Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 43

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 43
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 their business, the Underwriters may actively trade our securities for their own accounts or for the accounts of customers, and, accordingly, the Underwriters may at any time hold long or short positions in such securities.

National Bank of Canada, an affiliate of NBF, and Bank of Montreal, an affiliate of BMO, are the lenders under the Credit Agreement, pursuant to which the lenders thereunder provided the Credit Facility to the Company. The Company may repay the Credit Facility, from time to time, in accordance with the terms of the Credit Agreement, utilizing net proceeds of this offering. Consequently, the Company may be considered a “connected issuer” 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 Pric