Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 21

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 21
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ás Copper Region and the Gurupi Greenstone Belt. OZ Minerals commenced mine construction in 2019; underground mining started in 2021 and the mine was ramped up to full production in 2022. BHP acquired OZ Minerals in 2023.

In its annual report for the year ended June 30, 2025, BHP disclosed JORC-based estimated measured mineral resources of 2.4 Mt at 1.68% copper and 0.47 g/t gold and indicated mineral resources of 12 Mt at 1.41% copper and 0.40 g/t gold, utilizing a cut-off based on an NSR value of $78.73/t. It also disclosed estimated proven mineral reserves at Pedra Branca of 1.3 Mt at 1.8% copper and 0.48 g/t gold and probable mineral reserves of 2.5 Mt at 1.85% copper and 0.49 g/t gold, utilizing cut-offs based on NSR values of $78.73/t above mining level 810 and $84.20/t below the 810 mining level.

On August 18, 2025, BHP announced that a wholly-owned subsidiary of CoreX Holding had agreed to acquire Pedra Branca, along with BHP’s other Carajás copper assets in Brazil. CoreX Holding is a highly diversified, vertically integrated, global industrial conglomerate established in 2024. CoreX Metals & Mining, the metals and mining subsidiary of CoreX Holding, operates as part of a global network spanning 20 companies in 11 countries. Since the initiation of its operations, CoreX Metals & Mining has been focusing on metals and mining operations for chrome, nickel, gold, copper, polymetals mining, ferroalloys, and chrome chemicals through exploring, extracting, and processing mineral sources.

<div align='center'>Source: Pedra Branca Mineral Resource and Ore Reserve Statement and Explanatory Notes as at 30 June 2022, published by OZ Minerals</div>

| S-14 |

<div align='center'>USE OF PROCEEDS</div>

We estimate that we will receive net
proceeds from this offering of $85,550,000 million (determined after deducting the underwriting discounts and commissions of $3,375,000
million and estimated expenses of this offering of $400,000 million), or $98,442,500 million if the Underwriters exercise