Financial Data and Key Metrics Changes - Headline earnings per share for 2025 increased by 281% to ZAR 2.44 per share [57] - Adjusted EBITDA increased almost threefold, from ZAR 13 billion to just under ZAR 38 billion, a 189% increase [57] - Net debt to Adjusted EBITDA decreased from 1.77 times at the end of 2024 to 0.59 times at the end of 2025 [58] Business Line Data and Key Metrics Changes - Total full year PGM production reached 1.8 million ounces, aligning with guidance and stable year-on-year [21][22] - Underground production increased by 2% to over 1.6 million ounces, supported by improvements at Rustenburg [23] - Total production for gold operations was lower by 10% at 19.7 tons, with underground production reduced by 8% [27][28] Market Data and Key Metrics Changes - Gold spot prices broke the $4,500 mark during December, up 73% since the beginning of the year [65] - Platinum imports into the U.S. increased over 50% year-on-year, with significant flows driven by tariff uncertainty [66] - Lithium prices moved from low $7,000 per ton levels up to just over $16,000 per ton currently [68] Company Strategy and Development Direction - The company is focusing on simplification of operations and maximizing operating margins [3][4] - A disciplined capital allocation framework is in place, with a third towards shareholder returns, a third towards reducing gross debt, and a third towards growth [4] - The company aims for organic growth in its resource base, particularly in South Africa [4] Management's Comments on Operating Environment and Future Outlook - The management noted a significant change in the latter half of 2025, including a leadership transition and a strategic refresh [2][3] - The outlook for 2026 is positive, with expectations of additional earnings and cash flow improvements due to rising PGM prices [26] - The focus remains on embedding a culture of safety and accountability to eliminate fatal incidents [19][20] Other Important Information - The company declared a dividend of ZAR 1.31 per share, reflecting a 2% yield [14] - A settlement payment of $215 million was made regarding the Appian court case [7] - The renewable energy program aims to reduce emissions by 40% by 2030, with significant savings expected [45][46] Q&A Session Summary Question: What were the key financial highlights for 2025? - The headline earnings per share increased by 281% to ZAR 2.44, and adjusted EBITDA rose by 189% to just under ZAR 38 billion [57][58] Question: How did the company perform in terms of production? - PGM production reached 1.8 million ounces, while gold production was lower by 10% at 19.7 tons [21][27] Question: What is the outlook for commodity prices? - Gold prices are expected to remain strong, with PGM prices having reset at a higher base [69]

Financial Data and Key Metrics Changes - Headline earnings per share for 2025 increased by 281% to ZAR 2.44 per share [56] - Adjusted EBITDA increased almost threefold, from ZAR 13 billion to just under ZAR 38 billion, a 189% increase [56] - Net debt to Adjusted EBITDA decreased from 1.77 times at the end of 2024 to 0.59 times at the end of 2025 [57] Business Line Data and Key Metrics Changes - Total full year PGM production reached 1.8 million ounces, aligning with guidance and stable year-on-year [22] - Underground production increased by 2% to over 1.6 million ounces, supported by improvements at Rustenburg [23] - Total production for gold operations, including DRDGold, was lower by 10% at 19.7 tons, with underground production reduced by 8% [27] Market Data and Key Metrics Changes - Gold spot prices broke the $4,500 mark during December, up 73% since the beginning of the year [64] - Platinum imports into the U.S. increased over 50% year-on-year, with significant flows driven by tariff uncertainty [66] - Lithium prices moved from low $7,000 per ton levels up to just over $16,000 per ton currently [67] Company Strategy and Development Direction - The company is focusing on simplification of operations and maximizing operating margins through operational excellence [3] - A disciplined capital allocation framework is in place, with a third towards shareholder returns, a third towards reducing gross debt, and a third towards growth [4] - The company aims to convert a large percentage of their abundant resources into reserves in the coming years [44] Management's Comments on Operating Environment and Future Outlook - The management noted a significant change in the latter half of 2025, including a leadership transition and a strategic refresh [2] - The outlook for 2026 is positive, with expectations of additional earnings and cash flow improvements due to rising prices [26] - The company remains committed to eliminating fatal incidents and enhancing safety culture as a priority [20] Other Important Information - The company declared a dividend of ZAR 1.31 per share, reflecting a 2% yield and marking a return to dividend-paying territory [14] - A settlement payment of $215 million was made regarding the Appian court case [7] - The renewable energy program aims to reduce emissions by 40% by 2030, with significant savings and carbon dioxide reductions expected [45] Q&A Session Summary Question: What are the expectations for gold prices moving forward? - The company remains bullish on gold, anticipating continued price support due to geopolitical factors and market dynamics [68] Question: How is the company addressing safety concerns? - The management emphasized a focus on embedding a fatal elimination strategy and enhancing compliance through a culture of accountability [20] Question: What is the outlook for lithium production? - The company is optimistic about the lithium market, with plans for phased production ramp-up and a focus on optimizing costs [49]

20 February 2026 Operating and financial results for H2 & YE 2025 Solid operational output and financial stability | Agenda | | | --- | --- | | a | Salient features | | b | Performance excellence • Safe production • Resource optimisation | | | • Operational excellence • Embedding sustainability | | c | Growth | | d | Financial performance | | e | Market performance and outlook | | f | Resilient strategy for the way forward | | g | Q&A | Columbus metallurgical facility, US PGM operations Disclaimer FORWARD L ...

