Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 19

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 19
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 wishes to prioritize the development of and production from any Other Project over the development of the Antas North Deposit and/or the Pedra Branca Deposit, they are required to seek the consent of BlackRock and BlackRock has the right to elect that the Royalty rate payable for Gold Products recovered or produced from such newly prioritized Other Project is 25% of the net smelter return in respect thereof, in which case the Royalty rate for Gold Products from the Antas North Deposit and/or Pedra Branca Deposit shall be reduced from 25% to 2%.

Each of the Obligor and the Guarantors are wholly-owned, direct or indirect, subsidiaries of BHP. On August 15, 2025, BHP entered into a binding agreement with CoreX Holding B.V. (“ CoreX Holding”) for the purchase and sale of BHP’s Carajás assets, including Pedra Branca. The sale transaction is expected to be completed in early 2026.

| S-12 |

Transaction Rationale

We believe that the Acquisition will add a high-quality, long-life asset to our existing portfolio of royalties and other interests. Among other things, we believe that the Acquisition presents the opportunity to:

| ● | Expand                                                                                        
 Revenue and Cash Flow on an Accretive Basis – Based on royalty statements received,           
 the expense recorded to the previous owner of the Royalty was approximately $7.9 million      
 in the last 12 months ended June 30, 2025. Its acquisition is expected to expand our existing 
 revenue and cash flow in the near-term. See “ – Pedra Branca”.                                |

| ● | Further                                                                                              
 Strengthen the Company’s Portfolio - The Acquisition is expected to further                          
 enhance our already strong gold exposure from both a revenue and asset value perspective.            
 We believe the enhanced copper exposure is timely, given the currently strong long-term fundamentals 
 for the metal based on demand projections to support the coming global transition to renewable       
 energy.                                                                                              |

| ● | Top-tier                                                                            
 Jurisdiction – Pedra Branca is located in the Carajás region in Brazil’s            
 Pará state, a prolific mining region which is home to world-class iron ore deposits 
 as well as copper, gold, manganese, copper, tin, and aluminum.                      |

Pedra Branca

Introductory Note

The disclosures herein regarding Pedra Branca are based upon the information publicly disclosed by BHP, as indicated herein. For further information, refer to such disclosures and the others