Company: GROY-WT
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042306
Chunk: 129

Company: Gold Royalty Corp.
Filing Date: 2025-03-20
Form: 20-F
Item: Item 19
Chunk 129
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 for a period of5 years from the date of grant and will vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter.

F-20

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 fair values of the share options granted during the years ended December 31, 2024, and 2023, three months ended December 31, 2022, and year ended September 30, 2022, were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
For the For the For the three For the
year ended year ended months ended year ended September 30,
December 31, December 31, December 31, 2022 2022
2024 2023 (transition period)
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Risk-free interest rate 4.11% 4.55% 1.90% 1.39%
Expected life (years) 2.88 1.37 2.93 2.87
Expected volatility 55.88% 41.83% 42.12% 47.99%
Expected dividend yield 0.00% 1.72% 0.65% 0.14%
Estimated forfeiture rate 0.83% 13.33% 1.72% 0.05%
As there was insufficient trading history of GRC Shares prior to the date of grant during the year ended December 31, 2023, three months ended December 31, 2022, and year ended September 30, 2022, the expected volatility for the year ended December 31, 2023, three months ended December 31, 2022, and year ended September 30, 2022, were based on the historical share price volatility of a group of comparable companies in the sector in which the Company operates over a period similar to the expected life of the share options.
A summary of share options outstanding and exercisable as atDecember 31, 2024, are as follows:
Options Outstanding Options Exercisable
Exercise Price Number of Options Outstanding Weighted Average Exercise Price