Merrill-Crowe A separation technique typically used for removing silver and gold from the solution obtained by cyanide leaching, particularly when there is a high amount of silver present. Million tonne per annum (Mtpa) Represents a million times more material than tonne per annum (see tonne per annum definition below). Modified Avoca Mining Single end access longhole retreat mining method with backfill used in orebodies with weak wall rocks. National Instrument 43-101 (NI 43-101) A national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada. This includes foreign-owned mining entities who trade on stock exchanges overseen by the Canadian Securities Administrators, even if they only trade on Over-the-Counter (OTC) derivatives or other instrumented securities. Net CFC Tested Income (NCTI) The excess of the pro rata share of tested income over the aggregate pro rata share of tested loss. Net profits interest (NPI) royalty A defined percentage of profits less certain contract-defined expenses. Net smelter return (NSR) royalty A defined percentage of the gross revenue from a resource extraction operation less a proportionate share of incidental transportation, insurance, refining and smelting costs. Net value royalty (NVR) A defined percentage of the gross revenue from a resource extraction operation less certain contract-defined costs. Non-refractory ores Ore that is amenable to gold extraction using cyanide. Open-pit mining A surface mining technique that extracts minerals from an open-pit in the ground. Open-stoping Stoping is practiced in underground mineral mining when the surrounding rock is strong enough to permit the drilling, blasting, and removal of ore without caving. In mines where the rock requires no artificial support, the operation is known as open stoping. Oxide ore A mineral or compound characterized by the linkage of oxygen, hydroxide, carbonate or sulfate with a metal or semimetal. Passive income Income earned from property (i.e. rental, interest income, royalties, etc.). Paste-backfill Backfill material consisting of dewatered tailings and binder prepared at a high density for backfilling underground stopes. Paste backfill has little or no water discharge. Payable metal Ounces or pounds of metal after deduction of a percentage of metal in concentrate by a third- party smelter pursuant to smelting contracts. Polymetallic A deposit type composed of a combination of different metals. Porphyry deposits Intrusion-related, large tonnage low grade mineral deposits with metal assemblages that may include all or some of copper, molybdenum, gold and silver. Preliminary Economic Assessment (PEA) or Scoping Study Early-stage conceptual assessment of the potential economic viability of mineral resources. Generally based on industry standards. Also referred to as a Scoping Study. Preliminary Feasibility Study/ Pre- Feasibility Study (PFS) Economic and engineering studies sufficient to demonstrate economic viability and establish mineral reserves. Similar to a Preliminary Economic Assessment; however, it is more precise and contains more detailed information, including project specific metrics. Generally contains a significant focus on options analysis. Pressure oxidation A hydrometallurgical process that recovers metals from sulphide ores by injecting oxygen into slurry in an autoclave vessel. Operating at high pressures and temperatures, the exothermic process generates heat and acid. Produced metal Refers to the metal recovered from mine site operations and contained in the form of either concentrate, cathode or doré. Pulp agglomeration A process of grinding high grade ore (the pulp), combining with cement, and tumbling to form round balls. Term Definition Royal Gold | 2025/2026 Asset Handbook 225 INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS