ROYAL GOLD INC — Call Transcript 2026

Good morning, everyone. It is my pleasure to welcome you to Royal Gold's 2026 Annual Meeting of Stockholders. It is shortly after 9:00 A.M. Mountain Time on May 21, 2026, and the meeting is now called to order. I am William M. Hayes, Chairman of the Board of Directors, and I will serve as Chair of this meeting. Before we begin the formal business of the meeting, I would like to introduce each of my fellow directors attending today's meeting, William H. Heissenbuttel, our President and CEO, Fabiana Chubbs, Mark E. Isto, Jamie Sokalsky, Ronald J. Vance, and Sybil E. Veenman. I would also like to introduce the members of management attending today's meeting. In addition to Bill Heissenbuttel, we welcome: Paul Libner, Senior Vice President and Chief Financial Officer, Martin Raffield, Senior Vice President of Operations, Dan Breeze, Senior Vice President of Corporate Development, RGLD Gold AG, Randy Shefman, Senior Vice President and General Counsel, Alistair Baker, Senior Vice President, Investor Relations and Business Development of Royal Gold Corporation, Jason Hynes, Senior Vice President, Business Development and Strategy, Royal Gold Corporation, David R. Crandall, Vice President, Corporate Secretary and Chief Compliance Officer, Allison Forrest, Vice President, Investment Stewardship, Mike Doerr, Vice President, Controller, Robert Cambruzzi, Vice President, Tax, Matthew Thompson, Vice President and Assistant General Counsel, and Kain Petterson, Vice President, Business Development and Operations of Royal Gold Corporation. Representatives of Ernst & Young LLP, our independent registered public accounting firm, are also attending today's meeting and are available to respond to appropriate questions. We will now conduct the formal business of the meeting. We've designed the format of this virtual meeting to provide stockholders with similar rights and opportunities to participate as they would at an in-person meeting. As is our custom, we will conduct the formal business portion of our meeting first and answer appropriate questions as time allows after the formal portion of this meeting is adjourned. If you have logged into this meeting website as a stockholder, you may submit a question by typing your question in the virtual meeting platform. To ensure that we receive your questions before the Q&A session, we encourage you to submit your questions now. In the meeting materials section of the virtual meeting platform, you will find the meeting agenda and rules of conduct. We appreciate your cooperation with the rules of conduct. Stockholders of record as of the close of business on March 26, 2026, and their duly appointed proxy holders are entitled to vote at this meeting. I have been advised that notice of this meeting was duly given to stockholders of record. The affidavit of mailing and related materials are available for inspection and will be filed with the records of the meeting. Christine Amrhein, our Inspector of Election, has advised that holders of a majority of the outstanding shares of our common stock are represented in person or by proxy at today's meeting. Accordingly, a quorum is present. Because the quorum is present, this meeting is duly convened and ready to conduct business. It is now 9:03 A.M. and the polls are open. Stockholders who have logged in with a valid control number may vote through the virtual meeting platform while the polls are open. If you have already voted by proxy, you do not need to vote again unless you wish to change your vote. Submitting a vote during the meeting will revoke any previously submitted proxy. There are three proposals to be considered at today's meeting. These proposals are described in detail in the proxy statement. Proposal one is the election of two Class III director nominees identified in the proxy statement: Fabiana Chubbs and Sybil E. Veenman, each to serve until the 2029 annual meeting of stockholders. Proposal two is the approval on an advisory basis of the compensation of the company's named executive officers. Proposal three is the ratification of the appointment of Ernst & Young LLP as Royal Gold's independent registered public accounting firm for the fiscal year ending December 31, 2026. No other business has been properly brought before the meeting. The polls will remain open for another moment to allow any stockholder who has not yet voted or who wishes to change a vote to do so now. It is now 9:04 A.M. I declare the polls closed. I've received the preliminary voting results from the Inspector of Election. The preliminary voting results show that each Class III director nominee has been elected. The proposals to approve on an advisory basis the compensation of our named executive officers has been approved. The appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026, has been ratified. We will report the final voting results in a current report on Form 8-K to be filed with the Securities and Exchange Commission after the meeting. There being no further business to come before the meeting, the formal business portion of the meeting is now adjourned. I will now turn the meeting over to our President and Chief Executive Officer William H. Heissenbuttel for a general question and answer session. Thank you, Bill. Good morning, everyone, and thank you for joining us today and for your continued interest in Royal Gold. We will pause for a moment to allow time for questions to be registered. It appears that we have not received any questions for the general Q&A session. Thank you for your time and for attending Royal Gold's Annual Meeting of Stockholders. That concludes today's meeting. Thank you all for joining. You may now disconnect. Everyone, have a great day.

