ROYAL GOLD INC

Election of Three Class II Director Nominees to Serve until the 2028 Annual MeetingThe Board recommends you vote FOR each director nominee. These individuals bring a range of relevant experience and overall diversity of perspectives that is essential to good governance and leadership of Royal Gold.

(see page 11)

Advisory Vote on Executive CompensationThe Board recommends you vote FOR this “say-on-pay” advisory proposal because the Board believes that our compensation policies and practices are effective in achieving our compensation goals of paying a competitive salary, providing attractive annual and long-term incentives to reward growth, and linking management interests with stockholder interests.

(see page 38)

Approval of the Royal Gold, Inc. 2025 Incentive PlanThe Board recommends you vote FOR the approval of the 2025 Incentive Plan. We believe that voting in favor of the 2025 Incentive Plan is important, as a well-designed equity program serves to strengthen the alignment of employees’ long-term economic interests with those of stockholders while not causing unreasonable dilution to stockholders.

(see page 68)

Ratification of Appointment of Ernst & Young LLP as Independent Auditor for 2025The Board recommends you vote FOR this proposal. Our Audit Committee has selected Ernst & Young LLP to serve as our independent registered public accounting firm for 2025 and is asking stockholders to ratify this selection.

(see page 78)