Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 87

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 87
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 officers or directors, or other said persons, predicated upon the civil liability provisions of the U.S. federal securities laws or other laws of the United States; or (ii) would enforce, in original actions, liabilities against us or such directors, officers or experts predicated upon the United States federal securities laws or any securities or other laws of any state or jurisdiction of the United States.

In addition, there is doubt as to the applicability of the civil liability provisions of U.S. federal securities law to original actions instituted in Canada. It may be difficult for an investor, or any other person or entity, to assert U.S. securities laws claims in original actions instituted in Canada.

<div align='center'>EXPENSES</div>

The following is an estimate, subject to future contingencies, of the expenses we may incur in connection with the issuance and distribution of the securities being registered. All amounts listed in the table below are estimates except the SEC registration fee.

| Expenses                     |     | Estimated Amount |          |
|:-----------------------------|:----|:-----------------|---------:|
| SEC registration fee         |     | $                | 5,277.34 |
| FINRA filing fees            |     |                  |        — |
| Printing expenses            |     |                  |        * |
| Legal fees and expenses      |     |                  |        * |
| Accounting fees and expenses |     |                  |        * |
| Miscellaneous costs          |     |                  |        * |
| Total                        |     |                  |        * |

* To be provided in a prospectus supplement describing an offering of securities or a report on Form 6-K that is incorporated by reference herein.

| 23 |

<div align='center'>Gold Royalty Corp.

$[●]

[●] common shares</div>

| PROSPECTUS 
 SUPPLEMENT |

| National                                 
 Bank Financial of Canada Capital Markets |     | BMO             
 Capital Markets |     | RBC             
 Capital Markets |

<div align='center'>[●], 2025</div>