Speaker 3: Good morning, everyone. It is my pleasure to welcome you to Royal Gold's 2026 Annual Meeting of Stockholders. It is shortly after 9:00 A.M. Mountain Time on May 21, 2026, and the meeting is now called to order. I am William M. Hayes, Chairman of the Board of Directors, and I will serve as Chair of this meeting. Before we begin the formal business of the meeting, I would like to introduce each of my fellow directors attending today's meeting, William H. Heissenbuttel, our President and CEO, Fabiana Chubbs, Mark E. Isto, Jamie Sokalsky, Ronald J. Vance, and Sybil E. Veenman. I would also like to introduce the members of management attending today's meeting. Good morning, everyone. good morning everyone It is my pleasure to welcome you to Royal Gold's 2026 Annual Meeting of Stockholders. it is my pleasure to welcome you to royal gold's 2026 annual meeting of stockholders It is shortly after 9:00 A.M. it is shortly after 9:00 a.m Mountain Time on May 21, 2026, and the meeting is now called to order. mountain time on may 21 2026 and the meeting is now called to order I am William M. i am william m Hayes, Chairman of the Board of Directors, and I will serve as Chair of this meeting. hayes chairman of the board of directors and i will serve as chair of this meeting Before we begin the formal business of the meeting, I would like to introduce each of my fellow directors attending today's meeting, William H. Heissenbuttel, our President and CEO, Fabiana Chubbs, Mark E. Isto, Jamie Sokalsky, Ronald J. Vance, and Sybil E. Veenman. before we begin the formal business of the meeting i would like to introduce each of my fellow directors attending today's meeting william h. heissenbuttel our president and ceo fabiana chubbs mark e. isto jamie sokalsky ronald j. vance and sybil e. veenman I would also like to introduce the members of management attending today's meeting. i would also like to introduce the members of management attending today's meeting In addition to Bill Heissenbuttel, we welcome: Paul Libner, Senior Vice President and Chief Financial Officer, Martin Raffield, Senior Vice President of Operations, Dan Breeze, Senior Vice President of Corporate Development, RGLD Gold AG, Randy Shefman, Senior Vice President and General Counsel, Alistair Baker, Senior Vice President, Investor Relations and Business Development of Royal Gold Corporation, Jason Hynes, Senior Vice President, Business Development and Strategy, Royal Gold Corporation, David R. Crandall, Vice President, Corporate Secretary and Chief Compliance Officer, Allison Forrest, Vice President, Investment Stewardship, Mike Doerr, Vice President, Controller, Robert Cambruzzi, Vice President, Tax, Matthew Thompson, Vice President and Assistant General Counsel, and Kain Petterson, Vice President, Business Development and Operations of Royal Gold Corporation. In addition to Bill Heissenbuttel, we welcome: Paul Libner, Senior Vice President and Chief Financial Officer, Martin Raffield, Senior Vice President of Operations, Dan Breeze, Senior Vice President of Corporate Development, RGLD Gold AG, Randy Shefman, Senior Vice President and General Counsel, Alistair Baker, Senior Vice President, Investor Relations and Business Development of Royal Gold Corporation, Jason Hynes, Senior Vice President, Business Development and Strategy, Royal Gold Corporation, David R. Crandall, Vice President, Corporate Secretary and Chief Compliance Officer, Allison Forrest, Vice President, Investment Stewardship, Mike Doerr, Vice President, Controller, Robert Cambruzzi, Vice President, Tax, Matthew Thompson, Vice President and Assistant General Counsel, and Kain Petterson, Vice President, Business Development and Operations of Royal Gold Corporation. in addition to bill heissenbuttel we welcome paul libner senior vice president and chief financial officer martin raffield senior vice president of operations dan breeze senior vice president of corporate development rgld gold ag randy shefman senior vice president and general counsel alistair baker senior vice president investor relations and business development of royal gold corporation jason hynes senior vice president business development and strategy royal gold corporation david r. crandall vice president corporate secretary and chief compliance officer allison forrest vice president investment stewardship mike doerr vice president controller robert cambruzzi vice president tax matthew thompson vice president and assistant general counsel and kain petterson vice president business development and operations of royal gold corporation Representatives of Ernst & Young LLP, our independent registered public accounting firm, are also attending today's meeting and are available to respond to appropriate questions. We will now conduct the formal business of the meeting. Representatives of Ernst & Young LLP, our independent registered public accounting firm, are also attending today's meeting and are available to respond to appropriate questions. representatives of ernst & young llp our independent registered public accounting firm are also attending today's meeting and are available to respond to appropriate questions We will now conduct the formal business of the meeting. we will now conduct the formal business of the meeting We've designed the format of this virtual meeting to provide stockholders with similar rights and opportunities to participate as they would at an in-person meeting. As is our custom, we will conduct the formal business portion of our meeting first and answer appropriate questions as time allows after the formal portion of this meeting is adjourned. If you have logged into this meeting website as a stockholder, you may