Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 40

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 40
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 distribution of the additional common shares to be sold upon exercise of the
over-allotment option. A purchaser who acquires common shares forming part of the Underwriters’ over-allocation position acquires
those securities under this prospectus supplement, regardless of whether the overallocation position is ultimately filled through the
exercise of the over-allotment option or secondary market purchases.

This summary of the material provisions of the Underwriting Agreement does not purport to be a complete statement of its terms and conditions. A copy of the Underwriting Agreement will be filed as an exhibit to a Report on Form 6-K filed under the Exchange Act and incorporated by reference in the registration statement on Form F-3 of which this prospectus supplement forms a part.

Commissions and Discounts

The Underwriters have advised us that they propose to offer the common shares to the public initially at the public offering price set forth on the cover page of this prospectus supplement and to dealers at that price less a concession not in excess of $0.18 per share. After the Underwriters have made a reasonable effort to sell all of the common shares at the public offering price set forth on the cover page of this prospectus supplement, the public offering price may be decreased. The sale by the Underwriters of common shares at a price less than the offering price will have the effect of reducing the compensation realized by the Underwriters by the amount that the aggregate price paid by the purchasers for the common shares is less than the gross proceeds paid by the Underwriters for the common shares. No such reduction will change the amount of proceeds to be received by us as set forth on the cover page of this prospectus supplement.

In consideration for the services provided by the Underwriters in connection with this offering and pursuant to the terms of the Underwriting Agreement, we have agreed to pay the Underwriters underwriting discounts and commissions equal to 4.50% of the aggregate gross proceeds of this offering (including in respect of any exercise of the over-allotment option). The following table summarizes the underwriting discount and commission to be paid to the Underwriters by us.

|                                                                     |     | Per Common Share |      |     | Total Without   
 Option Exercise |            |     | Total With Full 
 Option Exercise |             |
|:--------------------------------------------------------------------|:----|:-----------------|-----:|:----|:----------------|-----------:|:----|:----------------|------------:|
| Public offering price                                               |     | $                | 4.00 |     | $