Company: GROY-WT
Filing Date: 2025-11-06
Form Type: 8-A12B/A
Source: 0001493152-25-021027
Chunk: 3

Company: Gold Royalty Corp.
Filing Date: 2025-11-06
Form: 8-A12B/A
Chunk 3
---
 each holder (other than an Acquiring Person) converting securities that are exchangeable for Common Shares after the Separation Time. Rights will trade separately from the Common Shares after the Separation Time.

Lock-up Agreements

A bidder may enter into lock-up agreements (each, a “ Lock-up Agreement”) with shareholders whereby such shareholders agree to tender their Common Shares to the take-over bid (the “ Lock-up Bid”) without triggering a Flip-in Event. Each Lock-up Agreement must be publicly disclosed and (i) permit the shareholder to withdraw its securities from the Lock-up Agreement in order to deposit or tender the securities to another take-over bid or support another transaction that provides a greater price or value to the shareholder than the Lock-up Bid and (ii) permit the shareholder to withdraw its securities from the Lock-up Agreement in order to deposit or tender the securities to another take-over bid or to support another transaction that offers a price or value for each Common Share that exceeds by at least a specified amount, which may not be greater than 5%. In addition, each Lock-up Agreement must provide that no “break-up” fees or other penalties exceeding, in the aggregate, the greater of (i) 2% of the price or value of the consideration payable under the Lock-up Bid to such locked-up person and (ii) 50% of the increase in the consideration resulting from another take-over bid transaction, shall be payable by the shareholder if the shareholder fails to tender its securities to the Lock-up Bid.

Permitted Bid Requirements

The requirements for a Permitted Bid include the following:

| ● | The                                                                                            
 take-over bid must be made to all holders of Common Shares, other than the person who has      
 announced, and has not withdrawn, an intention to make or who has made, and has not withdrawn, 
 a take-over bid (an “Offeror”);                                                                |

| ● | the                                                                                       
 take-over bid must contain an irrevocable and unqualified condition that no Common Shares 
 will be taken up or paid for:                                                             |

| ○ | prior                                                                                       
 to the close of business on a date which is not less than 105 days following the date of    
 the take-over bid or such shorter minimum period as determined in accordance with NI 62-104 
 – Take-Over Bids and Issuer Bids (“NI 62-104”);                                             |

| ○ | must                                                                                        
 remain open; and unless on such date more than 50% of the Common Shares held by Independent