Royal Gold — Feb 12, 2025 release

Based on the production plan in the 2024 PEA, Royal Gold expects to recognize revenue from the Cactus Royalty in approximately year 5 of operation given the incomplete royalty coverage of the Parks/Salyer deposit, where mining is expected to commence. Royalty payments are due within 30 days of each quarter end, and pre-tax income after depletion is expected to be taxed in the USA at a rate of approximately 22%. The Cactus Royalty is structured as an interest in real property, and information rights include detailed quarterly production statements, annual reporting of material developments, and an annual site visit. 2024 Overview For the year ended December 31, 2024, we recorded net income attributable to Royal Gold stockholders ("net income") of $332.0 million, or $5.04 per basic and diluted share, as compared to net income of $239.4 million, or $3.64 per basic and $3.63 per diluted share, for the year ended December 31, 2023. For the year ended December 31, 2024, we recognized record total revenue of $719.4 million, which is comprised of stream revenue of $483.3 million and royalty revenue of $236.1 million, at an average gold price of $2,386 per ounce, an average silver price of $28.27 per ounce and an average copper price of $4.15 per pound, compared to total revenue of $605.7 million, which is comprised of stream revenue of $418.3 million and royalty revenue of $187.4 million, at an average gold price of $1,941 per ounce, an average silver price of $23.35 per ounce and an average copper price of $3.85 per pound, for the year ended December 31, 2023. The increase in our total revenue