submit a question by typing your question in the virtual meeting platform. To ensure that we receive your questions before the Q&A session, we encourage you to submit your questions now. In the meeting materials section of the virtual meeting platform, you will find the meeting agenda and rules of conduct. We appreciate your cooperation with the rules of conduct. We've designed the format of this virtual meeting to provide stockholders with similar rights and opportunities to participate as they would at an in-person meeting. we've designed the format of this virtual meeting to provide stockholders with similar rights and opportunities to participate as they would at an in-person meeting As is our custom, we will conduct the formal business portion of our meeting first and answer appropriate questions as time allows after the formal portion of this meeting is adjourned. as is our custom we will conduct the formal business portion of our meeting first and answer appropriate questions as time allows after the formal portion of this meeting is adjourned If you have logged into this meeting website as a stockholder, you may submit a question by typing your question in the virtual meeting platform. if you have logged into this meeting website as a stockholder you may submit a question by typing your question in the virtual meeting platform To ensure that we receive your questions before the Q&A session, we encourage you to submit your questions now. to ensure that we receive your questions before the q&a session we encourage you to submit your questions now In the meeting materials section of the virtual meeting platform, you will find the meeting agenda and rules of conduct. in the meeting materials section of the virtual meeting platform you will find the meeting agenda and rules of conduct We appreciate your cooperation with the rules of conduct. we appreciate your cooperation with the rules of conduct Stockholders of record as of the close of business on March 26, 2026, and their duly appointed proxy holders are entitled to vote at this meeting. I have been advised that notice of this meeting was duly given to stockholders of record. The affidavit of mailing and related materials are available for inspection and will be filed with the records of the meeting. Christine Amrhein, our Inspector of Election, has advised that holders of a majority of the outstanding shares of our common stock are represented in person or by proxy at today's meeting. Accordingly, a quorum is present. Because the quorum is present, this meeting is duly convened and ready to conduct business. It is now 9:03 A.M. and the polls are open. Stockholders who have logged in with a valid control number may vote through the virtual meeting platform while the polls are open. Stockholders of record as of the close of business on March 26 , 2026, and their duly appointed proxy holders are entitled to vote at this meeting. stockholders of record as of the close of business on march 26 2026 and their duly appointed proxy holders are entitled to vote at this meeting I have been advised that notice of this meeting was duly given to stockholders of record. i have been advised that notice of this meeting was duly given to stockholders of record The affidavit of mailing and related materials are available for inspection and will be filed with the records of the meeting. the affidavit of mailing and related materials are available for inspection and will be filed with the records of the meeting Christine Amrhein, our Inspector of Election, has advised that holders of a majority of the outstanding shares of our common stock are represented in person or by proxy at today's meeting. christine amrhein our inspector of election has advised that holders of a majority of the outstanding shares of our common stock are represented in person or by proxy at today's meeting Accordingly, a quorum is present. accordingly a quorum is present Because the quorum is present, this meeting is duly convened and ready to conduct business. because the quorum is present this meeting is duly convened and ready to conduct business It is now 9:03 A.M. and the polls are open. it is now 9:03 a.m and the polls are open Stockholders who have logged in with a valid control number may vote through the virtual meeting platform while the polls are open. stockholders who have logged in with a valid control number may vote through the virtual meeting platform while the polls are open If you have already voted by proxy, you do not need to vote again unless you wish to change your vote. Submitting a vote during the meeting will revoke any previously submitted proxy. There are three proposals to be considered at today's meeting. These proposals are described in detail in the proxy statement. Proposal one is the election of two Class III director nominees identified in the proxy statement: Fabiana Chubbs and Sybil E. Veenman, each to serve until the 2029 annual meeting of stockholders. Proposal two is the approval on an advisory basis of the compensation of the company's named executive officers. Proposal three is the ratification of the appointment of Ernst & Young LLP as Royal Gold's independent registered public accounting firm for the fiscal year ending December 31, 2026. No other business has been properly brought before the meeting. If you have already voted by proxy, you do not need to vote again unless you wish to change your vote. if you have already voted by proxy you do not need to vote again unless you wish to change your vote Submitting a vote during the meeting will revoke any previously submitted proxy. submitting a vote during the meeting will revoke any previously submitted proxy There are three