Company: GROY-WT
Filing Date: 2025-11-26
Form Type: 424B5
Source: 0001493152-25-025086
Chunk: 2

Company: Gold Royalty Corp.
Filing Date: 2025-11-26
Form: 424B5
Chunk 2
---
 from the sale of common shares by the Selling Shareholders.

Our registration of the common shares covered by this prospectus supplement and the Prior Prospectus does not mean that the Selling Shareholders will offer or sell any of such common shares. The Selling Shareholders may sell the common shares offered by this prospectus supplement and the Prior Prospectus from time to time on terms to be determined at the time of sale through ordinary brokerage transactions or through any other means described in this prospectus supplement and the Prior Prospectus under the caption “Plan of Distribution.” The common shares may be sold at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing market price or at negotiated prices.

Our common shares and certain of our outstanding common share purchase warrants are listed on the NYSE American LLC (“NYSE American”) under the symbols “GROY” and “GROY.WS”, respectively. On November 24, 2025, the closing price of our common shares and common share purchase warrants as reported on the NYSE American was $3.825 and $1.77, respectively.

We are an “emerging growth company” and a “foreign private issuer” under applicable Securities and Exchange Commission (“SEC”) rules, and will be subject to reduced public company reporting requirements for this prospectus and future filings.

Investing in our securities involves a high degree of risk. See “Risk Factors” below, beginning on page 8 of the Prior Prospectus, and in our Annual Report on Form 20-F for the year ended December 31, 2024, which is incorporated by reference herein, to read about the risks you should consider before investing in our securities.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus supplement is November 26, 2025</div>