Here are a few brief analogies for Royal Gold (RGLD):

1. Royal Gold is like a specialized real estate investment trust (REIT), but for mineral properties. Instead of owning buildings and collecting rent, they provide capital to mining companies and receive a percentage of the metals produced from those mines.

2. Think of it like a publishing house that gives authors an advance and then receives a percentage of every book sold. Royal Gold provides upfront financing to mining companies and gets a share of the gold, silver, and other metals they produce.

• Precious Metal Stream Interests: Rights to purchase a fixed percentage of future metal production from mines in exchange for upfront payments and ongoing per-unit payments.
• Royalty Interests: Rights to receive a percentage of revenue or production from mining operations.

Royal Gold (RGLD) operates as a streaming and royalty company. Its business model involves providing upfront financing to mining companies in exchange for a percentage of future metal production (a "stream") or a percentage of future revenue (a "royalty"). Royal Gold does not operate mines itself.

When Royal Gold receives physical metals (primarily gold, silver, copper, and other base metals) from its stream agreements, it then sells these commodities into the global market. Therefore, Royal Gold primarily sells to other companies.

However, due to the nature of selling fungible commodities into a highly liquid, global market, Royal Gold typically does not have "major customers" in the traditional sense (i.e., specific companies that account for a significant portion of its sales revenue). Its sales are broadly distributed to various participants in the metals market, which typically include:

• Refiners
• Smelters
• Metal traders and brokers

These transactions are business-to-business (B2B), but specific customer names are generally not disclosed by Royal Gold because they are not material to its operations, given the commodity nature of its sales.

Mr. Heissenbuttel has served as President and Chief Executive Officer of Royal Gold since January 2020. He joined the company in 2006 and has held various roles including Chief Financial Officer and Vice President Strategy, Vice President Corporate Development, and Vice President Operations. With over 36 years of corporate finance experience, including 30 years in the metals and mining industry, he previously held senior positions at N M Rothschild & Sons (Denver) Inc., ABN AMRO Bank N.V., and Chemical Bank Manufacturers Hanover.

Mr. Libner was promoted to Senior Vice President and Chief Financial Officer in March 2024, having previously served as Chief Financial Officer and Treasurer since January 2020. He joined Royal Gold in 2004, serving as Controller and Treasurer, and then as Controller. Before joining Royal Gold, he began his career with Ernst & Young, providing audit and business advisory services, and later held various finance and accounting roles within the financial services industry.

Dr. Raffield was promoted to Senior Vice President, Operations in March 2024, after joining Royal Gold in January 2022 as Vice President, Operations. His experience prior to Royal Gold includes operating an independent consulting company, serving as Executive Vice President and Chief Operating Officer of Harte Gold Corp., and holding Executive Vice President and Chief Technical Officer, and Senior Vice President, Project Development and Technical Services roles at Golden Star Resources.

Mr. Breeze has been the Senior Vice President, Corporate Development of Royal Gold's wholly-owned subsidiary, RGLD Gold AG, since March 2024. He previously served as Vice President Corporate Development for RGLD Gold AG from January 2019 to February 2024. Before joining Royal Gold, Mr. Breeze worked for Bank of Montreal as Managing Director, Equities, focusing on the mining sector, and was also with UBS Investment Bank's Equities Group. He began his career in geotechnical and mining at Golder Associates.

Mr. Shefman serves as Senior Vice President and General Counsel. He joined Royal Gold in 2011 as Associate General Counsel. With 20 years of legal experience, he has handled international transactions in the mining, oil and gas, and power sectors. Prior to Royal Gold, he practiced law with several regional and international law firms, including LeBouef Lamb Greene & MacRae, Holland & Hart, and Hogan Lovells.

Royal Gold (symbol: RGLD) acquires and manages precious metal streams, royalties, and related interests across various commodities. While the market size for "streams and royalties" as a specific financial product is not readily quantifiable, the addressable markets for the main underlying commodities that drive Royal Gold's revenue are substantial on a global scale.

