Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 38

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 38
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 and conditions of the Underwriting Agreement, the Underwriters have agreed to purchase the number of common shares set forth opposite their names below.

| Underwriter                  |     | Common Shares |            |
| National Bank Financial Inc. |     |               |  6,750,000 |
| BMO Capital Markets Corp.    |     |               |  6,750,000 |
| RBC Dominion Securities Inc. |     |               |  4,500,000 |
| Scotia Capital Inc.          |     |               |  1,687,500 |
| Canaccord Genuity Corp.      |     |               |  1,125,000 |
| H.C. Wainwright & Co., LLC   |     |               |    562,500 |
| Raymond James Ltd.           |     |               |    562,500 |
| Ventum Financial Corp.       |     |               |    562,500 |
| Total                        |     |               | 22,500,000 |

The Underwriting Agreement provides that the obligations of the Underwriters are subject to certain conditions precedent such as the receipt by the Underwriters of officers’ certificates and legal opinions and approval of certain legal matters by their counsel. The Underwriting Agreement provides that the Underwriters will purchase all of the common shares if any of them are purchased. The obligations of the Underwriters under the Underwriting Agreement may be terminated at their discretion on the basis of “disaster out”, “regulatory out”, “material change out” and “breach out” provisions in the Underwriting Agreement and may also be terminated upon the occurrence of certain other stated events. The Underwriters are, however, obligated to take up and pay for all of the common shares under this offering if any are purchased under the Underwriting Agreement. The offering price was determined by arm’s length negotiation among the Company and the Lead Underwriters, on behalf of the Underwriters, with reference to the prevailing market prices of the common shares. We have agreed to indemnify the Underwriters against certain liabilities, including liabilities under Canadian provincial and territorial securities legislation and under the Securities Act.

| S-23 |

This offering is being made
concurrently in the United States and in each of the provinces and territories in Canada, other than Québec and Nunavut. Our
common shares will be offered in the United States through those Underwriters who are (or have affiliates that are) registered to
offer the common shares for sale in the United States