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Royal Gold to Acquire Sandstorm Gold Royalties and Horizon Copper CREAT ING A L ARGE -SCALE , INDUSTRY - LEAD I NG ROYALTY COMPAN Y
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2 CAUTIONARY NOTE REGARDING FORWARD -LOOKING INFORMATION AND NON -IF RS MEASURES ROYAL GOLD SANDSTORM ACQUISITION Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements”, within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm Gold Ltd. (“Sandstorm” or the “Company”). Forward-looking statements include, but are not limited to statements regarding performance and expectations including Sandstorm’s current year guidance and long-term outlook, which are based on public forecasts and other disclosure by the third-party owners and operators of our assets or on the Company’s assessment thereof including certain estimates based on such information; expectations regarding financial strength, trading liquidity, and capital markets profile; the completion of the Transactions and the timing thereof, the realization of synergies and expected premiums in connection with the Transactions, the identification of future accretive opportunities, permitting requirements and timelines, the future price of the Royal Gold Shares, the results of any preliminary economic assessment, Pre-Feasibility Study or Feasibility Study, the receipt of required approvals for the Transaction, the availability of the exemption under Section 3(a)(10) of the U.S. Securities Act to the securities issuable pursuant to the Sandstorm Transaction, the future price of gold, silver, copper, iron ore and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates; the timing and amount of estimated future production, including changes to production guidance; and statements with respect to Sandstorm’s normal course issuer bid (“NCIB”) and the number of Common Shares that may be purchased under the NCIB. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm Gold Royalties to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm Gold Royalties will operate in the future, including the receipt of all required approvals and the timing thereof, the realization of synergies and premiums, and the price of gold and copper and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals or the timing of such approvals, changes in business plans and strategies, market conditions, share prices, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, guidance produced by third parties, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled “Risks to Sandstorm” in the Company’s annual report for the financial year ended December 31, 2024 and the section entitled “Risk Factors” contained in the Company’s annual information form dated March 31, 2025 available at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws. Sandstorm has included certain performance measures in this presentation that do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”), which may include: (i) adjusted EBITDA (ii) attributable gold equivalent ounce, (iii) average cash cost per attributable gold equivalent ounce, (iv) cash operating margin, and (v) cash flows from operating activities excluding changes in non-cash working capital. The trailing 12-month adjusted EBITDA of Pro-Forma Royal Gold has been calculated for the 12-month period ending March 31, 2025, giving effect to the Transactions as if they were in place as at April 1, 2024. Adjusted EBITDA is calculated by taking net income (loss) and adding (deducting) depletion, depreciation and amortization, non-cash share-based compensation, losses (gains) on disposal, impairment and contractual income from Stream, royalty and other interests, fair value losses (gains) on revaluation of investments, non-cash losses (gains) on revaluation of stream obligations, non-cash losses (gains) from changes in estimated timing of cash flows of promissory notes, finance expense, (finance income), income tax expense and income (loss) attributable to non-controlling interests. Adjusted EBITDA is presented on a pro forma basis as Sandstorm believes that certain investors will use this information to evaluate the pro forma company’s performance and ability to generate cash flow in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis. See Appendix B for a full reconciliation of the adjusted EBITDA figure. Attributable gold equivalent ounce is a non-IFRS financial ratio that uses total sales, royalties, and income from other interests as a component. Attributable gold equivalent ounce is calculated by dividing the Company’s total sales, royalties, and income from other interests, less revenue attributable to non-controlling shareholders for the period, by the average realized gold price per ounce from the Company’s gold streams for the same respective period. The Company presents Attributable Gold Equivalent ounce as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis. Average cash cost per attributable gold equivalent ounce is calculated by dividing the Company’s cost of sales, excluding depletion by the number of attributable gold equivalent ounces. The Company presents average cash cost per Attributable Gold Equivalent ounce as it believes that certain investors use this information to evaluate the Company’s performance and ability to generate cash flow in comparison to other streaming and royalty companies in the precious metals mining industry who present results on a similar basis. Cash operating margin is calculated by subtracting the average cash cost per attributable gold equivalent ounce from the average realized gold price per ounce from the Company’s gold streams. The Company presents cash operating margin as it believes that certain investors use this information to evaluate the Company’s performance and ability to generate cash flow in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis. Cash flows from operating activities excluding changes in non-cash working capital is a non-IFRS financial measure that is calculated by adding back the decrease or subtracting the increase in changes in non-cash working capital to or from cash provided by (used in) operating activities. The Company presents cash flows from operating activities excluding changes in non-cash working capital as it believes that certain investors use this information to evaluate the Company’s performance in comparison to other streaming and royalty companies in the precious metals mining industry that present results on a similar basis. For the most recent numerical reconciliation of the non-IFRS financial measures described above, refer to the section “Non-IFRS and Other Measures” in the Company’s most recent MD&A, which is available on SEDAR+ at www.sedarplus.ca. The presentation of these non-IFRS financial measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS financial measures differently. All figures in US dollars unless otherwise stated.
