Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 23

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 23
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 $0.58 million for consulting fees; (ii) $2.0 million for professional fees; (iii) $0.44 million
for management and directors’ fees; and (iv) $12.93 million for office and general and administrative costs. We expect that
working capital requirements will also include normal course expenses that primarily relate to early stage acquisition and other business
development identification and diligence, such as third-party geological, legal and other consultant expenses related thereto.

Limited History of Positive Operating Cash Flow

We achieved our first year of positive cash flows from operation of $2.5 million for the year ended December 31, 2024, and had positive operating cash flow for each of the three-month periods ended March 31, June 30 and September 30, 2025. If we fail to maintain positive cash flow again in the future, net proceeds from the sale of common shares hereunder may need to be allocated to fund our operations. Subject to various risks and uncertainties which may cause the properties underlying our existing royalties and streaming interests to cease to generate revenues (including those set out under the section entitled “ Risk Factors” above), we anticipate we will have positive cash flow from operating activities in future periods. Future cash flows from such interests are dependent upon the underlying properties achieving production. There can be no assurance that such production will ever be achieved. We may, from time to time, issue securities (including debt securities) other than pursuant to this prospectus supplement.

| S-15 |

<div align='center'>CAPITALIZATION AND INDEBTEDNESS</div>

The following table sets forth our total capitalization as of September 30, 2025:

| ● | on                   
 an actual basis; and |

| ● | on                                                                                                 
 an as-adjusted basis to reflect the assumed sale of 22,500,000 common shares at a                  
 public offering price of $4.00 per common share and our use of the net proceeds from               
 this offering, together with cash and cash equivalents, after deducting the estimated underwriting 
 discounts and commissions and estimated offering expenses payable by us.                           |

The amounts shown below are unaudited. The information set forth in the following table should be read in conjunction with and is qualified in its entirety by reference to our unaudited financial statements for the nine months ended September 30, 2025, included in our Report on Form 6-K filed with the SEC on November 6, 2025, which is incorporated by