Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 41

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 41
---
 | 90,000,000 |     | $               | 103,500,000 |
| Underwriting discounts and commissions to the Underwriters by us(1) |     | $                | 0.18 |     | $               |  4,050,000 |     | $               |   4,657,500 |
| Proceeds to us (before expenses)                                    |     | $                | 3.82 |     | $               | 85,950,000 |     | $               |  98,842,500 |

| (1) | Underwriting                                                                           
 discounts and commissions with respect to the sale of the common shares will be 4.50%. |

| S-24 |

We estimate expenses payable by us in connection with this offering, excluding underwriting discounts and commissions referred to above, will be approximately $400,000. Subject to compliance with FINRA Rule 5110(f), we have agreed to reimburse the Underwriters for their out-of-pocket expenses, including legal fees, up to $150,000 for U.S. legal counsel and C$100,000 for Canadian legal counsel in connection with this offering. Additionally, the Underwriters have also agreed to reimburse the Company for certain expenses.

No Sales of Similar Securities

We have agreed, subject to specified exceptions, that we will not, directly or indirectly, issue or sell, or announce any intention to issue or sell, any common shares or other financial instruments convertible or exchangeable into common shares, for a period of 90 days from the Closing Date without the prior written consent of the Lead Underwriters, on behalf of the Underwriters, except in certain circumstances.

In addition, our officers, directors and certain entities affiliated with our directors have agreed, subject to specified exceptions, not to sell, or announce any intention to do so, any of our securities for a period of 90 days following the Closing Date without the prior written consent of the Lead Underwriters, which consent will not be unreasonably withheld, conditioned or delayed, other than in connection with, among other things, a third party take-over bid, arrangement or any other similar transaction made to all holders of our common shares or pursuant to a transfer that occurs by operation of law or in connection with transactions arising as a result of the death of the director or officer.

Stabilization

In accordance with the rules and policy statements of certain Canadian securities regulatory authorities and the Universal Market Integrity Rules for Canadian marketplaces (“ UMIR”) administered by the