Royal Gold Investor Presentation — August 2021

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ROYAL GOLD, INC. | FISCAL Q4 2021 RESULTS | AUGUST 12, 20 21Cautionary Statement

Forward- Looking Statements: This presentation includes “forward- looking statements” within the meaning of U.S. federal securities laws. Forward- looking stat ements are

any statements other than statements of historical fact. Forward- looking statements are not guarantees of future performance, and actual results may differ materially from

these statements. Forward- looking statements are often identified by words like “will,” “may,” “could,” “should,” “would,” “beli eve,” “estimate,” “expect,” “anticipate,” “plan,”

“forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward- looking st atements include, among others, the following:

statements about our expected financial performance and outlook, including sales volume, revenue, expenses, tax rates, earnings or cash flow; operators’ expected

operating and financial performance, including production, deliveries, mine plans and reserves, development, cash flows and c apital expenditures; planned and potential

acquisitions or dispositions, including funding schedules and conditions; liquidity, financing and stockholder returns; our over all investment portfolio; macroeconomic and

market conditions including the impacts of COVID -19; prices for gold, silver, copper, nickel and other metals; potential impairm ents; or tax changes.

Factors that could cause actual results to differ materially from these forward- looking statements include, among others, the following: a lower -price environment for gold,

silver, copper, nickel or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between

actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, changes to mine plans andreserves, liquidity needs, mining and

environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, contractual issues involving our stream or royalty

agreements, or operational disruptions due to COVID -19, including due to variant strains of the virus; risks associated with doi ng business in foreign countries; increased

competition for stream and royalty interests; environmental risks, included those caused by climate change; potential cyber -attacks, including ransomware; our ability to

identify, finance, value and complete acquisitions; adverse economic and market conditions; changes in laws or regulations gover ning us, operators or operating properties;

changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commi ssion, including our Form 10- K for the