Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 59

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 59
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 2020, under the Canada Business Corporations Act (Canada) (“ CBCA”). Our head office is located at 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia V6E 4A2 and our telephone number is +1 (604) 396-3066. Our registered office is 1000-925 West Georgia Street, Vancouver, British Columbia, Canada V6C 3L2. Our website address is www.goldroyalty.com. Information on the Company’s website is not incorporated herein by reference. Our common shares and Listed Warrants are listed on the NYSE American under the symbols “GROY” and “GROY.WS”, respectively.

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<div align='center'>RISK FACTORS</div>

Investing in our securities involves a high degree of risk. You should carefully review the risks and uncertainties discussed below and described under the heading “ Risk Factors” contained in any applicable prospectus supplement and under similar headings in our Annual Report on Form 20-F for the most recent year incorporated by reference herein, as updated by our subsequent filings, some of which are incorporated by reference into this prospectus, before deciding whether to purchase any of the securities being registered pursuant to the registration statement of which this prospectus is a part. Each of the risk factors could adversely affect our business, results of operations, financial condition and cash flows, as well as adversely affect the value of an investment in our securities, and the occurrence of any of these risks might cause you to lose all or part of your investment.

The following disclosure is
intended to highlight, update or supplement previously disclosed risk factors facing the Company set forth in the Company’s public
filings. This risk factor should be carefully considered along with any other risk factors identified in the Company’s other filings
with the SEC. Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations. For more information, see “ Where You Can Find More Information” and “ Incorporation of Certain Documents by Reference.”

We have a history of negative cash flow from operating activities.

We did not have positive cash flow from operating activities for the fiscal year ended December 31, 2023. While we had positive cash flow from operating activities of $0.3 million in the three months ended March 31, 2024, as a result of increased revenues from our royalty and other interests, if we continue to have negative cash flow from operating activities in future periods,