Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 58

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 58
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 immaterial may also significantly impair our business operations. For more information, see “ Where You Can Find More Information” and “ Incorporation of Certain Documents by Reference.”

We have a history of negative cash flow from operating activities.

We did not have positive cash flow from operating activities for the fiscal year ended December 31, 2023. While we had positive cash flow from operating activities of $0.3 million in the three months ended March 31, 2024, as a result of increased revenues from our royalty and other interests, if we continue to have negative cash flow from operating activities in future periods, net proceeds of a sale of Securities may need to be allocated to fund our operations.

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

The following table sets forth our total capitalization as of March 31, 2024:

| ● | on                   
 an actual basis; and |

| ● | on                                                                                                                                     
 a pro forma basis to reflect (i) the issuance and sale of 20,058,300 units at a public offering price of $1.72 per unit in connection  
 with bought deal financing completed on May 31, 2024 (the “Bought Deal”); (ii) the issuance and sale of 2,906,977                      
 common shares at a deemed price of $1.72 per share as partial consideration of the purchase price of a copper stream in respect of     
 certain areas at Vareš Silver Project located in Bosnia and Herzegovina acquired by the Company on June 4, 2024; (iii) 40,488          
 common shares in connection with the vesting of restricted share units and settlement of options; (iv) 8,000 common shares to a vendor 
 for services; and (v) 167,597 common shares in connection with interest payments on our outstanding convertible debentures.            |

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 three months ended March 31, 2024, in our report on Form 6-K filed with the SEC on May 13, 2024, which is incorporated by reference in this prospectus.

| (In thousands)                         |     | Actual |         |   |     | Pro Forma |         |   |
|:---------------------------------------|:----|:-------|--------:|:--|