Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 77

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 77
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 terms applicable to the gross or net proceeds from the sale of the subscription receipts plus any interest earned thereon; |

| ● | certain                                                                                                                   
 material Canadian and United States tax consequences of owning or converting or exchanging the subscription receipts; and |

| ● | any                                                               
 other material terms and conditions of the subscription receipts. |

Subscription receipts may be offered separately or together with other securities, as the case may be. The subscription receipts may be issued under one or more subscription receipt agreements, each to be entered into between us and an escrow agent (the “ Escrow Agent”), which will establish the terms and conditions of the subscription receipts. Each Escrow Agent will be a financial institution organized under the laws of Canada or a province or territory thereof and authorized to carry on business as a trustee. The applicable prospectus supplement will include details of the subscription receipt agreement, if any, governing the subscription receipts being offered. We will file a copy of any subscription receipt agreement relating to an offering of subscription receipts with the relevant securities regulatory authorities in Canada after it has been entered into by us. In the United States, we will file as exhibits to the registration statement, or will incorporate by reference from subsequently filed reports on Form 6-K that we file with the SEC, any subscription receipt describing the terms and conditions of subscription receipts we are offering before the issuance of such subscription receipts.

Our equity securities and/or other securities issued or delivered upon the exchange of subscription receipts will be issued for no additional consideration.

Prior to the exchange of their subscription receipts, holders of subscription receipts will not have any of the rights of holders of the securities subject to the subscription receipts.

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<div align='center'>DESCRIPTION OF WARRANTS</div>

We may issue warrants for the purchase of debt securities, preferred shares or common shares. Warrants may be issued independently or together with debt securities, preferred shares or common shares and may be attached to or separate from any offered securities. Any issue of warrants may be substantially similar to our Listed Warrants. Any issue of warrants will be governed by the terms of the applicable form of warrant and any related warrant agreement which we will file with the SEC and they will be incorporated by reference to the registration statement of which this prospectus is a part on or before the time we issue any warrants.

The particular terms of any issue of warrants will be described in the prospectus supplement relating to the issue. Those terms may include:

| ● | the                     
 title of such warrants; |

| ● | the                                
 aggregate number of