# EDGAR Filing Document

**Accession Number:** 0001834026
**File Stem:** 0001493152-25-026718
**Filing Date:** 2025-12
**Character Count:** 185607
**Document Hash:** 55b08bd57bc775b05e818f2852150a51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-026718.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001493152-25-026718

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20251208

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gold Royalty Corp.
- **CENTRAL INDEX KEY:** 0001834026
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40099
- **FILM NUMBER:** 251557359

**BUSINESS ADDRESS:**
- **STREET 1:** 1830 - 1188 WEST GEORGIA STREET
- **STREET 2:** SUITE 1830
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4A2
- **BUSINESS PHONE:** (778) 726-1000

**MAIL ADDRESS:**
- **STREET 1:** 1830 - 1188 WEST GEORGIA STREET
- **STREET 2:** SUITE 1830
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4A2

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For the month of December 2025**

**Commission File Number 001-40099**

**GOLD ROYALTY CORP.**

**(Registrant's name)**

**1188 West Georgia Street, Suite 1830**

**Vancouver, BC V6E 4A2**

**(604) 396-3066**

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**INCORPORATION BY REFERENCE**

EXHIBITS 99.1 THROUGH 99.5, INCLUDED WITH THIS REPORT, ARE HEREBY INCORPORATED BY REFERENCE AS EXHIBITS TO THE REGISTRANT'S REGISTRATION STATEMENTS ON FORM F-3, AS AMENDED AND SUPPLEMENTED (FILE NOS. <u>[333-280817](https://www.sec.gov/Archives/edgar/data/1834026/000149315224029473/formf-3a.htm)</u>, <u>[333-280507](https://www.sec.gov/Archives/edgar/data/1834026/000149315224026488/formf-3a.htm)</u>, <u>[333-276305](https://www.sec.gov/Archives/edgar/data/1834026/000149315224005252/formf-3a.htm)</u>, <u>[333-267633](https://www.sec.gov/Archives/edgar/data/1834026/000149315222026919/formf-3.htm)</u>, <u>[333-270682](https://www.sec.gov/Archives/edgar/data/1834026/000149315223008138/formf-3d.htm)</u>) AND FORM S-8 (FILE NO. [333-267421](https://www.sec.gov/Archives/edgar/data/1834026/000149315222025885/forms-8.htm)), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **GOLD ROYALTY CORP.** | **GOLD ROYALTY CORP.** |
| Date: December 8, 2025 | By: | */s/ Andrew Gubbels* |
|  | Name: | Andrew Gubbels |
|  | Title: | Chief Financial Officer |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description of Exhibit** |
| 99.1\* | [Underwriting Agreement](ex99-1.htm) |
| 99.2 | [Opinion of Sangra Moller LLP](ex99-2.htm) |
| 99.3 | [Consent of Sangra Moller LLP (included in Exhibit 99.2)](ex99-2.htm) |
| 99.4 | [Consent of Haynes and Boone, LLP](ex99-4.htm) |
| 99.5 | [Press Release dated December 8, 2025](ex99-5.htm) |

---

\* Certain of the schedules (and similar attachments) to this exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K under the Securities Act because they do not contain information material to an investment or voting decision and that information is not otherwise disclosed in the exhibit or the disclosure document. The registrant hereby agrees to furnish a copy of all omitted schedules (or similar attachments) to the SEC upon its request.

## Exhibit 99.1

**Exhibit 99.1**

**UNDERWRITING AGREEMENT**

December 8, 2025

Gold Royalty Corp.

1030 West Georgia Street, Suite 183

Vancouver, British Columbia

Canada V6E 2Y3

---

| | |
|:---|:---|
| **Attention:** | **David Garofalo, Chairman, President and Chief Executive Officer** |

---

Dear Mr. Garofalo:

The undersigned, National Bank Financial Inc. ("**NBF**"), BMO Capital Markets Corp. ("**BMO**") and RBC Dominion Securities Inc. ("**RBC**", and together with NBF and BMO, the "**Lead Underwriters**"), together with Scotia Capital Inc., Canaccord Genuity Corp., H.C. Wainwright & Co., LLC, Raymond James Ltd., Ventum Financial Corp. and BMO Nesbitt Burns Inc. (collectively, the "**Underwriters**"), understand that Gold Royalty Corp. (the "**Company**") proposes to issue and sell an aggregate of 22,500,000 common shares in the capital of the Company (the "**Initial Shares**"), at a price of $4.00 per Initial Share (the "**Issue Price**") for aggregate gross proceeds of $90,000,000.