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Royalty Company.The World’s Newest Gold Focused High Quality Most Diversified Large-Scale ROYAL GOLD SANDSTORM ACQUISITION
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4 TRANSACTION OVERVIEW ROYAL GOLD SANDSTORM ACQUISITION Proposed Transaction Royal Gold to acquire all issued and outstanding shares of Sandstorm Gold Royalties and of Horizon Copper by way of concurrent Plans of Arrangement. SANDSTORM GOLD ROYALTIES HORIZON COPPER Consideration Shareholders will receive 0.0625 shares of Royal Gold for every one Sandstorm Share, representing 21% premium to 20-Day Sandstorm VWAP Shareholders will receive cash consideration of C$2.00 per Horizon Share, representing 85% premium to 20-Day Horizon VWAP Ownership Post-completion of the Transaction, Sandstorm shareholders and Royal Gold shareholders will own approximately 23% and 73%, respectively, of the New Royal Gold on a fully diluted basis. Termination Fee US$200 million payable to Sandstorm US$15 million payable to Horizon US$130 million payable to Royal Gold US$10 million payable to Royal Gold Board & Management The New Royal Gold will continue under the name of “Royal Gold Inc” and remain listed on the NASDAQ, with the existing Royal Gold Board and management intact Approvals & Conditions • Approved by the Boards of Directors of Royal Gold, Sandstorm, and Horizon with support agreements signed by all Directors and officers of Royal Gold, Sandstorm, and Horizon • Approval required by Royal Gold, Sandstorm, and Horizon shareholders • Sandstorm Transaction subject to completion of Horizon Transaction, which can be waived by Royal Gold at its sole discretion • Subject to approval under the Competition Act (Canada) and other customary court and regulator approvals Expected Timing Fourth Quarter of 2025 TRANSACTION OVERVIEW
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5 Attractive and Immediate Premiums 1) Price per Share as of July 3, 2025 on the TSX for Sandstorm and July 4 on the TSX for Horizon Copper. Consensus NAVPS data as of July 3, 2025 Source: S&P Global Royal Gold Pro-Forma Ownership in Canadian Dollars SANDSTORM HORIZON Price Per Share1 $13.09 $1.16 Exchange Ratio 0.0625 – Implied Offer Price Per Share $15.25 $2.00 Implied Premium to 20-Day VWAP 21% 85% Consensus NAVPS1 $9.84 $2.00 TRANSACTION PREMIUMS 23% Sandstorm Shareholders 77% Royal Gold Shareholders ROYAL GOLD SANDSTORM ACQUISITIONTRANSACTION OVERVIEW
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6 A compelling transaction for shareholders with day-one premium and long-term exposure to gold upside. BENEFITS TO SANDSTORM SHAREHOLDERS Attractive and immediate premiums while share prices are nearing all-time highs Maintains exposure to existing gold-focused, high-quality, long-life portfolio with built-in optionality Daylights intrinsic value of asset portfolio, closing valuation gap between Sandstorm and mid-cap peers Improves pro-forma portfolio maturity, reducing relative concentration of development assets Meaningful long-term re-rating potential of an attractive, large-scale, highly diversified, long-life royalty company ROYAL GOLD SANDSTORM ACQUISITIONTRANSACTION RATIONALE
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7 STRATEGIC RATIONALE Mature, Americas-focused portfolio of approximately 400 royalties and streams, including 80 cash-flowing assets Industry-leading royalty portfolio with key gold growth assets Significant free cash flow and strong balance sheet combined TTM EBITDA of approximately $785 million1 High-quality, long-life assets with built-in optionality, increase P&P attributable GEOs to 18x 2025 GEO sales2 Larger-scale and increased liquidity attractive to broader investor base Royal Gold will host an industry-leading portfolio of diversified, high-quality, long-life assets. ROYAL GOLD SANDSTORM ACQUISITIONTRANSACTION RATIONALE 1) TTM Adjusted EBITDA from April 1, 2024 —March 31, 2025. Source: Company filings. Non-IFRS measure, see cautionary note and Appendix B for more information. 2) See slide 13.
