Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026487
Chunk: 54

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 54
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 developments in any of the jurisdictions where the properties in which we hold or may hold royalties, streams 
 or similar interests are located;                                                                                                       |

| ● | opposition                                                                          
 from Indigenous peoples may adversely impact the projects underlying our interests; |

| ● | environmental                                                                   
 risks in the jurisdictions where projects underlying our interests are located; |

| ● | our                                                                                                                                      
 operations and those of the owners and operators of the properties underlying our royalty and other interests may be negatively impacted 
 by the effects of the spread of illnesses or other public health emergencies;                                                            |

| ● | our                                     
 dependence on key management personnel; |

| ● | certain                                                                                                                          
 of our directors and officers also serve as directors and officers of other companies in the mining sector, which may cause them 
 to have conflicts of interest;                                                                                                   |

| ● | we                                                                                                                       
 hold investments in a concentrated number of equity securities and the fair values thereof are subject to loss in value; |

| ● | a                                                                                                                                 
 significant disruption to our information technology systems or those of our third-party service providers could adversely affect 
 our business and operating results;                                                                                               |

| ● | potential                                                                                                         
 litigation affecting the properties that we have royalty interests in could have a material adverse effect on us; |

| ● | we                                                                                        
 may use certain financial instruments that are subject to a number or inherent risks; and |

| ● | the                                                                                                                              
 other factors discussed under “Item 3. Key Information – D. Risk Factors” in our Annual Report on Form 20-F                      
 for the most recent year incorporated by reference herein, and other disclosure documents, which are available under our profile 
 at www.sedarplus.ca and www.sec.gov.                                                                                             |

This list of factors should not be construed as exhaustive. The Company does not intend to and does not assume any obligations to update forward-looking statements, except as required by applicable law.

The forward-looking statements made in this prospectus or any prospectus supplement, or the information incorporated by reference herein relate only to events or information as of the date on which the statements are made in such document. Except as required by U.S. federal securities law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and any applicable prospectus supplement, and the information incorporated by reference herein, along with any exhibits thereto, completely and