Company: GROY-WT
Filing Date: 2025-11-26
Form Type: 424B5
Source: 0001493152-25-025086
Chunk: 1

Company: Gold Royalty Corp.
Filing Date: 2025-11-26
Form: 424B5
Chunk 1
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 days ending three (3) trading days preceding each date on which an installment of interest owing on the outstanding principal amount of a Debenture is due and payable (the “Interest Payment Date”), and such Interest Shares shall be Freely Tradeable (as defined in the Indenture), in each case, that may be sold from time to time by the selling shareholders named in the Prior Prospectus or their pledgees, donees, transferees, assignees or other successors-in-interest (collectively, the “Selling Shareholders”).

This prospectus supplement should be read in conjunction with the Prior Prospectus, and is qualified by reference thereto, except to the extent that the information herein amends or supersedes the information contained in the Prior Prospectus. This prospectus supplement is not complete without, and may only be delivered or utilized in connection with, the Prior Prospectus, and any future amendments or supplements thereto.

We are filing this prospectus supplement to amend the Prior Prospectus to amend the material terms of the Indenture and Debentures. Under the original Debentures, the Company had the pre-existing right to cause the early redemption of the Debentures in December 2026. On November 25, 2025, the Company entered into that certain First Supplemental Debenture Indenture with the Trustee (the “Supplemental Indenture”) to, among other things, make the Debentures immediately redeemable at the option of the Company at a redemption price equal to the principal amount thereof plus an amount equal to interest that would have otherwise been payable to December 15, 2026 (the “Interest Amount”), payable from the last Interest Payment Date. Pursuant to the Supplemental Indenture, if the Company exercises its redemption right under the Indenture, the holder will be entitled to immediately exercise its conversion right under the Indenture. In connection with the early redemption and the amendment to the Debentures pursuant to the Supplemental Indenture, the holders of the Debentures will receive a partial make-whole payment equal to the Interest Amount, which would be satisfied by the Company on the same basis as prior interest payments under the Debentures by paying 70% in cash and 30% in common shares at a price equal to the 20-trading day VWAP of the Company’s common shares at the time of redemption.

We are not selling any common shares under this prospectus supplement and will not receive any proceeds