Company: GROY-WT
Filing Date: 2025-11-06
Form Type: 8-A12B
Source: 0001493152-25-020956
Chunk: 3

Company: Gold Royalty Corp.
Filing Date: 2025-11-06
Form: 8-A12B
Chunk 3
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 bid or support another transaction that provides a greater price or value to the shareholder than the Lock-up Bid and (ii) permit the shareholder to withdraw its securities from the Lock-up Agreement in order to deposit or tender the securities to another take-over bid or to support another transaction that offers a price or value for each Common Share that exceeds by at least a specified amount, which may not be greater than 5%. In addition, each Lock-up Agreement must provide that no “break-up” fees or other penalties exceeding, in the aggregate, the greater of (i) 2% of the price or value of the consideration payable under the Lock-up Bid to such locked-up person and (ii) 50% of the increase in the consideration resulting from another take-over bid transaction, shall be payable by the shareholder if the shareholder fails to tender its securities to the Lock-up Bid.

Permitted Bid Requirements

The requirements for a Permitted Bid include the following:

| ● | The                                                                                            
 take-over bid must be made to all holders of Common Shares, other than the person who has      
 announced, and has not withdrawn, an intention to make or who has made, and has not withdrawn, 
 a take-over bid (an “Offeror”);                                                                |

| ● | the                                                                                       
 take-over bid must contain an irrevocable and unqualified condition that no Common Shares 
 will be taken up or paid for:                                                             |

| ○ | prior                                                                                       
 to the close of business on a date which is not less than 105 days following the date of    
 the take-over bid or such shorter minimum period as determined in accordance with NI 62-104 
 – Take-Over Bids and Issuer Bids (“NI 62-104”);                                             |

| ○ | must                                                                                        
 remain open; and unless on such date more than 50% of the Common Shares held by Independent 
 Shareholders shall have been deposited or tendered pursuant to the take-over bid and not    
 withdrawn;                                                                                  |

| ● | the                                                                                           
 securities may be deposited to the take-over bid at any time during the period in which the   
 take-over bid must remain open in accordance with the NI 62-104, and any securities deposited 
 pursuant to the take-over bid may be withdrawn until taken up and paid for; and               |

| ● | if                                                                                         
 more than 50% of the Common Shares held by Independent Shareholders have been deposited or 
 tendered pursuant to the take-over bid and not withdrawn, the Offeror