Royal Gold, Inc.

Strong Q2/1H results; portfolio scale change already “in the numbers” (all key per-share metrics up) - Revenue $451M (+115% YoY), operating cash flow $335M (+119%), earnings $236M (+79% YoY). - After adjustments: net income $218M ($2.56/share, +41% YoY). - No single asset dominates: top asset <13% of revenue; only 2 assets >10%, reflecting the diversification strategy from 2025 acquisitions. - Gold remains dominant: gold 76% of revenue (silver 12%, copper 8%); adjusted EBITDA margin 83% (low/stable G&A).

2026 guidance tracking well—copper/“other metals” strength driven by identifiable drivers - Management says gold and silver are tracking within guidance ranges; copper and other metals trending to ~or above the top end. - Key positive drivers: - Antamina NPI royalty impact: lower-than-expected deductions drove strong copper-related revenue. - Other metals upside from operational performance (e.g., zinc at Antamina, nickel at Voisey’s Bay). - Challenge/uncertainty: Antamina NPI is relatively new to Royal Gold (variable); management does not want to change guidance early without more visibility, preferring to reassess closer to end of Q3.

Capital returns + balance sheet focus: dividends steady/growing, buyback active, debt reduction ongoing - Dividends: $40M paid in Q2 (annual rate $1.90/share, +6% YoY). - Share repurchases: 147k shares repurchased and canceled in the quarter (~$30M). Management emphasized discretionary buybacks (not a fixed run-rate) and decisions weigh valuation/NAV multiples and long-term priorities (new investments + debt/liquidity). - Debt/liquidity: repaid $200M on revolver in Q2; ended with $1.2B total available liquidity and continued repayment plan (additional $75M in July; $100M mid-August). Plan: fully repay revolver in Q4 absent major acquisitions and based on current metal prices.