Upon and subject to the terms and conditions contained in this Agreement, the Underwriters hereby agree to purchase, or alternatively to arrange, as agent for substituted purchasers (the "**Substituted Purchasers**"), on a several (and not joint nor joint and several) basis in the respective proportions set out opposite the name of each Underwriter in section 10 of this Agreement, from the Company on the Closing Date (as hereinafter defined), and the Company hereby agrees to sell to the Underwriters, all but not less than all of the 22,500,000 Initial Shares, at the Issue Price for an aggregate purchase price of $90,000,000. For greater certainty, the obligation of the Underwriters to purchase the Initial Shares shall be reduced by an amount equal to the number of Initial Shares purchased by any Substituted Purchasers. After a reasonable effort has been made to sell all of the Initial Shares at the Issue Price, the Underwriters may subsequently reduce the selling price to investors from time to time, provided that any such reduction in the Issue Price shall not affect the aggregate gross proceeds less the Underwriters' Fees (as hereinafter defined) payable to the Company.

The Company hereby grants, in the respective percentages as set out in section 10 of this Agreement, to the Underwriters an option (the "**Over-Allotment Option**"), entitling the Underwriters to purchase, or to arrange, as agent for Substituted Purchasers, up to an additional 3,375,000 common shares in the capital of the Company (each an "**Additional Share**") at a price per Additional Share equal to the Issue Price, for the purpose of covering the Underwriters' overallocation position and for market stabilization purposes, for aggregate gross proceeds of $13,500,000, assuming the full exercise of the Over-Allotment Option. The Over-Allotment Option shall be non-assignable and shall be exercisable, in whole, at any time, or in parts and from time to time for up to 30 days after the Closing Time (as hereinafter defined).

Unless the context otherwise requires or unless otherwise specifically stated, all references in this Agreement to (i) the "**Offering**" shall be deemed to include the Over-Allotment Option and (ii) the "**Offered Shares**" shall mean, collectively, the Initial Shares and the Additional Shares.

The net proceeds of the Offering shall be used as set forth in the Final Prospectuses (as hereinafter defined) under the heading "Use of Proceeds". In consideration of the Underwriters' services to be rendered in connection with the Offering, the Company shall pay to the Underwriters a cash fee (the "**Underwriters' Fee**") in an amount equal to 4.50% of the gross proceeds received by the Company from the issue and sale of the Initial Shares and any Additional Shares.

The Company has prepared and filed with the Commissions in the Qualifying Canadian Jurisdictions (each as hereinafter defined) a preliminary short form base shelf prospectus dated July 15, 2024 in the English language (the "**Canadian Preliminary Base Shelf Prospectus**") and a final short form base shelf prospectus dated August 2, 2024 (the "**Canadian Final Base Shelf Prospectus**") in respect of the offering of common shares, preferred shares, warrants, subscription receipts, debt securities and units in one or more offerings for an aggregate offering price of up to $250,000,000 (the "**Shelf Securities**").

The Company has also prepared and filed the Registration Statement. The "**Registration Statement**" means the registration statement referred to in section 2.4 hereof, including the exhibits, schedules and financial statements and any prospectus relating to the Shelf Securities that is filed with the United States Securities and Exchange Commission (the "**SEC**") pursuant to Rule 424(b) under the U.S. Securities Act of 1933, as amended ("**Rule 424(b)**"), and the rules and regulations promulgated thereunder (the "**U.S. Securities Act**") and deemed part of such registration statement pursuant to Rule 430B under the U.S. Securities Act as of such relevant time, as amended on each Effective Date, and, in the event any post-effective amendment thereto or any registration statement and any amendments thereto filed pursuant to Rule 462(b) under the U.S. Securities Act (a "**Rule 462(b) Registration Statement**") becomes effective prior to the Closing Date, shall also mean such registration statement as so amended or such Rule 462(b) Registration Statement, as the case may be; the "**Effective Date**" means each date and time that the Registration Statement, any post-effective amendment or amendments thereto or any Rule 462(b) Registration Statement became or becomes effective under the U.S. Securities Act; the "**U.S. Base Prospectus**" means the base prospectus referred to in section 2.4 hereof as filed in the Registration Statement on July 29, 2024, which was declared effective on August 2, 2024; the "**U.S. Preliminary Prospectus**" means any preliminary prospectus supplement to the U.S. Base Prospectus referred to in section 2.4 hereof relating to the Offered Shares and the Additional Shares which is used prior to the filing of the U.S. Final Prospectus, together with the U.S. Base Prospectus; and the "**U.S. Final Prospectus**" means the final prospectus supplement relating to the Offered Shares and the Additional Shares that is filed pursuant to Rule 424(b) - after the Applicable Time, together with the U.S. Base Prospectus.