Core Insights - Royal Gold achieved record financial results in fiscal 2025, with significant increases in revenue, operating cash flow, and earnings, driven by a strong gold price environment and strategic acquisitions [3][6][2] Financial Performance - Total revenue for fiscal 2025 was reported at $1.0 billion, representing a 43% increase compared to 2024 [2] - Operating cash flow reached $705 million, up 33% year over year [2] - Earnings for the year were $466 million, a 40% increase from the previous year, with adjusted net income hitting a record $510 million, up 47% year over year [2][6] Dividend and Shareholder Returns - Gold accounted for 78% of total revenue, and the company maintained an adjusted EBITDA margin of 82% [1] - Royal Gold paid over $118 million in dividends during 2025 and raised its annual dividend to $1.90 per share for 2026, marking the 25th consecutive annual increase [1][6] - Since initiating a dividend in 2000, the company has returned approximately $1.2 billion to shareholders [1] Acquisitions and Portfolio Growth - The company completed several key acquisitions in 2025, including Sandstorm Gold and Horizon Copper, which significantly boosted cash flow and revenue [5][6] - Integration of the acquired portfolios is largely complete, with further work underway to streamline assets [7][5] - Royal Gold expects to fully repay its revolver by early 2027, following a reduction in debt from $1.225 billion to $725 million [14] Fourth Quarter Highlights - In Q4, Royal Gold delivered 90,800 GEOs and achieved record quarterly revenue of $375 million, with stream revenue increasing by 110% to $265 million [4][9] - Royalty revenue rose 42% year over year to $111 million, driven by higher sales from key assets [9] - The company noted significant price increases for metals, with gold prices up 55%, silver up 74%, and copper up 21% compared to the prior year [9] Future Guidance and Market Outlook - The company plans to provide 2026 guidance and long-term direction at an Investor Day on March 31 [7] - Management indicated that the deal pipeline remains strong, with ongoing opportunities in third-party royalties and development-stage projects [15] - Royal Gold expects 2026 attributable gold sales from the Kansanshi mine to be between 26,000 and 31,000 ounces [11]

Core Insights - High-rolling investors are bearish on Royal Gold (NASDAQ:RGLD), indicating potential privileged information influencing their trading decisions [1] - The sentiment among major traders shows 11% bullish and 55% bearish positions, with a notable disparity in options trades [2] Options Activity - A total of 9 options trades were identified for Royal Gold, including 1 put worth $29,250 and 8 calls totaling $444,331 [2] - The projected price targets for Royal Gold range from $170.0 to $360.0 based on the volume and open interest of options contracts over the last 3 months [3] Volume and Open Interest - The mean open interest for Royal Gold options trades is 96.44, with a total trading volume of 203.00 [4] - A chart tracking the development of volume and open interest for call and put options within the $170.0 to $360.0 strike price range has been analyzed over the last 30 days [4] Current Market Position - Royal Gold's trading volume is reported at 498,257, with the stock price down by 2.77%, currently positioned at $270.06 [6] - Analysts have provided an average target price of $335.0, with one analyst from Scotiabank lowering the rating to Sector Perform [5]

Core Insights - The company has achieved record financial results in 2025, with significant increases in production, cash flow, and reserves, positioning it for continued growth in 2026 [4][24][25]. Exploration and Reserves - Successful exploration investments have led to a 10% growth in reserves and a 40% increase in inferred resources across the portfolio, with notable contributions from Wharf and Palmarejo [20][21]. - The Wharf mine's life has nearly doubled to 12 years, and Palmarejo has seen a significant increase in reserves, moving from 1,400,000 ounces to 2,000,000 ounces of gold-equivalent [19][21]. Financial Performance - The company reported a record EBITDA of over $1 billion, a 200% increase year-over-year, and free cash flow of $666 million, compared to a negative $9 million in 2024 [4][24]. - In Q4 2025, the company generated $313 million in free cash flow, a 66% increase, with all five mines contributing at least $50 million each [24]. Production Highlights - Full-year silver production increased by 5% and gold production surged by 723% year-over-year, driven by expansions and acquisitions [4][24]. - Rochester mine achieved record quarterly crushed tons, exceeding 7 million tons, and produced 1.7 million ounces of silver and 17,000 ounces of gold in Q4 [13][14]. Future Outlook - The company anticipates a 10% year-over-year increase in silver production for 2026, with silver expected to contribute approximately 42% of total revenue based on current prices [5][25]. - The upcoming acquisition of New Gold is expected to enhance the company's operational scale and reduce costs, with projected EBITDA of $3 billion and free cash flow of $2 billion on a full-year run-rate basis [6][7]. Capital Allocation and Strategy - The company plans to allocate a record amount of capital to exploration investments in 2026, with an expected increase of 47% compared to 2025 levels [29]. - A disciplined capital allocation framework will focus on generating strong returns on invested capital and deploying excess cash to create long-term value for shareholders [28].

