Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 24

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 24
---
| Accumulated deficit                    |     |                          | (76,437 | ) |     |                          | (● | ) |
| Accumulated other comprehensive income |     |                          |     292 |   |     |                          | ●  |   |
| Total shareholders’ equity             |     | $                        | 560,004 |   |     | $                        | ●  |   |
| Total capitalization and indebtedness  |     | $                        | 610,804 |   |     | $                        | ●  |   |

Note:

| (1) | Does                                                                                           
 not reflect the retirement of $40 million in principal amount of convertible debentures and    
 the related issuance of 23,288,896 common shares subsequent to September 30, 2025. See “Recent 
 Developments – Credit Facility Amendment and Debenture Retirement” for more                    
 information.                                                                                   |

The foregoing table and calculations are based on 171,599,229 common shares outstanding as of September 30, 2025, and excludes, in each case as of September 30, 2025:

| ● | 9,466,741                                                                                 
 common shares issuable upon the exercise of outstanding options to purchase common shares 
 with a weighted average exercise price of $2.90 per share;                                |

| ● | 2,510,439                                                                      
 common shares issuable upon the vesting of outstanding restricted share units; |

| ● | 23,288,896                                                                                     
 common shares issued in connection with the early redemption and conversion of the Debentures; |

| ● | 318,500                                                                             
 common shares issuable upon the exercise of 1,300,000 outstanding Ely Warrants; and |

| ● | 5,182,747                                                                                 
 common shares that remain reserved for future issuance under our 2021 Long-Term Incentive 
 Plan; and                                                                                 |

| ● | 19,667,490                                                   
 common shares issuable upon exercise of the Listed Warrants. |

From October 1, 2025, through the date of this prospectus supplement, we have issued an additional 25,891,396 common shares in connection with the early redemption and conversion of the Debentures, exercise of Listed Warrants and exercise of Ely Warrants.

| S-16 |

<div align='center'>DIVIDEND POLICY</div>

We currently intend to retain future earnings for use in our business and do not anticipate paying dividends on