Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 23

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 23
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 future, net proceeds from the sale of common shares hereunder may need to be allocated to fund our operations. Subject to various risks and uncertainties which may cause the properties underlying our existing royalties and streaming interests to cease to generate revenues (including those set out under the section entitled “ Risk Factors” above), we anticipate we will have positive cash flow from operating activities in future periods. Future cash flows from such interests are dependent upon the underlying properties achieving production. There can be no assurance that such production will ever be achieved. We may, from time to time, issue securities (including debt securities) other than pursuant to this prospectus supplement.

| S-15 |

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

The following table sets forth our total capitalization as of September 30, 2025:

| ● | on                   
 an actual basis; and |

| ● | on                                                                                        
 an as-adjusted basis to reflect the assumed sale of ● common shares at a public offering  
 price of $● per common share and our use of the net proceeds from this offering, together 
 with cash and cash equivalents, after deducting the estimated underwriting discounts and  
 commissions and estimated offering expenses payable by us.                                |

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 nine months ended September 30, 2025, included in our Report on Form 6-K filed with the SEC on November 6, 2025, which is incorporated by reference in this prospectus supplement and the accompanying prospectus.

|                                        |     | As of September 30, 2025 |         |   |     |                          |    |   |
|:---------------------------------------|:----|:-------------------------|--------:|:--|:----|:-------------------------|:---|:--|
| (In thousands)                         |     | Actual                   |         |   |     | As Adjusted for Offering |    |   |
| Total debt(1)                          |     | $                        |  50,800 |   |     | $                        | ●  |   |
| Common shares, without par value       |     |                          | 598,993 |   |     |                          | ●  |   |
| Reserves                               |     |                          |  37,156 |   |     |                          | ●  |   |