Company: GROY-WT
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042306
Chunk: 102

Company: Gold Royalty Corp.
Filing Date: 2025-03-20
Form: 20-F
Item: Item 19
Chunk 102
---
 S. dollar", "$" or " dollar"). All values are rounded to the nearest thousand except where otherwise indicated.
2.3 Basis of consolidation
The consolidated financial statements include the financial statements of Gold Royalty Corp. and its wholly-owned subsidiaries:
% Equity Interest as at
Name of subsidiary Country of Incorporation Functional Currency December 31, 2024 December 31, 2023
Ely Gold Royalties Inc. Canada U. S. dollar 100% 100%
Nevada Select Royalty, Inc. USA U. S. dollar 100% 100%
Ren Royalties LLC USA U. S. dollar 100% 100%
VEK Associates USA U. S. dollar 100% 100%
Gold Royalty Holdings Ltd. Canada U. S. dollar 100% 100%
Groyco Mex, S. A. de C. V. Mexico U. S. dollar 100% 100%
During the year ended December 31, 2024, the following wholly-owned subsidiaries were amalgamated to streamline operations as follows:
•
Golden Valley Abitibi Royalties Ltd., Calone Mining Ltd., and 1398464 B. C. Ltd. were amalgamated into the Company.
•
1320505 B. C. Ltd. was amalgamated into Ely Gold Royalties Inc..
•
DHI Minerals (U. S.) Ltd., Abitibi Royalties USA Inc., and Gold Royalty U. S. Corp. were amalgamated into Nevada Select Royalty, Inc.
The internal reorganizations involved entities under common control, resulting in a deferred tax recovery of $5,891 recognized in the consolidated statement of loss and $610 recognized in the consolidated statement of changes in equity.
All subsidiaries are consolidated from the date the Company obtained control until the date that its control ceases. Control is achieved when the Company is exposed to, or has rights to, variable returns from the subsidiaries and has the ability to affect those returns through its power over the entity. All inter-company transactions, balances, income and expenses are eliminated through the consolidation process. The accounts of all subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.
2.4 Material accounting policies
Royalties, streaming and other mineral interests
Royalties, streaming and other mineral interests consist of acquired royalties in producing, development and exploration and evaluation stage properties, stream metal purchase agreements, and exploration and evaluation costs arising following the acquisition of exploration