Financial Data and Key Metrics Changes - Record full year silver and gold production increased by 57% and 23% year-over-year, respectively, with full year record EBITDA rising 200% to over $1 billion and free cash flow increasing to $666 million from -$9 million in 2024 [3][4] - Year-end cash increased more than 10 times to $554 million, and net income rose tenfold to a record $586 million [3][4] Business Line Data and Key Metrics Changes - The U.S. operations accounted for nearly 60% of 2025 revenue, with silver representing about 35% of total revenue [4] - Las Chispas generated $286 million of free cash flow in only 10.5 months of contribution, while Rochester's silver and gold production increased by 40% and 54% year-over-year, respectively [4][12] Market Data and Key Metrics Changes - Quarterly realized gold and silver prices increased by 21% and 40%, respectively, and are expected to strengthen further in 2026 [25] - The company anticipates silver to contribute approximately 42% of total 2026 revenue based on current prices and guidance midpoint [7] Company Strategy and Development Direction - The company is focused on closing the New Gold transaction, which is expected to enhance its geographic footprint and reduce cost profiles [8][9] - A record amount of capital is allocated to exploration investments in 2026, with a 47% increase compared to 2025 levels [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, stating it is poised for another record year in 2026, driven by a full year of production at Las Chispas and improved performance at Rochester [7][28] - The company is committed to maintaining safety and environmental performance as top priorities while integrating New Gold operations [28] Other Important Information - The company achieved its goal of being net cash positive, with total debt declining by $250 million, or 42% year-over-year [25][26] - Repairs at Wharf are expected to be completed in the second quarter following damage from a fire in the mine's tertiary crusher [17][18] Q&A Session Summary Question: Reserve grades at Las Chispas - Management indicated that the grade profile reflects a more conservative modeling approach, with expectations for normalization of grades going forward [34][36] Question: Exploration results and maiden resources at East Palmarejo - All reported ounces are outside the Franco-Nevada Gold Stream area, with ongoing exploration expected to yield additional resources [40][42] Question: Cash tax guidance breakdown - Approximately 80% of the cash taxes are expected to be paid in Mexico, with some cash tax obligations in the U.S. due to limitations on tax shelters [48][49] Question: Capital returns preference - The company is considering both dividends and buybacks, with a slight preference for buybacks due to the flexibility they provide [53][54] Question: Future exploration investments in New Gold assets - Management is looking to allocate additional capital to exploration at Rainy River post-transaction closure, with a focus on regional opportunities [56][58]

