Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 22

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 22
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their over-allotment option in full (determined after deducting the underwriting discounts and commissions of $4,657,500 million
and estimated expenses of this offering of $400,000 million).

Principal Purpose

The net proceeds of this offering, together with cash on hand, will be used to fund the Acquisition, and for general corporate purposes and working capital, which may include the reduction of future debt outstanding under the Credit Facility. See the section entitled “ The Acquisition” above.

The following table sets forth the intended use of the estimated net proceeds of $85,950,000 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

| Principal purpose                              |     | Amount |            |
|:-----------------------------------------------|:----|:-------|-----------:|
| The Acquisition                                |     | $      | 70,000,000 |
| General corporate purposes and working capital |     | $      | 15,950,000 |
| Total                                          |     | $      | 85,950,000 |

The expected use of net proceeds from this offering represents our current intentions based upon our present plan and business conditions. As of the date of this prospectus supplement, we cannot specify with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering. We currently intend to use the net proceeds of this offering to implement our growth and acquisition strategy, including the Acquisition, and for general working capital and corporate purposes, which may include the reduction of future debt outstanding under the Credit Facility. This offering is not conditional upon completion of the Acquisition, and the Acquisition is subject to customary conditions to closing and there is no guarantee the Acquisition will close on a timely basis or at all. Depending on the outcome of our business activities and other unforeseen events, our plans and priorities may change and we may apply the net proceeds of this offering in different amounts than we currently anticipate. In particular, in the event that the Acquisition does not close, management will reallocate the amounts raised from this offering that are currently contemplated to be spent in respect of the Acquisition at the discretion of management. See the section entitled “ Risk Factors” above.

For a description of the Royalty to be acquired using the net proceeds of this offering, see the section entitled “ The Acquisition” above.

The net proceeds that are currently expected
to be used for working capital are expected to include operating expenses of approximately $15,950,000, which include expected
amounts of: (i)