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8 2.4x 2.2x 1.9x 1.6x1.6x 1.3x 73koz 280koz 353koz 0k 100k 200k 300k 400k 500k 600k 700k Consensus Price/NAV2 2025 Production Guidance1 Gold Equivalent Ounces 150koz by 2030 Production Driving Value 1) Based on mid-point of Royal Gold’s sales volume guidance and consensus metal prices of US$3,025/oz Au, US$32.95/ lb Ag, US$4.20/lb Cu in 2025 and mid-point of Sandstorm 2025 guidance. 2) Source: CapIQ as of July 2, 2025 ROYAL GOLD SANDSTORM ACQUISITIONTRANSACTION RATIONALE
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9 A World-Class Royalty Portfolio 393 Streams & Royalties 80 Cash-Flowing Assets 47 Development Assets MT MILLIGAN CORTEZ ANTAMINA ANDACOLLO KHOEMACAU PLATREEF HOD MADEN OYU TOLGOI GREENSTONE PUEBLO VIEJO MARA ROYAL GOLD SANDSTORM ACQUISITION
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10 Gold-First Royalty & Stream Portfolio With approximately 90% of NAV attributable to precious metals assets 78% Gold 11% Silver 9% Copper Other NAV By Metal ~90% Precious Metals ROYAL GOLD SANDSTORM ACQUISITIONTRANSACTION RATIONALE 1) Based on consensus asset NAV (available analyst estimates) as of June 25, 2025
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11 A Mature, Diversified, Americas-Focused Royalty Portfolio ROYAL GOLD SANDSTORM ACQUISITION 78% 19% 3% 54%22% 15% 9%Producing Development Other North America South America Africa Other NAV by Stage NAV by Region TRANSACTION RATIONALE 1) NAV by Stage and NAV by Region based on consensus asset NAV (available analyst estimates) as of June 25, 2025
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12 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Pro-Forma Royal Gold Franco Nevada Wheaton Royal Gold Most Diversified Large-Scale Royalty Company Maintains Sandstorm's peer-leading portfolio diversification 1) BMO Capital Markets Equity Research asset NPV estimates. Top 10 Assets by NAV1 59% 60% 73% 79% Asset 1 Asset 2 Asset 3 Asset 4 Asset 5 Asset 6–10 ROYAL GOLD SANDSTORM ACQUISITIONTRANSACTION RATIONALE
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13 Sustainable Production with Long-life Assets 1) Sandstorm & Horizon attributable royalty ounces have been calculated using a methodology similar to Royal Gold’s AGEOs, which differs slightly to Sandstorm’s method used in its asset handbook including, but not limited to: accounting for stream ongoing payment, not factoring for recovery or payability, and using commodity price assumptions from RGLD AGEO calculation in the 2024 Asset Handbook of: $2,550/oz gold, $30/oz silver, $4.00/lb copper, $0.85/lb lead, $1.20/lb zinc, $6.75/lb nickel, $13/lb cobalt, and $19/lb molybdenum. Top Principal Assets by NAV ASSET COUNTRY STAGE % of NAV Mt. Milligan Canada Producing 13% Pueblo Viejo Dominican Republic Producing 10% Cortez United States Producing 8% Andacollo Chile Producing 7% Khoemacau Botswana Producing 6% Hod Maden Türkiye Development 5% Wassa Ghana Producing 3% Platreef South Africa Construction 3% Antamina Peru Producing 3% MARA Argentina Development 3% 4 Moz Proven & Probable 7 Moz Proven & Probable 5 Moz Measured & Indicated 7 Moz Measured & Indicated 3 Moz Inferred 4 Moz Inferred Current Pro-Forma 18x GEO Sales Based on 2025 Pro-Forma Production Royal Gold Attributable Gold Equivalent Ounces 1 ROYAL GOLD SANDSTORM ACQUISITIONTRANSACTION RATIONALE
