 $ 233,394 $ 158,304 Total revenue $ 252,068 $ 193,837 $ 655,148 $ 516,835 Revenue attributable to our principal stream and royalty interests is disaggregated as follows (amounts in thousands): Three Months Ended Nine Months Ended Metal(s) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Stream revenue: Mount Milligan Gold & Copper $ 61,057 $ 56,570 $ 167,520 $ 143,704 Pueblo Viejo Gold & Silver 28,141 26,585 82,509 64,147 Andacollo Gold 23,022 9,652 45,255 31,949 Other (1) Gold & Silver 53,861 40,245 126,470 118,731 Total stream revenue $ 166,081 $ 133,052 $ 421,754 $ 358,531 Royalty revenue: Cortez Legacy Zone Gold $ 6,782 $ 13,047 $ 26,432 $ 41,610 Cortez CC Zone Gold 10,412 2,739 22,054 7,713 Other (1) Various 68,793 44,999 184,908 108,981 Total royalty revenue $ 85,987 $ 60,785 $ 233,394 $ 158,304 Total revenue $ 252,068 $ …

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STOCK-BASED COMPENSATION We recognized stock-based compensation expense as follows (amounts in thousands): Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Restricted stock $ 1,609 $ 1,667 $ 5,505 $ 5,562 Performance stock 1,333 1,310 3,348 3,751 Total stock-based compensation expense $ 2,942 $ 2,977 $ 8,853 $ 9,313 Stock-based compensation expense is included within General and administrative expense in the consolidated statements of operations and comprehensive income. We granted the following stock-based compensation awards: Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (Number of shares) (Number of shares) Performance stock (at maximum 200% attainment) 72,120 93,840 Restricted Stock 50,264 65,850 Total equity awards granted 122,384 159,690 As of September 30, 2025, unrecognized compensation expense (expressed in thousands below) and weighted-average vesting period for each of our stock-based compensation awards were as follows: Unrecognized compensation expense Weighted- average vesting period (years) Restricted stock $ 8,213 1.9 Performance stock 7,430 2.0 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Quoted prices for identical instruments in active markets; Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As of September 30, 2025 and December 31, 2024, we had financial assets in the form of marketable securities which are measured at fair value on a recurring basis; however, the carrying value of such financial assets is not material. The carrying value of our revolving credit facility (Note 4) approximates fair value as of September 30, 2025. As of September 30, 2025, we had assets that, under certain conditions, are subject to measurement at f …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated: Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Income tax expense $ 28,704 $ 21,510 $ 49,631 $ 67,535 Effective tax rate 17.9 % 18.3 % 11.6 % 23.1 % The effective tax rate for the nine months ended September 30, 2025, included a $12.0 million discrete benefit for additional recoverable basis in foreign jurisdictions, a discrete tax benefit of $4.3 million attributable to the release of a valuation allowance, and a $11.0 million discrete benefit related to withholding tax refunds on foreign royalties. The effective tax rate for the nine months ended September 30, 2024 included a $13.0 million discrete income tax expense related to the consideration from the Mount Milligan Cost Support Agreement. H.R. 1., also known as the One Big Beautiful Bill Act, was enacted on July 4, 2025. The Company is currently evaluating the impact of these provisions on our effective tax rate; however, we do not expect a material impact on our effective tax rate in future periods.

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Recent Accounting Standards We have evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these unaudited consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on our consolidated financial statements.

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"MOUNT MILLIGAN DEFERRED LIABILITY On February 13, 2024, we entered into a Cost Support Agreement (the ""Mount Milligan Cost Support Agreement"") with Centerra Gold Inc. (""Centerra"") with respect to the Mount Milligan mine for cash consideration of $24.5 million, 50,000 ounces of gold to be delivered in the future (""Deferred Gold Consideration"") and a free cash flow interest. The value of the cash consideration and free cash flow interest received from Centerra is recorded as a deferred liability in our consolidated balance sheets as of September 30, 2025. For further detail on the Mount Milligan Cost Support Agreement and the Deferred Gold Consideration refer to our 2024 10-K. REVENUE Revenue Recognition A performance obligation is a promise in a contract to transfer control of a distinct good or service (or integrated package of goods and/or services) to a customer. A contracts transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, a performance obligation is satisfied. In accordance with this guidance, revenue attributable to our stream interests and royalty interests is generally recognized at the point in time that control of the related metal production transfers to our customers. The amount of revenue we recognize further reflects the consideration to which we are entitled under the respective stream or royalty agreement. A more detailed summary of our revenue recognition policies for our stream and royalty int …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"SEGMENT INFORMATION We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker (""CODM"") and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments. Royal Gold's long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands): As of September 30, 2025 As of December 31, 2024 Stream interest Royalty interest Total stream and royalty interests, net Stream interest Royalty interest Total stream and royalty interests, net Africa 1,219,873 321 1,220,194 237,028 321 237,349 Canada 392,140 660,631 1,052,771 417,643 659,070 1,076,713 Dominican Republic 295,004 295,004 302,122 302,122 Chile 203,428 224,116 427,544 211,123 224,116 435,239 United States 801,697 801,697 827,277 827,277 Mexico 28,967 28,967 33,800 33,800 Australia 18,181 18,181 19,265 19,265 Rest of world 227,497 30,376 257,873 85,254 25,785 111,039 Total $ 2,337,942 $ 1,764,289 $ 4,102,231 $ 1,253,170 $ 1,789,634 $ 3,042,804 Our reportable segments for purposes of assessing performance are shown below (amounts in thousands): Three Months Ended September 30, 2025 Revenu …

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SUBSEQUENT EVENTS Closing of Sandstorm Gold and Horizon Copper Acquisitions On October 20, 2025, we closed the previously announced acquisitions to acquire all of the issued and outstanding common shares of Sandstorm Gold Ltd. (Sandstorm and the Sandstorm Transaction) and Horizon Copper Corp. (Horizon and the Horizon Transaction). Sandstorm and Horizon were global resource-based companies based in Vancouver, British Columbia, that held interests in mining assets, including royalty and stream interests, on mining projects across various stages of development. With respect to the Sandstorm Transaction, Royal Gold issued 18.6 million shares of common stock to Sandstorm shareholders and assumed stock options exercisable for 0.7 million shares of common stock to complete the transaction and paid $380.9 million in cash to fully repay the outstanding balance drawn on the Sandstorm credit facility. Upon completion of the Sandstorm Transaction, Royal Gold's outstanding share count increased to 84.4 million shares. With respect to the Horizon Transaction, Royal Gold paid C$127.1 million in cash consideration to the shareholders of Horizon (excluding Sandstorm) and funded Horizon's purchase of its outstanding warrants for C$40.6 million. The Company expects the Sandstorm and Horizon Transactions to qualify as business combinations. As such, approximately $12.8 million of acquisition related costs have been expensed as of September 30, 2025. Due to the close proximity of the acquisition …

SubsequentEventsTextBlock · excerpt; the full note is in the filing