Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 19

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 19
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25% to 2%.

Each of the Obligor and the Guarantors are wholly-owned, direct or indirect, subsidiaries of BHP. On August 15, 2025, BHP entered into a binding agreement with CoreX Holding B.V. (“ CoreX Holding”) for the purchase and sale of BHP’s Carajás assets, including Pedra Branca. The sale transaction is expected to be completed in early 2026.

| S-12 |

Transaction Rationale

We believe that the Acquisition will add a high-quality, long-life asset to our existing portfolio of royalties and other interests. Among other things, we believe that the Acquisition presents the opportunity to:

| ● | Expand                                                                                        
 Revenue and Cash Flow on an Accretive Basis – Based on royalty statements received,           
 the expense recorded to the previous owner of the Royalty was approximately $7.9 million      
 in the last 12 months ended June 30, 2025. Its acquisition is expected to expand our existing 
 revenue and cash flow in the near-term. See “ – Pedra Branca”.                                |

| ● | Further                                                                                              
 Strengthen the Company’s Portfolio - The Acquisition is expected to further                          
 enhance our already strong gold exposure from both a revenue and asset value perspective.            
 We believe the enhanced copper exposure is timely, given the currently strong long-term fundamentals 
 for the metal based on demand projections to support the coming global transition to renewable       
 energy.                                                                                              |

| ● | Top-tier                                                                            
 Jurisdiction – Pedra Branca is located in the Carajás region in Brazil’s            
 Pará state, a prolific mining region which is home to world-class iron ore deposits 
 as well as copper, gold, manganese, copper, tin, and aluminum.                      |

Pedra Branca

Introductory Note

The disclosures herein regarding Pedra Branca are based upon the information publicly disclosed by BHP, as indicated herein. For further information, refer to such disclosures and the others referenced herein as filed by BHP with the Australian Securities Exchange.

BHP has prepared its publicly available disclosures, including resource and reserve estimates relating to Pedra Branca, in accordance with the requirements applicable to companies listed on the Australian Securities Exchange and JORC. JORC differs from NI 43-101 and SK1300. The disclosure herein includes information regarding resource and reserve estimates and other information prepared and disclosed by BHP, which we have included pursuant to Item 1304 of SK1300 as such information was prepared and disclosed