Royal Gold — Nov 5, 2025 release

Accounting Considerations We are in the process of finalizing the accounting treatment for both the Sandstorm Transaction and the Horizon Transaction. We currently anticipate both transactions to qualify as business combinations under US GAAP. As such, approximately $12.8 million of acquisition related costs have been expensed as of September 30, 2025, and we expect additional acquisition related costs to be expensed in the quarter ended December 31, 2025. Third Quarter 2025 Overview For the third quarter, we recorded net income and comprehensive income attributable to Royal Gold stockholders (“net income”) of $126.8 million, or $1.92 per basic and diluted share, as compared to net income of $96.2 million, or $1.46 per basic and diluted share, for the three months ended September 30, 2024. The increase in net income was primarily attributable to higher revenue offset by acquisition related costs and higher interest expense and income taxes, each discussed below. For the third quarter, we recognized total revenue of $252.1 million, comprised of stream revenue of $166.1 million and royalty revenue of $86.0 million at an average gold price of $3,457 per ounce, an average silver price of $39.40 per ounce and an average copper price of $4.44 per pound. This is compared to total revenue of $193.8 million for the three months ended September 30, 2024, comprised of stream revenue of $133.1 million and royalty revenue of $60.8 million, at an average gold price of $2,474 per ounce, an average silver price of $29.43 per ounce and an average copper price of $4.18 per pound. The increase in our total revenue resulted primarily from higher avera