Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 89

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 89
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 assert U.S. securities laws claims in original actions instituted in Canada.

<div align='center'>EXPENSES</div>

The following is an estimate, subject to future contingencies, of the expenses we may incur in connection with the issuance and distribution of the securities being registered. All amounts listed in the table below are estimates except the SEC registration fee.

| Expenses                     |     | Estimated Amount |          |
|:-----------------------------|:----|:-----------------|---------:|
| SEC registration fee         |     | $                | 5,277.34 |
| FINRA filing fees            |     |                  |        — |
| Printing expenses            |     |                  |        * |
| Legal fees and expenses      |     |                  |        * |
| Accounting fees and expenses |     |                  |        * |
| Miscellaneous costs          |     |                  |        * |
| Total                        |     |                  |        * |

* To be provided in a prospectus supplement describing an offering of securities or a report on Form 6-K that is incorporated by reference herein.

| 23 |

<div align='center'>Gold Royalty Corp.

$90,000,000

22,500,000 common shares</div>

| PROSPECTUS 
 SUPPLEMENT |

| National                                 
 Bank Financial of Canada Capital Markets |     | BMO             
 Capital Markets |     | RBC             
 Capital Markets |
| Scotia                                   
 Capital                                  |     |                 |     | Canaccord       
 Genuity         |
| Raymond                                  
 James                                    |     | H.C.            
 Wainwright      |     | Ventum          
 Financial       |

<div align='center'>December 8, 2025</div>