Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 80

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 80
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 is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued, if any, may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.

The applicable prospectus supplement may describe:

| ● | the                                                                                                                                 
 designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those 
 securities may be held or transferred separately;                                                                                   |

| ● | any                                                  
 unit agreement under which the units will be issued; |

| ● | any                                                                                                                            
 provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; |

| ● | whether                                                                            
 the securities comprising the units will be listed on any securities exchange; and |

| ● | whether                                                      
 the units will be issued in fully registered or global form. |

The applicable prospectus supplement will describe the terms of any units. The preceding description and any description of units in the applicable prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the unit agreement and, if applicable, collateral arrangements and depositary arrangements relating to such units.

<div align='center'>TAXATION</div>

Our Annual Report on Form 20-F for the most recent year incorporated by reference herein provides a discussion of certain tax considerations that may be relevant to prospective investors in our securities. The applicable prospectus supplement may also contain information about certain material tax considerations relating to the securities covered by such prospectus supplement. Prospective investors should read the tax discussion in any prospectus supplement with respect to a particular offering and consult their own tax advisors with respect to their own particular circumstances.

| 18 |

<div align='center'>PLAN OF DISTRIBUTION</div>

We may sell the securities offered by this prospectus to one or more underwriters or dealers for public offering, through broker-dealers (acting as agent or principal), through agents, directly by us to one or more purchasers (including our affiliates and shareholders), through a specific bidding or auction process, a rights offering or otherwise or through a combination of any such methods of sale. The name of any such underwriters, dealers or agents involved in the offer and sale of the securities, the amounts underwritten and the nature of its obligation to take the securities will be specified in the applicable