Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 39

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 39
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 the cover page of this prospectus supplement.

In consideration for the services provided by the Underwriters in connection with this offering and pursuant to the terms of the Underwriting Agreement, we have agreed to pay the Underwriters underwriting discounts and commissions equal to ●% of the aggregate gross proceeds of this offering (including in respect of any exercise of the over-allotment option). The following table summarizes the underwriting discount and commission to be paid to the Underwriters by us.

|                                                                     |     | Per Common Share |   |     | Total Without   
 Option Exercise |   |     | Total With Full 
 Option Exercise |   |
|:--------------------------------------------------------------------|:----|:-----------------|:--|:----|:----------------|:--|:----|:----------------|:--|
| Public offering price                                               |     | $                | ● |     | $               | ● |     | $               | ● |
| Underwriting discounts and commissions to the Underwriters by us(1) |     | $                | ● |     | $               | ● |     | $               | ● |
| Proceeds to us (before expenses)                                    |     | $                | ● |     | $               | ● |     | $               | ● |

| (1) | Underwriting                                                                        
 discounts and commissions with respect to the sale of the common shares will be ●%. |

| S-24 |

We estimate expenses payable by us in connection with this offering, excluding underwriting discounts and commissions referred to above, will be approximately $●. Subject to compliance with FINRA Rule 5110(f), we have agreed to reimburse the Underwriters for their out-of-pocket expenses, including legal fees, up to $● for U.S. legal counsel and C$● for Canadian legal counsel in connection with this offering. Additionally, the Underwriters have also agreed to reimburse the Company for certain expenses.

No Sales of Similar Securities

We have agreed, subject to specified exceptions, that we will not, directly or indirectly, issue or sell, or announce any intention to issue or sell, any common shares or other financial instruments convertible or exchangeable into common shares, for a period of 90 days from the Closing Date without the prior written consent of the Lead Underwriters, on behalf of the Underwriters, except in certain circumstances.

In addition, our officers, directors and certain entities affiliated with our directors have agreed, subject to specified exceptions, not to sell, or announce any intention to do so, any of our securities for a