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

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 12
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 shareholders. The price per share at which we sell additional common shares, or securities convertible or exchangeable into common shares, in future transactions may be higher or lower than the price per share paid by investors in this offering.

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U.S. holders of our common shares may suffer adverse tax consequences as a result of our passive foreign investment company status.

We believe that we were a passive foreign investment company, or PFIC, for the tax year ended December 31, 2024, and expect to be treated as a PFIC for the current tax year. If we are a PFIC for any taxable year during which a U.S. Holder (as defined under “ Material U.S. Federal Income Tax Considerations”) holds the common shares, it would likely result in adverse U.S. federal income tax consequences for such U.S. Holder. U.S. Holders should carefully read “Material U.S. Federal Income Tax Considerations” for more information and consult their own tax advisors regarding the likelihood and consequences if we are treated as a PFIC for U.S. federal income tax purposes, including, in the case of a U.S. Holder of our common shares, the advisability of making a “qualified electing fund” election (including a protective election) or a mark-to-market election, which may mitigate certain possible adverse U.S. federal income tax consequences but may result in an inclusion in gross income without receipt of such income.

Risks Relating to the Acquisition

We may not be able to consummate the Acquisition on the terms contemplated, within its intended time frame, or at all.

The closing of this offering will occur before the closing of the Acquisition. The closing of the Acquisition is subject to the satisfaction of certain closing conditions, including the receipt of required regulatory approvals. While we intend to consummate the Acquisition as soon as practicable after obtaining the required regulatory approvals and satisfying the required closing conditions, there is no certainty, nor can we provide any assurance, that these conditions will be satisfied or, if satisfied, when they will be satisfied. A substantial delay in obtaining required regulatory approvals or the imposition of unfavorable terms or conditions in such approvals could have a material adverse effect on our ability to complete the Acquisition and on our business, financial condition, results of operations or cash flows.

If the Acquisition is not completed, we could be subject to a number of risks that may adversely affect our business and the market price of the common shares, including but not limited to:

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