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14 Robust Cash Flow and Strong Balance Sheet Nearly $800 million of EBITDA on a pro-forma basis1 with over $600 million in available capital under Royal Gold’s existing credit facility2. $9 M $149 M $628 M $786 M $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 Horizon Sandstorm Royal Gold Pro-Forma Trailing 12 Months EBITDA1 (US$ millions) ~0.5x Net Debt/ EBITDA3 2.3x Net Debt/ EBITDA ROYAL GOLD SANDSTORM ACQUISITIONTRANSACTION RATIONALE 1) TTM Adjusted EBITDA from April 1, 2024 —March 31, 2025. Source: Company filings. Non-IFRS measure, see cautionary note and Appendix B for more information. 2) Estimated available capital assuming $375 million drawn upon Royal Gold’s credit facility. On a pro -forma basis 3) Estimated Net debt/EBITDA as if transaction closed on March 31, 2025
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15 Franco Wheaton Royal Gold Triple Flag OR Royalties Sandstorm New Royal Gold $0.0B $0.5B $1.0B $1.5B $2.0B $2.5B $3.0B $3.5B $0B $5B $10B $15B $20B $25B $30B $35B $40B $45B Available Liquidity (USD) Market Capitalization (USD) Source: Capital IQ, Sandstorm Pro-forma estimates. A Royalty Company with Meaningful Scale and Liquidity with Room to Grow $20.5B threshold for U.S. companies to be included in S&P 500 ROYAL GOLD SANDSTORM ACQUISITIONTRANSACTION RATIONALE
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16 Ivanhoe Mines Platreef Barrick Gold Robertson Cortez Complex SSR Mining Hod Maden AISA Group Gualcamayo Deep Carbonates $30M Production Payment Robust Development Pipeline Platreef, Robertson, Great Bear, Warintza and Hugo North Extension production timing based on mine operator public disclosure. Hod Maden, MARA, and Gaulcamayo DCP production timeline based on Sandstorm estimates. Rio Tinto Oyu Tolgoi Hugo North Ext. Glencore MARA Solaris Warintza Kinross Great Bear 2025 2027 2028 2028/2029 2029 2029 20302030 ROYAL GOLD SANDSTORM ACQUISITIONKEY ASSETS
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17 OPERATOR LOCATION STAGE Mount Milligan Centerra Gold Inc. Canada Producing 2036 Cornerstone Asset with over $1.5 Billion in Attributable Revenue to Date ▪ PFS expected in Q3 2025, evaluate options for additional tailings capacity and throughput increase ▪ Centerra optimistic about Mount Milligan’s potential to operate for multiple decades into the future. ▪ Optimization program ongoing and 45km drilling planned for 2025 MINE LIFE 168 koz Au, 54 Mlbs Cu 2024 PRODUCTION (100% BASIS) $186 million 2024 REVENUE TO ROYAL GOLD 35% of Au @ $435/oz 18.75% of Cu @ 15% of spot + Cost Support Payments TERMS ROYAL GOLD SANDSTORM ACQUISITIONKEY ASSETS
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18 OPERATOR LOCATION STAGE Pueblo Viejo Barrick Gold Corp. (60% owner) Dominican Republic Producing 2046 One of the Largest Tier -One Gold Mines in Latin America Longer-term average production outlook of 800koz gold per year from 20261 to mid-2040’s 1) Barrick Investor Presentation – May 2025 MINE LIFE 352 koz Au, 824 Moz Ag 2024 PRODUCTION (100% BASIS) $83 million 2024 REVENUE TO ROYAL GOLD 7.5% of Au @ 30% of spot 75% of Ag @ 30% of spot applicable to Barrick’s 60% interest TERMS ROYAL GOLD SANDSTORM ACQUISITIONKEY ASSETS
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19 OPERATOR LOCATION STAGE Cortez Barrick Gold Corp. Nevada, United States Producing 2043 Production target of 1.1 million ounces annually in the next 5 years ▪ Tier 1 gold mine in Barrick’s portfolio ▪ Expected 2025 production of 680-765koz ▪ Additional growth of +500koz once Fourmile developed MINE LIFE 722 koz Au 2024 PRODUCTION (100% BASIS) $70 million 2024 REVENUE TO ROYAL GOLD Four blended GSR royalties on various areas • 9.4% GSR • 1.6% GSR • 2.2% GSR • 0.45% GSR TERMS One of the America’s Largest Gold Mining Complexes ROYAL GOLD SANDSTORM ACQUISITIONKEY ASSETS
