Company: GROY-WT
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042306
Chunk: 119

Company: Gold Royalty Corp.
Filing Date: 2025-03-20
Form: 20-F
Item: Item 19
Chunk 119
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 issued for cash ( 14,578)
Finance costs 235
Balance at December 31, 2023 22,763
Finance costs 5,968
Interest paid ( 3,833)
Balance at December 31, 2024 24,898

9. Embedded derivative
The embedded derivative related to the Debentures (Note 8) was valued upon initial recognition at fair value of $1,951. At each reporting date, the change in fair value of the embedded derivatives is recognized in the consolidated statements of comprehensive loss.
The following outlines the movement of the embedded derivatives from December 15, 2023, toDecember 31, 2024:
($)
Fair value of embedded derivative on December 15, 2023 1,951
Change in fair value during the year ( 30)
Balance at December 31, 2023 1,921
Change in fair value during the year ( 612)
Balance at December 31, 2024 1,309
As at December 31, 2024, the fair value of the embedded derivative has been estimated using the White Hull one factor model based on the following assumptions: share price of$1.21(2023: $1.47), calibrated credit spread of23.08%(2023: 23.36%), expected interest rate volatility of0.85%(2023: 1.24%) and mean reversion constant of8.58%(2023: 0.002%).

F-15

Gold Royalty Corp.

Notes to Consolidated Financial Statements

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

10. Income taxes
The Company had no assessable profit for the years endedDecember 31, 2024, and 2023, three months ended December 31, 2022 and the year ended September 30, 2022. A reconciliation of the provision for income taxes computed at the combined Canadian federal and provincial statutory rate to the provision for income taxes as shown in the statements of comprehensive loss is as follows:
For the year ended For the year ended For the three For the year ended
December 31, 2024 December 31, 2023 months ended September 30, 2022
December 31, 2022
(transition period)
($) ($) ($) ($)
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Net loss before income