Any reference herein to the Registration Statement, the U.S. Base Prospectus, any U.S. Preliminary Prospectus or the U.S. Final Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 6 of Form F-3 under the U.S. Securities Act, with respect to (x) the Registration Statement and U.S. Base Prospectus, as of the Effective Date of the Registration Statement, (y) the U.S. Preliminary Prospectus and the U.S. Final Prospectus, the date of such U.S. Preliminary Prospectus or the U.S. Final Prospectus, as the case may be; and any reference herein to the terms "amend," "amendment" or "supplement" with respect to the Registration Statement, the U.S. Base Prospectus, any U.S. Preliminary Prospectus or the U.S. Final Prospectus shall be deemed to refer to and include the filing of any document filed after such date under the U.S. Securities Exchange Act of 1934, as amended (the "**U.S. Exchange Act**") that are deemed to be incorporated therein by reference.

The Offering shall take place in the Qualifying Jurisdictions (as hereinafter defined).

The additional terms and conditions of this underwriting agreement (the "**Agreement**") are set forth below.

1. DEFINITIONS

1.1 In
 this Agreement, including any schedules forming a part of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Acts** "
 means the securities acts or equivalent securities regulatory legislation of the Qualifying
 Jurisdictions (including the U.S. Securities Act) and "**Act**" means the
 securities act or equivalent securities regulatory legislation of a specified Qualifying
 Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Additional Shares**" has the meaning set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Ancillary Documents**" means all agreements, certificates (including any certificates representing
 the Offered Shares), officer's certificates, notices and other documents executed and
 delivered, or to be executed and delivered, by the Company in connection with the Offering
 and/or pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Annual Financial Statements**" has the meaning given to that term in subsection 5.1(i) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Applicable Securities Laws**" means, collectively, and, as the context may require, the Acts
 and Regulations and the rules, policies, instruments, notices and orders issued by the applicable
 Regulatory Authorities, the Canadian Securities Laws, and the U.S. Securities Laws, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Applicable Time**" means 3 a.m. (Vancouver time) on December 8, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Base Prospectuses**" means the Canadian Final Base Shelf Prospectus and the U.S. Base
 Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Base Shelf Procedures**" means NI 44-101 and NI 44-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Canadian Final Base Shelf Prospectus**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Canadian Final Prospectus**" means the shelf prospectus supplement of the Company dated on
 or about the date of this Agreement relating to the distribution of the Offered Shares, which
 includes the pricing information omitted from the Canadian Preliminary Prospectus, together
 with the Canadian Final Base Shelf Prospectus and any and all documents incorporated by reference
 in such shelf prospectus supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Canadian Final Receipt"** means the receipt dated August 2, 2024 issued by the British Columbia
 Securities Commission, as principal regulator under NP 11-202, evidencing that a receipt
 has been, or has been deemed to be, issued for the Canadian Final Base Shelf Prospectus in
 each of the Qualifying Canadian Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Canadian Preliminary Base Shelf Prospectus**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Canadian Preliminary Prospectus**" means the preliminary shelf prospectus supplement of the
 Company dated December 8, 2025 relating to the distribution of the Offered Shares and the
 Over-Allotment Option, which excludes certain pricing information, together with the Canadian
 Final Base Shelf Prospectus and any and all documents incorporated by reference in such shelf
 prospectus supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Canadian Preliminary Receipt"** means the receipt dated July 15, 2024 issued by the British
 Columbia Securities Commission, as principal regulator under NP 11-202, evidencing that a
 receipt has been, or has been deemed to be, issued for the Canadian Preliminary Base Shelf
 Prospectus in each of the Qualifying Canadian Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Canadian Securities Laws**" means all applicable securities legislation in the Qualifying
 Canadian Jurisdictions, including all rules and regulations under such legislation, together
 with applicable published national, multilateral and local policy statements, instruments,
 notices and blanket orders of the Commissions in each of the Qualifying Canadian Jurisdictions
 as modified by the Translation Decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**CFO Certificate**" has the meaning given to that term in subsection 6.1(l)(viii) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**CFPOA** "
 has the meaning given to that term in subsection 5.1(nnn) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Claims** "
 has the meaning given to that term in section 12.1 hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Closing** "
 and "**Closing Date**" have the meanings given to those terms in section 9.1
 hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Closing Materials**" has the meaning given to that term in subsection 6.1(l)(xiii) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Closing Time**" means 5:00 a.m. (Vancouver time) or such other time as may be agreed to by
 the Company and NBF, on behalf of the Underwriters, on the Closing Date, or in the case of
 the Option Closing, 5:00 a.m. (Vancouver Time) or such other time as may be agreed to by
 the Company and NBF, on behalf of the Underwriters, on the Over-Allotment Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Comfort Letter**" has the meaning given to that term in subsection 6.1(l)(i) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Commissions** "
 means the securities regulatory authorities (other than stock exchanges) of the Qualifying
 Canadian Jurisdictions and "**Commission**" means the securities regulatory
 authority of a specified Qualifying Canadian Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Common Shareholders**" has the meaning given to that term in subsection 5.1(u);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Common Shares**" means the common shares, without par value, in the capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Company** "
 means Gold Royalty Corp., a company incorporated under the laws of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Continuing Underwriters**" has the meaning given to that term in subsection 10.2 hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Corporate Opinions**" has the meaning given to that term in subsection 6.1(l)(iii) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Defaulted Shares**" has the meaning given to that term in subsection 10.2 hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Disclosure Package**" means the U.S. Base Prospectus, as amended and supplemented by the U.S.
 Preliminary Prospectus dated December 8, 2025, the information stated in Schedule "A"
 to this Agreement and each Issuer Free Writing Prospectus listed on Schedule "D"
 to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Distribution** "
 (or "**distribute**" as derived therefrom) has the meaning given to that term
 in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Engagement Letter**" means the engagement letter dated December 8, 2025 entered into between
 the Company and NBF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Environmental Activity**" means without limitation, any past, present or contemplated activity,
 event or circumstance in respect of any pollutants, dangerous substances, liquid wastes,
 hazardous wastes, hazardous materials, hazardous substances or contaminants or any other
 matter including any of the foregoing, as defined or described as such pursuant to any Environmental
 Law, including, without limitation, the storage, use, holding, collection, purchase, accumulation,
 assessment, generation, manufacture, construction, processing, treatment, stabilization,
 disposition, handling or transportation thereof, or the release, escape, leaching, dispersal
 or migration thereof into the natural environment, including the movement through or in the
 air, soil, surface water or groundwater;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Environmental Laws**" means any and all applicable international, federal, provincial, state or
 municipal laws, statutes, regulations, treaties, orders, judgments, decrees, ordinances or
 official directives that apply in whole or in part to the Company or its subsidiaries or
 its prior or existing operations or properties or assets and all authorizations relating
 to the environment, occupational health and safety, or any Environmental Activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Effective Date"** has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Encumbrance** "
 has the meaning given to that term in subsection 5.1(b) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Evaluation Date**" has the meaning given to that term in subsection 5.1(dd) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**FCPA** "
 has the meaning given to that term in subsection 5.1(kkk) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Final Prospectuses**" means the Canadian Final Prospectus and U.S. Final Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Financial Statements**" has the meaning given to that term in subsection 5.1(i) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**FINRA** "
 means the Financial Industry Regulatory Authority, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Free Writing Prospectus**" means a free writing prospectus, as defined in Rule 405 under
 the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**IFRS** "
 has the meaning given to that term in subsection 5.1(j) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Indemnified Parties**" has the meaning given to that term in section 12.1 hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Initial Shares**" has the meaning given to that term on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Interim Financial Statements**" has the meaning given to that term in subsection 5.1(i) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Issue Price**" has the meaning set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Issuer Free Writing Prospectus**" means each "free writing prospectus" (as defined
 in Rule 433 under the U.S. Securities Act) in connection with the offering of the Offered
 Shares prepared by or on behalf of the Company or used or referred to by the Company in the
 form filed or required to be filed with the SEC or, if not required to be filed, in the form
 retained in the Company's records pursuant to Rule 433(g) under the U.S. Securities
