Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 39

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 39
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 and such other registered dealers as may be designated by the Underwriters.
Our common shares will be offered in each of the provinces and territories of Canada, other than Québec and Nunavut, through
National Bank Financial Inc. and such other registered dealers as may be designated by the Underwriters. Subject to applicable law,
the Underwriters, or such other registered dealers or other entities outside the United States and Canada that are affiliates of the
Underwriters as may be designated by the Underwriters, may offer the common shares outside of the United States and Canada. National
Bank Financial Inc., RBC, Canaccord Genuity Corp., Scotia Capital Inc., Raymond James Ltd. and Ventum Financial Corp. are not
registered as broker-dealers in the United States and, accordingly, will only sell offered common shares in Canada, and BMO and H.C. Wainwright & Co., LLC are not registered as investment dealers in any Canadian jurisdiction
and, accordingly, will only sell offered common shares in the United States. No common shares will be offered or sold in any
jurisdiction except by or through brokers or dealers duly registered under the applicable securities laws of that jurisdiction, or
in circumstances where an exemption from such registered dealer requirements is available.

Pursuant to the Underwriting Agreement, we have granted the Underwriters the option, exercisable in whole or in part, in the sole discretion of the Underwriters for a period of 30 days from and including the Closing Date, to purchase up to 3,375,000 additional common shares to cover over-allotments, if any, and for related market stabilization purposes. The Underwriters’ over-allotment option may be exercisable by the Underwriters to acquire such additional common shares at a price equal to the offering price per common share, less the underwriting discounts and commissions, set forth on the cover page of this prospectus supplement. If any additional common shares are purchased pursuant to this option, the Underwriters will offer these additional common shares on the same terms as those on which the other common shares are being offered hereby.

If the over-allotment option is exercised
in full, the total price to the public will be $103,500,000, the total underwriting discounts and commissions will be $4,657,500,
and the net proceeds to us (before payment of the expenses of this offering) will be $98,842,000. This prospectus supplement also
qualifies the grant of the over-allotment option and the