Deleterious Elements that can negatively influence the quality and valuation of the product. Deposit A natural accumulation of minerals in the earth’s crust, in the form of one or several mineral bodies, which can be extracted at the present time or in the immediate future. Doré A semi-pure alloy of gold and silver. It is usually created at the site of a mine and then transported to a refinery for further purification. Double refractory ore Ore that contain both pyrite and carbonaceous matter and the latter results in the loss of gold from solution during cyanide leaching. Drift-and-fill Drift-and-fill is similar to cut-and-fill (see definition), except that it is used in ore zones that are wider than the method of drifting will allow to be mined. In this case, the first drift is developed in the ore, and is backfilled using consolidated fill. The second drift is driven adjacent to the first drift. Feasibility Study (FS) Detailed study of how a mine will be built, used as the basis for a production decision. Similar to a Preliminary Feasibility Study, but at a higher level of accuracy and detail. Flotation A method used to separate and concentrate ores by altering their surfaces to a hydrophobic or hydrophilic condition—that is, the surfaces are either repelled or attracted by water. Global Intangible Low-Taxed Income (GILTI) A tax framework for income earned abroad by controlled subsidiaries of U.S. corporations from easily movable intangible assets. Gold equivalent ounce (GEO) A metric that converts values of non-gold metals into an equivalent amount of gold based on metal price assumptions. Gravity concentration The process by which particles of different sizes, shapes, and densities are separated from each other by the force of gravity or centrifugal force. Greenfield Areas devoid of mining history. Gross smelter return (GSR) royalty A defined percentage of the gross revenue from a mineral resource extraction operation, less, if applicable, certain contract-defined costs paid by or charged to the operator. Gross value (GV) royalty A defined percentage of the gross revenue from a mineral resource extraction operation before any deductions for expenses. Gross proceeds royalty (GPR) A defined percentage of the gross revenue from a mineral resource extraction operation, based on contained metal mined rather than recovered metal, before any deductions for expenses. Heap leach Heap leaching is an industrial mining process used to extract precious metals, copper, uranium, and other compounds from ore using a series of chemical reactions that absorb specific minerals and re- separate them after their division from other earth materials. High Pressure Grinding Rolls (HPGR) A type of grinding machinery that uses inter-particle grinding to reduce particle size and increase grinding efficiency by transferring pressure to particles from multiple directions. Hydrometallurgy A technique within the field of extractive metallurgy. Hydrometallurgy involves the use of aqueous solutions for the recovery of metals from ores, concentrates, and recycled or residual materials. Hypogene Describes mineralization within and below the Earth’s crust that is caused by ascending thermal fluids, which derive from a magmatic source and have not been altered by surface oxidation. In-situ Situated in the original, natural, or existing place or position. Life-of-mine (LOM) Number of years that an operation is scheduled to mine and/or treat ore, and is based on the current mine plan. Loaded carbon Activated carbon that has adsorbed materials such as gold. Long-hole stoping A form of sub-level open stoping, which involves excavating ore in a series of horizontal or sub- horizontal levels, known as stopes. This mining method uses blastholes drilled by a production drill to a predetermined pattern. Longitudinal retreat A longhole open stoping method where the length of a mining block is developed and stoping then retreats back towards the access points. Term Definition 224 Royal Gold | 2025/2026 Asset Handbook INTRODUCTION ATTRIBUTES OF OUR BUSINESS PORTFOLIO OVERVIEW EXPECTED PERFORMANCE AND OUTLOOK PORTFOLIO DETAILS REFERENCE MATERIALS