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20 OPERATOR LOCATION STAGE Andacollo Teck Resources Ltd. Chile Producing 20371 ▪ Higher copper production levels due to higher grade ore expected from 2025- 2027 ▪ Gold and copper grades have been relatively positively correlated 1) Mine life expected to continue through 2037, although Teck has reported that additional environmental permits will be required to extend mine life beyond 2031. MINE LIFE 21 koz Au, 39.7 kt Cu 2024 PRODUCTION (100% BASIS) $47.5 million 2024 REVENUE TO ROYAL GOLD 100% of Au until 900 koz delivered, then 50% of Au thereafter Ongoing payment: 15% of monthly average Au price TERMS A Large Open -pit Copper Mine, with Strong Senior Operator ROYAL GOLD SANDSTORM ACQUISITIONKEY ASSETS
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21 OPERATOR LOCATION STAGE Antamina Peru Glencore, BHP, Teck, Mitsubishi Producing 2036 The World’s 4 th Largest Copper Mine 1 Extending Operations Through 2036 and Beyond ▪ Modified Environmental Impact Assessment granted in February 20242 resulting in $2B, 8-year investment in mine optimization ▪ Extends permitted pit depth by 150m, allowing operations through 2036 with no cash outlay from Horizon ▪ Permits consider potential throughput expansion 1) S&P Global: 2024 actual production of top global copper mines on copper equivalent basis 2) See Compañia Minera Antamina SA’s press release dated Feb 15, 2024 and Teck Resources’ press release dated Feb 21, 2024 Source: Teck Resources; Franco Nevada. Topography shown prior to 2001 commercial production. Pit shells reflect reserve and r esource estimates as at Dec 31, 2014. Measured and Indicated Resources, inclusive of Reserves, total 900Mt, e¥ective December 31, 2023. Proven and Probable Reserves were 226Mt, e¥ective December 31, 2023. (Source: Glencore plc). MINE LIFE 427,000 tonnes Cu 2024 PRODUCTION (100% BASIS) $17 million 2024 NPI REVENUE 1.66% NPI TERMS Mineralized Skarn Indicative Cross Section3 Reserve Pit Resource Pit ROYAL GOLD SANDSTORM ACQUISITIONKEY ASSETS
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22 OPERATOR LOCATION STAGE Hod Maden SSR Mining Türkiye Development 13 years Unparalleled High -Grade Gold -Copper Project ▪ 2 million ounces of gold over an initial 13-year mine life2 ▪ High-grade gold-copper project (average head grade of 8.8 g/t) 2 ▪ Low-cost operation in first quartile of total cash costs ▪ Permitted for construction; early works underway 1) Price Assumptions for AuEq calculation: $1,600/oz Au, $3.20/lb Cu. Source: S&P Market Intelligence, Company disclosures, and technical reports as of November 24, 2021. LaRonde incl. LRZ5, Cortez (underground). 2) See Hod Maden Feasibility Study. INITIAL MINE LIFE 159,000 oz Au, 19.6 Mlb Cu AVERAGE ANNUAL PRODUCTION (100% BASIS) 2% NSR 30% non -operating interest TERMS Copper-Gold Project Comparison1 Relative Size = Contained Reserves (AuEq oz) ROYAL GOLD SANDSTORM ACQUISITIONKEY ASSETS
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23 OPERATOR LOCATION STAGE MARA Glencore Argentina Development 28 years 1 Glencore’s most Advanced Copper -Gold Growth Project ▪ Potential to become a top 25 copper mine globally ▪ Leveraging existing infrastructure to reduce capital intensity 1) See 2022 Prefeasibility Study. INITIAL MINE LIFE 20,000–30,000 oz Au (stream) AVERAGE ANNUAL ATTRIBUTABLE GEOS 0.25% NSR convertible to a 20% gold stream @ ongoing payment of 30% spot Stream conversion payment: $225 million TERMS *Conveyor belt path indicative ROYAL GOLD SANDSTORM ACQUISITIONKEY ASSETS
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24 OPERATOR LOCATION STAGE Platreef Ivanhoe Mines South Africa Construction 29 years World’s Largest Development PGM Mine Accelerating Expansion Phase 1 & 2: targeting production capacity of ~400 koz 4PE annually Phase 2: accelerated by hoisting with both Shaft #1 and Shaft #3 Phase 3: Largest shaft in Africa under construction; lifts hoisting capacity to 12 Mtpa 1) Includes Phases 1–3. INITIAL MINE LIFE 15,000–20,000 1 oz Au AVERAGE ANNUAL ATTRIBUTABLE GEOS 37.5% of Au @ $100/oz Au until 131koz delivered; then 30% of Au @ $100/oz Au until 257 koz TERMS Source: Ivanhoe Mines Ltd. ROYAL GOLD SANDSTORM ACQUISITIONKEY ASSETS
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25 APPENDIX A ROYAL GOLD SANDSTORM ACQUISITION APPENDIX A gold globe with a world map on it AI-generated content may be incorrect. A close-up of a book AI-generated content may be incorrect. Download Download Pro-Forma Asset List
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26 APPENDIX B ROYAL GOLD SANDSTORM ACQUISITIONAPPENDIX In $000s Trailing 12 Months Ended Mar 31, 2025 3 Months Ending Mar 31, 2025 3 Months Ending Dec 31, 2024 3 Months Ending Sep 30, 2024 3 Months Ending Jun 30, 2024 Royal Gold 1 Net income and comprehensive income $ 398,749 $ 113,578 $ 107,521 $ 96,330 $ 81,320 Depreciation, depletion and amortization 138,656 32,995 33,737 36,177 35,747 Non-cash employee stock compensation 12,102 3,198 2,579 2,977 3,348 Fair value loss (gain) on revaluation of investments 549 37 24 425 63 Interest and other, net 1,218 (893) (179) 581 1,709 Income tax expense 76,968 10,389 26,078 21,510 18,991 Income (loss) attributable to non -controlling interests (393) (80) (113) (88) (112) Royal Gold Adjusted EBITDA $ 627,849 $ 159,224 $ 169,647 $ 157,912 $ 141,066 Sandstorm Net income (loss) for the period $ 30,617 $ 11,257 $ 3,064 $ 5,794 $ 10,502 Depreciation, depletion and amortization 59,704 14,680 15,705 14,358 14,961 Non-cash employee stock compensation 7,425 1,563 1,863 2,009 1,990 Loss (gain) on disposal, impairment and contractual income from Stream, royalty and other interests 2,533 (752) (139) — 3,424 Fair value loss (gain) on revaluation of investments (909) 576 2,132 3,818 (7,435) Finance expense 32,525 6,865 7,980 8,708 8,972 Income tax expense 16,292 6,099 4,751 1,752 3,690 Income (loss) attributable to non -controlling interests (1,624) (753) (2) (395) (474) Share of net income (loss) of Horizon Copper 2,771 357 1,839 446 129 Sandstorm Adjusted EBITDA $ 149,334 $ 39,892 $ 37,193 $ 36,490 $ 35,759 Horizon Net income (loss) $ (57,970) $ (17,125) $ (4,101) $ (33,259) $ (3,485) Depreciation, depletion and amortization 7,205 1,353 1,663 1,979 2,210 Non-cash employee stock compensation & other 520 201 95 76 148 Loss (gain) on revaluation of stream obligations 50,177 15,981 (1,205) 32,122 3,279 Loss (gain) from change in estimated timing of cash flows of promissory notes (1,535) (2,306) (139) 910 — Finance expense 11,703 2,944 3,018 2,913 2,828 Finance income (1,604) (418) (423) (390) (373) Income tax expense 94 32 26 20 16 Horizon Copper Adjusted EBITDA $ 8,590 $ 662 $ (1,066) $ 4,371 $ 4,623 Reconciliation of Adjusted EBITDAs 1) Royal Gold’s net income is reported in accordance with US GAAP financial reporting standards; any reconciling differences between IFRS and US GAAP are not expected to have a material impact on Adjusted EBITDA.