Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 13

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 13
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 by our management to matters relating to the Acquisition that 
 could otherwise have been devoted to pursuing other beneficial opportunities;              |

| ● | the                                                                                         
 market price of the common shares could decline to the extent that the current market price 
 reflects a market assumption that the Acquisition will be completed;                        |

| ● | we                                                                                         
 would not realize the benefits we expect to realize from consummating the Acquisition; and |

| ● | we                                                                                            
 will be required to pay costs relating to the Acquisition, such as legal and accounting fees, 
 whether or not the Acquisition is completed.                                                  |

We may also be subject to litigation related to any failure to complete the Acquisition. If the Acquisition is not completed, these risks may materialize and may adversely affect our business, operations and financial performance and cash flows.

We may fail to realize the expected benefits of the Acquisition

While we believe that the Acquisition will provide certain benefits to our business and shareholders, these expected benefits may not be achieved, or may take longer than expected to realize, and other assumptions upon which we have determined the benefits of the Acquisition may prove to be incorrect. To the extent that the anticipated benefits of the Acquisition are not achieved, are achieved to a lesser extent, or take longer than expected to achieve, the results of operations and our financial condition may suffer, which may materially adversely affect our business, operations and financial performance and cash flows.

| S-8 |

<div align='center'>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</div>

This prospectus supplement, the accompanying prospectus, and the information incorporated by reference herein and therein may include forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act and may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements include statements that may relate to our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs and other information that is not historical information. Forward-looking statements can often be identified by the use of terminology such as “subject to”, “believe”, “anticipate”, “plan”, “target”, “expect”, “intend”, “estimate”, “project”, “outlook”, “may”, “will”, “should”, “would”, “could”, “can”, the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. In addition,