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

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 25
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 with the early redemption and conversion of the Debentures; |

| ● | 318,500                                                                             
 common shares issuable upon the exercise of 1,300,000 outstanding Ely Warrants; and |

| ● | 5,182,747                                                                                 
 common shares that remain reserved for future issuance under our 2021 Long-Term Incentive 
 Plan; and                                                                                 |

| ● | 19,667,490                                                   
 common shares issuable upon exercise of the Listed Warrants. |

From October 1, 2025, through the date of this prospectus supplement, we have issued an additional 25,891,396 common shares in connection with the early redemption and conversion of the Debentures, exercise of Listed Warrants and exercise of Ely Warrants.

| S-16 |

<div align='center'>DIVIDEND POLICY</div>

We currently intend to retain future earnings for use in our business and do not anticipate paying dividends on our common shares in the near future. Any determination to pay future dividends will remain at the discretion of our board of directors and will be made taking into account our financial condition and other factors deemed relevant by the board.

<div align='center'>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>

The following discussion describes the material U.S. federal income tax considerations relating to the ownership and disposition of common shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase common shares pursuant to this prospectus supplement and hold such common shares as capital assets within the meaning of Section 1221 of the Code. This discussion is based on the Code, U.S. Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal income tax considerations that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as certain financial institutions, insurance companies, broker-dealers and traders in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans, regulated investment companies, real estate investment trusts, certain former citizens or residents of the United States, persons who hold common shares as part of a “straddle