Financial Data and Key Metrics Changes - The company reported record net earnings of $452 million in Q4 2025, or $1.07 per basic share, and $980 million for the full year, or $2.56 per basic share, reflecting strong execution and margin expansion from higher metal prices [3][4] - Adjusted earnings were $470 million in Q4, or $1.11 per share, and $959 million for the full year, or $2.54 per share [4] - Attributable free cash flow reached a record $553 million in Q4 and $1.2 billion for the full year [4] - Cash and short-term investments increased by $408 million from Q3, totaling $1.3 billion at year-end, or $1.4 billion including the company's 44% interest in cash at Juanicipio [4] Business Line Data and Key Metrics Changes - Attributable silver production was 22.8 million ounces in 2025, exceeding the top end of the guidance range, while attributable gold production was 742,200 ounces, within guidance [5] - Silver segment all-in sustaining costs were $9.51 per ounce in Q4 and $13.88 per ounce for the full year, below the decreased guidance [5] - Gold segment all-in sustaining costs were $1,699 per ounce in Q4 and $1,621 per ounce for the full year, within guidance [6] Market Data and Key Metrics Changes - The company expects silver production to increase to 25-27 million ounces in 2026, with all-in sustaining costs of $15.75-$18.25 per ounce [10] - For gold, the guidance is 700,000-750,000 ounces with all-in sustaining costs of $1,700-$1,850 per ounce [11] - The silver market is expected to remain in a deficit for the sixth consecutive year in 2026, supporting the company's outlook [13] Company Strategy and Development Direction - The company plans to release an updated technical report for La Colorada in Q2 2026, integrating mine plans and infrastructure with a phased approach to development [8][9] - Increased project capital is planned for La Colorada Skarn and Jacobina, with part directed towards satellite deposits [12] - The company remains unhedged on both gold and silver, focusing on margin expansion and strong cash flow generation [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the favorable metal price environment, with silver prices averaging around $58 and gold prices over $4,100 in Q4 [42] - The company anticipates strong free cash flow and high returns of capital to shareholders in 2026, alongside funding for exploration and growth projects [12][13] - Management expressed confidence in the operational strength and the potential for increased production from Juanicipio [17] Other Important Information - The company declared a dividend of $0.18 per common share, marking the third consecutive dividend increase [5] - Discussions regarding potential partners for the La Colorada Skarn project are ongoing, with a focus on the new phased approach [27] Q&A Session Summary Question: Experience with Juanicipio and sustainability of outperformance - Management reported a positive experience with Juanicipio, noting strong production and low costs, with expectations of long-term changes in metal grades [16][17] Question: Details on La Colorada Skarn phased approach - Management indicated that the phased approach will focus on higher-grade material initially, with a tonnage range of 10,000-15,000 tons for phase one [19][20] Question: Commitment to Cerro Moro and exploration in Argentina - Management expressed willingness to commit resources to Cerro Moro, highlighting positive changes in Argentina and increased capital for exploration programs [21][23] Question: Update on Escobal consultation process - Management noted ongoing engagement with the Ministry of Energy and Mines, with encouraging updates on the consultation process [28][30] Question: Juanicipio dividends and financial arrangements - Management clarified that dividends from Juanicipio are paid out of tax-paid retained earnings, with expectations for another dividend soon [36] Question: Consideration for early repayment of senior notes - Management stated that early repayment of the 2027 senior notes is a consideration, depending on market conditions and liquidity [39]

Financial Data and Key Metrics Changes - Record full-year silver and gold production increased by 57% and 23% year-over-year, respectively, with full-year record EBITDA rising 200% to over $1 billion and free cash flow increasing to $666 million from -$9 million in 2024 [3][4] - Year-end cash increased more than 10 times to $554 million, and net income rose tenfold to a record $586 million [3][4] Business Line Data and Key Metrics Changes - The three U.S. operations accounted for nearly 60% of 2025 revenue, with silver representing about 35% of total revenue [4] - Las Chispas generated $286 million of free cash flow in only 10.5 months of contribution, while Rochester's silver and gold production increased by 40% and 54% year-over-year, respectively [4][12] Market Data and Key Metrics Changes - Quarterly realized gold and silver prices increased by 21% and 40%, respectively, and are expected to strengthen further in 2026 [25] - The company anticipates silver to contribute approximately 42% of total 2026 revenue based on current prices and guidance [7] Company Strategy and Development Direction - The company is focused on integrating New Gold's operations to enhance its geographic footprint and reduce cost profiles, aiming for a combined EBITDA of approximately $3 billion and free cash flow of $2 billion on a full-year run rate basis [8][9] - A record amount of capital is allocated to exploration investments in 2026, with a 47% increase compared to 2025 levels [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, stating it is poised for another record year in 2026, driven by a full year of production at Las Chispas and improved performance at Rochester [7][28] - The company plans to continue advancing the Silvertip project and is optimistic about the potential for adding to its silver profile [29] Other Important Information - The company shifted its reporting to metric units to align better with peers, and prior period figures have been recast for comparability [2] - The company achieved its goal of being net cash positive, with total debt declining by $250 million, or 42% year-over-year [25][26] Q&A Session Summary Question: Reserve grades at Las Chispas - Management indicated that the grade profile reflects a more conservative modeling approach, with expectations for normalization of grades going forward [34][35][38] Question: Exploration results and maiden resources at East Palmarejo - All reported ounces are outside the Franco-Nevada Gold Stream area, with ongoing exploration expected to yield additional resources [41][42] Question: Cash tax guidance breakdown - Approximately 80% of cash taxes are expected to be paid in Mexico, with some cash tax obligations in the U.S. due to limitations on tax shelters [49][50] Question: Capital returns preference - The company is considering both dividends and buybacks, with a slight preference for buybacks due to the flexibility they provide [54][55] Question: Exploration investment in New Gold assets - Management is looking to allocate additional capital to exploration at Rainy River post-integration, with a focus on regional opportunities [58][59]

Fourth Quarter and Full Year 2025 Results February 19, 2026 Cautionary Statements Forward-Looking Statements: This presentation and the accompanying webcast include "forward-looking statements" within the meaning of U.S. federal securities laws. Forward- looking statements 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 identif ...