Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 10

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 10
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 exercise thereof (including 
 payment of the applicable exercise price), 0.2450 of a common share plus C$0.0001 (the “Ely     
 Warrants”) with a weighted average exercise price of C$1.15; and                                |
| ● | 7,774,184                                                                                       
 common shares that remain reserved for future issuance under out 2021 Long-Term Incentive       
 Plan.                                                                                           |

Unless otherwise stated, all information contained in this prospectus supplement reflects and assumes no exercise by the Underwriters of their option to purchase up to an additional 3,375,000 common shares to cover over-allotments, if any, in connection with this offering.

| S-6 |

<div align='center'>RISK FACTORS</div>

You should carefully consider the risks described below and in our Annual Report on Form 20-F for the year ended December 31, 2024, as updated by our subsequent filings filed with the SEC, some of which are incorporated by reference into this prospectus supplement, as well as the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus, including our consolidated financial statements and the related notes, before you decide to buy our common shares. The risks and uncertainties described below and incorporated by reference in this prospectus supplement and the accompanying prospectus are not the only risks facing us. We may face additional risks and uncertainties not currently known to us or that we currently deem to be immaterial. Any of the risks described below or incorporated by reference in this prospectus supplement and the accompanying prospectus, and any such additional risks, could materially adversely affect our business, financial condition or results of operations. In such case, you may lose all or part of your original investment.

Risks Related to this Offering

This offering is not conditional on the closing of the Acquisition and if the Acquisition does not close, management will have discretion regarding the use of proceeds

We intend to use the net proceeds of this offering as stated under the “ Use of Proceeds”; however, this offering is not conditional upon the closing of the Acquisition. If the Acquisition is not completed, management will have considerable discretion in the application of the net proceeds from this offering as well as the timing of such expenditures. In addition, there may be circumstances where, for sound business reasons, a reallocation of funds may be deemed prudent or necessary. As a result, investors will be relying on the judgment of management as to the application of the net proceeds of this offering