Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 0

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 0
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Filed Pursuant to Rule 424(b)(5)

Registration No. 333-280817

PROSPECTUS SUPPLEMENT

(to Prospectus dated August 2, 2024)

<div align='center'>Gold Royalty Corp.

$90,000,000

22,500,000 Common Shares</div>

We are offering 22,500,000
common shares, no par value per share, with each common share having a public offering price of $4.00, for aggregate gross
proceeds of $90,000,000, pursuant to an underwriting agreement (the “Underwriting Agreement”) entered into
by Gold Royalty Corp. (the “Company”) with National Bank Financial Inc. (“NBF”), BMO Capital
Markets Corp. (“BMO”) and RBC Dominion Securities Inc. (“RBC”), as joint book runners and
co-lead underwriters (the “Lead Underwriters”), Scotia Capital Inc., Canaccord Genuity Corp., H.C. Wainwright
& Co., LLC, Raymond James Ltd. and Ventum Financial Corp. (collectively with the Lead
Underwriters, the “Underwriters”).

Our common shares are listed on the NYSE American LLC (“ NYSE American”) under the symbol “GROY” and our warrants to purchase common shares at a price of $2.25 per share and expiring May 31, 2027 (the “ Listed Warrants”) are listed on the NYSE American under the symbol “GROY.WS”. On December 5, 2025, the last reported sale price of our common shares and Listed Warrants on the NYSE American was $4.25 and $2.10, respectively. We have applied to list the common shares to be issued in this offering on the NYSE American.

We are an “emerging growth company” and a “foreign private issuer” under applicable Securities and Exchange Commission rules and will be subject to reduced public company reporting requirements for this prospectus supplement and future filings. See the section entitled “ Prospectus Supplement Summary—Implications of Being an Emerging Growth Company and a Foreign Private Issuer” for additional information.

Investing in our securities involves a high degree of risk. Please read the sections entitled “ Risk Factors” on page S-7 contained in this prospectus supplement, the accompanying prospectus and in the documents incorporated by reference into this prospectus supplement and the accompanying prospectus.

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