Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 45

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 45
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 of Bank of Montreal, BMO, National Bank of Canada and NBF under applicable securities laws, and a “conflict of interest” may be deemed to exist under FINRA Rule 5121(f)(5)(C)(i) if five percent of the net Offering proceeds, not including Underwriters’ compensation, are intended to be used to reduce or retire the balance of the Credit Facility. However, the Company currently does not expect to use five percent or more of the net proceeds from this offering to reduce or retire the Credit Facility.

<div align='center'>DESCRIPTION OF SHARE CAPITAL</div>

Common Shares

As of December 5, 2025, we have an aggregate of 197,490,625 common shares issued and outstanding. See “ Description of Share Capital” in the accompanying prospectus.

<div align='center'>LEGAL MATTERS</div>

The validity of the common shares being offered pursuant to this prospectus supplement and the accompanying prospectus, as well as certain legal matters concerning this offering, will be passed upon for us by Sangra Moller LLP, Vancouver, British Columbia. Haynes and Boone LLP, New York, New York, represented the Company in connection with certain United States legal matters. The Underwriters are being represented in connection with this offering by Troutman Pepper Locke LLP, Boston, Massachusetts, with respect to United States legal matters, and Miller Thomson LLP, Vancouver, British Columbia, with respect to Canadian legal matters.

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

Our audited annual consolidated financial statements as at and for the financial years ended December 31, 2024, and 2023, the three month transition period ended December 31, 2022 and the financial year ended September 30, 2022, included in our Annual Report on Form 20-F, and incorporated by reference herein, have been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such report, given on the authority of such firm as experts in accounting and auditing. PricewaterhouseCoopers LLP, located at 250 Howe Street Suite 1400, Vancouver, BC V6C 3S7, Canada, is our independent registered public accounting firm and has been appointed as our independent auditor. PricewaterhouseCoopers LLP has confirmed that it is independent with respect to us within the meaning of the Chartered Professional Accountants of