Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 24

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 24
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 reference in this prospectus supplement and the accompanying prospectus.

|                                        |     | As of September 30, 2025 |         |   |     |                          |         |   |
|:---------------------------------------|:----|:-------------------------|--------:|:--|:----|:-------------------------|--------:|:--|
| (In thousands)                         |     | Actual                   |         |   |     | As Adjusted for Offering |         |   |
| Total debt(1)                          |     | $                        |  50,800 |   |     | $                        |  50,800 |   |
| Common shares, without par value       |     |                          | 598,993 |   |     |                          | 688,993 |   |
| Reserves                               |     |                          |  37,156 |   |     |                          |  37,156 |   |
| Accumulated deficit                    |     |                          | (76,437 | ) |     |                          | (76,437 | ) |
| Accumulated other comprehensive income |     |                          |     292 |   |     |                          |     292 |   |
| Total shareholders’ equity             |     | $                        | 560,004 |   |     | $                        | 650,004 |   |
| Total capitalization and indebtedness  |     | $                        | 610,804 |   |     | $                        | 700,804 |   |

Note:

| (1) | Does                                                                                           
 not reflect the retirement of $40 million in principal amount of convertible debentures and    
 the related issuance of 23,288,896 common shares subsequent to September 30, 2025. See “Recent 
 Developments – Credit Facility Amendment and Debenture Retirement” for more                    
 information.                                                                                   |

The foregoing table and calculations are based on 171,599,229 common shares outstanding as of September 30, 2025, and excludes, in each case as of September 30, 2025:

| ● | 9,466,741                                                                                 
 common shares issuable upon the exercise of outstanding options to purchase common shares 
 with a weighted average exercise price of $2.90 per share;                                |

| ● | 2,510,439                                                                      
 common shares issuable upon the vesting of outstanding restricted share units; |

| ● | 23,288,896                                                                                     
 common shares issued in connection