Company: GROY-WT
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042306
Chunk: 125

Company: Gold Royalty Corp.
Filing Date: 2025-03-20
Form: 20-F
Item: Item 19
Chunk 125
---
,556,164,603,703, and167,849 RSUs, respectively, at weighted average values of $1.24, $1.55, $2.81, and $4.91, respectively.
11.5 Dividends and Dividend Reinvestment Plan ("DRIP")
On January 18, 2022, the Company declared an inaugural quarterly cash dividend of $0.01 per common share. Dividend payments were suspended on July 31, 2023. No dividends were paid in 2024. The Company paid a dividend of $2,892, $1,439 and $4,032 for the year ended December 31, 2023, the three months ended December 31, 2022, and the year ended September 30, 2022, respectively.

F-18

Gold Royalty Corp.

Notes to Consolidated Financial Statements

(Expressed in thousands of United States dollars unless otherwise stated)

11. Equity (continued)
11.5 Dividends and Dividend Reinvestment Plan ("DRIP") (continued)
The Company adopted the DRIP on February 16, 2023, allowing eligible shareholders to reinvest dividends into additional GRC Shares without brokerage fees. Shares can be issued from treasury or purchased on the open market through the NYSE American. During the year ended December 31, 2024, three months ended December 31, 2022, and year ended September 30, 2022, no GRC Shares were issued in satisfaction of the DRIP. During the year ended December 31, 2023,162,967 GRC Shares were issued in satisfaction of the DRIP.
11.6 Reserves
The following outlines the movements of the Company's common share purchase warrants, share options, RSUs and convertible debentures:
Reserves
Warrants Share Based Awards Convertible Debentures Total
($) ($) ($) ($)
Balance at September 30, 2021 9,205 2,199 - 11,404
Exercise of common share purchase warrants ( 913) - - ( 913)
Share options issued on exchange of options of Golden Valley Mines and Royalties Ltd. - 8,991 - 8,991
Share-based compensation - share options - 1,551 - 1,551
Share-based compensation - RSUs - 341 - 341
Balance at September 30, 2022 8,292 13,082 -