Company: GROY-WT
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042306
Chunk: 127

Company: Gold Royalty Corp.
Filing Date: 2025-03-20
Form: 20-F
Item: Item 19
Chunk 127
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2, and September 30, 2022, the Ely Warrants had a weighted average exercise price of C$4.59, C$4.59, C$4.31, and C$4.48, respectively, per GRC Share and with a weighted average remaining contractual life of0.63 years,1.63 years,0.61 years, and0.98 years, respectively.

F-19

Gold Royalty Corp.

Notes to Consolidated Financial Statements

(Expressed in thousands of United States dollars unless otherwise stated)

11. Equity (continued)
11.6 Reserves (continued)
Share Options
The Company adopted a long-term incentive plan (the "LTIP") which provides that the Board of Directors may, from time to time, at its discretion, grant awards of restricted share units, performance share units, deferred share units and share options to directors, officers, employees and consultants. The aggregate number of GRC Shares issuable under the LTIP in respect of awards shall not exceed10% of GRC Shares issued and outstanding.
The following outlines the movements of the Company's common share options:
Number of Weighted Average
Balance at September 30, 2021 3,016,200 4.97
Share options issued on exchange of options of Golden Valley Mines and Royalties Ltd. 2,498,045 1.32
Granted 577,031 4.52
Forfeited ( 61,200) 4.26
Balance at September 30, 2022 6,030,076 3.42
Granted 2,271,592 2.58
Forfeited ( 65,000) 4.29
Balance at December 31, 2022 8,236,668 3.18
Granted 5,000 2.33
Exercised - Golden Valley Abitibi Royalties Ltd. ( 332,298) 1.04
Forfeited - Golden Valley Abitibi Royalties Ltd. ( 143,159) 1.04
Balance at December 31, 2023 7,766,211 3.31
Granted 2,094,450 1.24
Exercised - Golden Valley Abitibi Royalties Ltd. ( 25,544) 1.29
Forfeited - Golden Valley Abitibi Royalties Ltd. ( 111,342) 2.