Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 68

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 68
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 | whether                                                                                                                
 the indenture will restrict our ability to pay dividends, or will require us to maintain any asset ratios or reserves; |

| ● | the                                                                                                                                     
 name of the trustee under any indenture relating to the debt securities and the nature of any material relationship between the trustee 
 or any of its affiliates and the issuer or any of its affiliates;                                                                       |

| ● | whether                                                           
 we will be restricted from incurring any additional indebtedness; |

| ● | a                                                                                                                                   
 discussion of any material or special Canadian or U.S. federal income tax considerations applicable to a series of debt securities; |

| ● | the                                                                                                                                 
 denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral multiple 
 thereof; and                                                                                                                        |

| ● | any                                                                                                                                
 other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities. We may issue debt securities 
 that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their 
 maturity pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and 
 other special considerations applicable to any of these debt securities in the applicable prospectus supplement.                   |

Conversion or Exchange Rights

We will set forth in the prospectus supplement the terms, if any, on which a series of debt securities may be convertible into or exchangeable for our common shares or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to which the number of common shares or our other securities that the holders of the series of debt securities receive would be subject to adjustment.

Consolidation, Merger or Sale; No Protection in Event of a Change of Control or Highly Leveraged Transaction

The indentures do not contain any covenant that restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all of our assets. However, any successor to or acquirer of such assets must assume all of our obligations under the indentures or the debt securities, as appropriate.

| 11 |

Unless we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions that may afford holders of the debt securities protection in the event we have a change of control or in the event of a highly leveraged transaction (whether or not such transaction results in a change of control