Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 10

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 10
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 exercise by the Underwriters of their option to purchase up to an additional ● common shares to cover over-allotments, if any, in connection with this offering.

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

You should carefully consider the risks described below and in our Annual Report on Form 20-F for the year ended December 31, 2024, as updated by our subsequent filings filed with the SEC, some of which are incorporated by reference into this prospectus supplement, as well as the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus, including our consolidated financial statements and the related notes, before you decide to buy our common shares. The risks and uncertainties described below and incorporated by reference in this prospectus supplement and the accompanying prospectus are not the only risks facing us. We may face additional risks and uncertainties not currently known to us or that we currently deem to be immaterial. Any of the risks described below or incorporated by reference in this prospectus supplement and the accompanying prospectus, and any such additional risks, could materially adversely affect our business, financial condition or results of operations. In such case, you may lose all or part of your original investment.

Risks Related to this Offering

This offering is not conditional on the closing of the Acquisition and if the Acquisition does not close, management will have discretion regarding the use of proceeds

We intend to use the net proceeds of this offering as stated under the “ Use of Proceeds”; however, this offering is not conditional upon the closing of the Acquisition. If the Acquisition is not completed, management will have considerable discretion in the application of the net proceeds from this offering as well as the timing of such expenditures. In addition, there may be circumstances where, for sound business reasons, a reallocation of funds may be deemed prudent or necessary. As a result, investors will be relying on the judgment of management as to the application of the net proceeds of this offering. Management may use the net proceeds of this offering in ways that an investor may not consider desirable. The results and effectiveness of the application of the proceeds are uncertain. If the proceeds are not applied effectively, our results of operations and financial condition may suffer, which may materially adversely affect our business, operations and financial performance and cash flows. See “ Use of Proceeds”.

Sales of a substantial number of common shares, or the perception that such sales may occur, may adversely impact the price of our common shares.

Sales of a substantial number of common shares