Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 37

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 37
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it it to the Canadian government for the Non-Canadian Holder’s account.

| S-22 |

Dispositions

A Non-Canadian Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of a common share, unless the common shares are “taxable Canadian property” to the Non-Canadian Holder for purposes of the Canadian Tax Act at the time of disposition or deemed disposition and the Non-Canadian Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident. Generally, the common shares will not constitute “taxable Canadian property” to a Non-Canadian Holder at a particular time provided that the common shares are listed at that time on a “designated stock exchange” (as defined in the Canadian Tax Act, which currently includes the NYSE American), unless at any particular time during the 60-month period that ends at that time:

| ● | at                                                                                                    
 least 25% of the issued shares of any class or series was owned by or belonged to any combination     
 of (a) the Non-Canadian Holder, (b) persons with whom the Non-Canadian Holder does not deal           
 at arm’s length, and (c) partnerships in which the Non-Canadian Holder or a person                    
 described in (b) holds a membership interest directly or indirectly through one or more partnerships, 
 and                                                                                                   |

| ● | more                                                                                              
 than 50% of the fair market value of the common shares was derived, directly or indirectly,       
 from one or any combination of: (i) real or immovable property situated in Canada, (ii) “Canadian 
 resource properties” (as that term is defined in the Canadian Tax Act), (iii) “timber             
 resource properties” (as that term is defined in the Canadian Tax Act) and (iv) options           
 in respect of, or interests in, or for civil law rights in, property described in any of          
 the foregoing whether or not the property exists.                                                 |

Notwithstanding the foregoing, in certain circumstances, common shares could be deemed to be “taxable Canadian property.” Non-Canadian Holders whose common shares may constitute “taxable Canadian property” should consult their own tax advisors.

<div align='center'>UNDERWRITING</div>

We have entered into the Underwriting Agreement with the Lead Underwriters as representatives of the Underwriters named below and the book-running managers of this offering. Subject to the terms