proposals to be considered at today's meeting. there are three proposals to be considered at today's meeting These proposals are described in detail in the proxy statement. these proposals are described in detail in the proxy statement Proposal one is the election of two Class III director nominees identified in the proxy statement: Fabiana Chubbs and Sybil E. Veenman, each to serve until the 2029 annual meeting of stockholders. proposal one is the election of two class iii director nominees identified in the proxy statement fabiana chubbs and sybil e. veenman each to serve until the 2029 annual meeting of stockholders Proposal two is the approval on an advisory basis of the compensation of the company's named executive officers. proposal two is the approval on an advisory basis of the compensation of the company's named executive officers Proposal three is the ratification of the appointment of Ernst & Young LLP as Royal Gold's independent registered public accounting firm for the fiscal year ending December 31, 2026. proposal three is the ratification of the appointment of ernst & young llp as royal gold's independent registered public accounting firm for the fiscal year ending december 31 2026 No other business has been properly brought before the meeting. no other business has been properly brought before the meeting The polls will remain open for another moment to allow any stockholder who has not yet voted or who wishes to change a vote to do so now. It is now 9:04 A.M. I declare the polls closed. I've received the preliminary voting results from the Inspector of Election. The preliminary voting results show that each Class III director nominee has been elected. The proposals to approve on an advisory basis the compensation of our named executive officers has been approved. The appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026, has been ratified. We will report the final voting results in a current report on Form 8-K to be filed with the Securities and Exchange Commission after the meeting. The polls will remain open for another moment to allow any stockholder who has not yet voted or who wishes to change a vote to do so now. the polls will remain open for another moment to allow any stockholder who has not yet voted or who wishes to change a vote to do so now It is now 9:04 A.M. it is now 9:04 a.m I declare the polls closed. i declare the polls closed I've received the preliminary voting results from the Inspector of Election. i've received the preliminary voting results from the inspector of election The preliminary voting results show that each Class III director nominee has been elected. the preliminary voting results show that each class iii director nominee has been elected The proposals to approve on an advisory basis the compensation of our named executive officers has been approved. the proposals to approve on an advisory basis the compensation of our named executive officers has been approved The appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026, has been ratified. the appointment of ernst & young llp as our independent registered public accounting firm for the fiscal year ending december 31 2026 has been ratified We will report the final voting results in a current report on Form 8-K to be filed with the Securities and Exchange Commission after the meeting. we will report the final voting results in a current report on form 8-k to be filed with the securities and exchange commission after the meeting There being no further business to come before the meeting, the formal business portion of the meeting is now adjourned. I will now turn the meeting over to our President and Chief Executive Officer William H. Heissenbuttel for a general question and answer session. There being no further business to come before the meeting, the formal business portion of the meeting is now adjourned. there being no further business to come before the meeting the formal business portion of the meeting is now adjourned I will now turn the meeting over to our President and Chief Executive Officer William H. Heissenbuttel for a general question and answer session. i will now turn the meeting over to our president and chief executive officer william h. heissenbuttel for a general question and answer session

Speaker 2: Thank you, Bill. Good morning, everyone, and thank you for joining us today and for your continued interest in Royal Gold. We will pause for a moment to allow time for questions to be registered. It appears that we have not received any questions for the general Q&A session. Thank you for your time and for attending Royal Gold's Annual Meeting of Stockholders. That concludes today's meeting. Thank you, Bill. thank you bill Good morning, everyone, and thank you for joining us today and for your continued interest in Royal Gold. good morning everyone and thank you for joining us today and for your continued interest in royal gold We will pause for a moment to allow time for questions to be registered. we will pause for a moment to allow time for questions to be registered It appears that we have not received any questions for the general Q&A session. it appears that we have not received any questions for the general q&a session Thank you for your time and for attending Royal Gold's Annual Meeting of Stockholders. thank you for your time and for attending royal gold's annual meeting of stockholders That concludes today's meeting. that concludes today's meeting

Speaker 1: Thank you all for joining. You may now disconnect. Everyone, have a great day. Thank you all for joining. thank you all for joining You may now disconnect. you may now disconnect Everyone, have a great day. everyone have a great day