Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 22

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 22
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 purpose                              |     | Amount |   |
|:-----------------------------------------------|:----|:-------|:--|
| The Acquisition                                |     | $      | ● |
| General corporate purposes and working capital |     | $      | ● |
| Total                                          |     | $      | ● |

The expected use of net proceeds from this offering represents our current intentions based upon our present plan and business conditions. As of the date of this prospectus supplement, we cannot specify with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering. We currently intend to use the net proceeds of this offering to implement our growth and acquisition strategy, including the Acquisition, and for general working capital and corporate purposes, which may include the reduction of future debt outstanding under the Credit Facility. This offering is not conditional upon completion of the Acquisition, and the Acquisition is subject to customary conditions to closing and there is no guarantee the Acquisition will close on a timely basis or at all. Depending on the outcome of our business activities and other unforeseen events, our plans and priorities may change and we may apply the net proceeds of this offering in different amounts than we currently anticipate. In particular, in the event that the Acquisition does not close, management will reallocate the amounts raised from this offering that are currently contemplated to be spent in respect of the Acquisition at the discretion of management. See the section entitled “ Risk Factors” above.

For a description of the Royalty to be acquired using the net proceeds of this offering, see the section entitled “ The Acquisition” above.

The net proceeds that are currently expected to be used for working capital are expected to include operating expenses of approximately $●, which include expected amounts of: (i) $● for consulting fees; (ii) $● for professional fees; (iii) $● for management and directors’ fees; and (iv) $● for office and general and administrative costs. We expect that working capital requirements will also include normal course expenses that primarily relate to early stage acquisition and other business development identification and diligence, such as third-party geological, legal and other consultant expenses related thereto.

Limited History of Positive Operating Cash Flow

We achieved our first year of positive cash flows from operation of $2.5 million for the year ended December 31, 2024, and had positive operating cash flow for each of the three-month periods ended March 31, June 30 and September 30, 2025. If we fail to maintain positive cash flow again in the