Company: GROY-WT
Filing Date: 2025-11-06
Form Type: 8-A12B/A
Source: 0001493152-25-021027
Chunk: 4

Company: Gold Royalty Corp.
Filing Date: 2025-11-06
Form: 8-A12B/A
Chunk 4
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 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 withdrawn;                                                                                  |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 pursuant to the take-over bid may be withdrawn until taken up and paid for; and               |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 tendered pursuant to the take-over bid and not withdrawn, the Offeror must make a public   
 announcement of that fact and the take-over bid must be extended for a period of not less  
 than ten days from the date of such public announcement.                                   |

“ Independent Shareholders” is defined in the Rights Plan as all holders of Common Shares, excluding any Acquiring Person, any Offeror, affiliates, associates and persons acting jointly or in concert with such excluded persons, and any employee benefit plan, deferred profit-sharing plan, stock participation plan and any other similar plan or trust for the benefit of employees of the Registrant unless the beneficiaries of the plan or trust direct the manner in which the Common Shares are to be voted or withheld from voting or direct whether the Common Shares are to be tendered to a take-over bid, in which case such plan or trust shall be considered to be an Independent Shareholder.

The Rights Plan allows for a competing Permitted Bid (a “ Competing Permitted Bid”) to be made while a Permitted Bid is in existence. A Competing Permitted Bid must satisfy all the requirements of a Permitted Bid except that the minimum deposit period may be shorter as prescribed by NI 62-104.

Waiver

The Board, acting in good faith, may, prior to the occurrence of a Flip-in Event, waive the application of the Rights Plan to a particular Flip-in Event where a take-over bid is made by a take-over bid circular to all holders of Common Shares. Where the Board exercises the waiver power for one take-over bid, the waiver will also apply to any other take-over bid for the Registrant made by a take-over bid circular to all holders of Common Shares prior to the expiry of any other bid for which the Rights Plan has been waived. The Board, acting in good faith, may, in respect of any Flip-in Event, waive the application of the Rights Plan to a particular Flip-in Event where the Board has determined that the