The estimated global market sizes for these commodities are as follows:

• Gold: The global gold market was valued at approximately USD 3.2 trillion in 2023.
• Silver: The global silver market had a valuation of approximately USD 28.9 billion in 2023.
• Copper: The global copper market size was valued at approximately USD 308.67 billion in 2023.
• Nickel: The global nickel alloys market size was valued at approximately USD 12.8 billion in 2023.
• Zinc: The global zinc metal market size was valued at approximately USD 39.2 billion in 2023.
• Lead: The global lead market size was evaluated at approximately USD 24 billion in 2023.
• Cobalt: Cobalt demand reached close to 200 kilotonnes (kt) globally in 2023, with the global cobalt market generating a revenue of approximately USD 16.96 billion in 2024.

Royal Gold, Inc. (RGLD) is positioned for future revenue growth over the next 2-3 years through a combination of strategic portfolio enhancements, increased production from key assets, and a favorable precious metal price environment.

Here are 3-5 expected drivers of future revenue growth:

1. Strategic Acquisitions and Portfolio Expansion: Royal Gold has recently completed significant acquisitions, including Sandstorm Gold, Horizon Copper, and a gold stream on the Kansanshi mine, which have materially boosted its cash flow and revenue. The integration of these newly acquired portfolios is largely complete and is expected to enhance long-term portfolio diversification and duration, contributing significantly to future revenue streams.

2. Increased Production and Development at Principal Properties: Growth is anticipated from the ramp-up and expansion of several key operating assets and development projects. This includes the expansion at Pueblo Viejo, which is expected to increase revenue generation, including anticipated increases in silver recoveries in late 2025. The Khoemacau expansion project, with first concentrate production expected in 2028 and projected silver production attributable to Royal Gold of 1.45 million to 1.55 million ounces in 2026, will also be a significant contributor. Additionally, commercial production at the Back River (Goose Project) commenced in October 2025, with anticipated gold production estimates of approximately 250,000 ounces in 2026 and 330,000 ounces in 2027. The blended royalty rate at Cortez is also expected to increase, averaging 3.5% to 4% over production in 2026, up from 2.6% in 2025. Contributions from the Kansanshi gold stream are projected at 26,000 to 31,000 attributable gold ounces in 2026. Exploration success, such as at Fourmile, also presents future upside potential.

3. Favorable Precious Metal Price Environment: Sustained strong prices for gold, silver, and copper are a direct driver of Royal Gold's revenue. The company's stream and royalty model provides high leverage to commodity price movements. In 2025, higher average metal prices were a major factor in revenue increases, with gold, silver, and copper prices showing significant year-over-year growth in Q4 2025, and strong gold prices supporting an adjusted EBITDA margin of 82%.

Capital Allocation Decisions of Royal Gold (RGLD) Over the Last 3-5 Years

Share Repurchases

• Royal Gold reported a buyback yield of 0.0% for the latest twelve months and for fiscal years ending June 2020 to 2024, indicating no significant share repurchases during this period.

Share Issuance

• In July 2025, Royal Gold entered a merger agreement to acquire Sandstorm Gold Ltd. in an all-share transaction valued at approximately $3.5 billion, resulting in the issuance of Royal Gold shares to Sandstorm shareholders.

Outbound Investments

• In July 2025, Royal Gold announced agreements to acquire Sandstorm Gold Ltd. for approximately $3.5 billion, primarily through Royal Gold shares, and Horizon Copper Corp. for $196 million in cash, significantly expanding and diversifying its portfolio.
• In May 2025, the company acquired a gold stream agreement and a net smelter return royalty agreement on the Warintza Project in Ecuador for a total cash consideration of $200 million.
• Royal Gold also acquired a gold stream on the producing Kansanshi mine, which proved to be a meaningful acquisition and contributed to revenue starting in the fourth quarter of 2025.

Capital Expenditures

• As a precious metals streaming and royalty company, Royal Gold's business model is focused on acquiring and managing royalty and stream interests, thus generally minimizing the operational risks and capital expenditures typically associated with direct mining activities.