 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Key Royalties**" has the meaning given to that term in subsection 5.1(gg) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Lead Underwriters**" has the meaning set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Legal Opinions**" has the meaning given to that term in subsection 6.1(l)(ii) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**material adverse effect**" means (i) the effect resulting from any event or change which is
 materially adverse to the business, affairs, capital, operations, assets, liabilities (contingent
 or otherwise) of the Company, or which event or change would reasonably be expected to have
 a significant negative effect on the market price or value of the Common Shares or (ii) any
 fact, event or change that would result in any Offering Document containing a misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**material change**" means a material change in or relating to the Company for the purposes
 of Applicable Securities Laws or any of them, or where undefined under the Applicable Securities
 Laws of a Qualifying Jurisdiction means a change in or relating to the business, operations
 or capital of the Company and its subsidiaries taken as a whole that would reasonably be
 expected to have a significant effect on the market price or value of any securities of the
 Company and includes a decision to implement such a change made by the board of directors
 of the Company or by senior management who believe that confirmation of the decision by the
 board of directors of the Company is probable, or otherwise would constitute a material change
 within the meaning of U.S. Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Material Contracts**" has the meaning given to that term in subsection 5.1(x) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**material fact**" means a material fact for the purposes of Applicable Securities Laws or any
 of them, or where undefined under the Applicable Securities Laws of a Qualifying Jurisdiction
 means a fact that would reasonably be expected to have a significant effect on the market
 price or value of any securities of the Company, or otherwise would constitute a material
 fact within the meaning of U.S. Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Material Subsidiaries**" has the meaning given to that term in subsection 5.1(a) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**misrepresentation** "
 means a misrepresentation for the purposes of the Applicable Securities Laws of a Qualifying
 Jurisdiction or any of them, or where undefined under the Applicable Securities Laws of a
 Qualifying Jurisdiction means: (i) an untrue statement of a material fact, or (ii) an omission
 to state a material fact that is required to be stated or that is necessary to make a statement
 not misleading (in the context of any U.S. Preliminary Prospectus or the U.S. Final Prospectus,
 in light of the circumstances in which it was made);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**Money Laundering Laws**" has the meaning given to that term in subsection 5.1(rrr) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**NBF** "
 has the meaning set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**NI 41-101**" means National Instrument 41-101 – *General Prospectus Requirements*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**NI 43-101**" means National Instrument 43-101 - *Standards of Disclosure for Mineral Projects*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**NI 44-101**" means National Instrument 44-101 – *Short Form Prospectus Distributions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**NI 44-102**" means National Instrument 44-102 – *Shelf Distributions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**NI 51-102**" means National Instrument 51-102 – *Continuous Disclosure Obligations*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**NP 11-202**" means National Policy 11-202 – *Process for Prospectus Reviews in Multiple Jurisdictions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**NYSE American**" means the NYSE American LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**Offered Shares**" has the meaning set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Offering** "
 has the meaning set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**Offering Documents**" means, collectively, the Prospectuses, any Supplementary Material and
 the Disclosure Package;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**Officers' Certificate**" has the meaning given to that term in subsection 6.1(l)(vi) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "**Option Closing**" means the purchase of Additional Shares contemplated upon the exercise
 of the Over-Allotment Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**Over-Allotment Closing Date**" means, in respect of any exercise of the Over-Allotment Option, the
 closing date for such exercise of the Over-Allotment Option which shall be not more than
 three business days after the notice of exercise of such option has been delivered in accordance
 with the terms of the Over-Allotment Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "**Over-Allotment Option**" means the option to purchase the Additional Shares granted to the Underwriters
 as set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "**PCAOB** "
 means the Public Company Accounting Oversight Board (United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "**PFIC** "
 means a "passive foreign investment company";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "**Preliminary Prospectuses**" means the Canadian Preliminary Prospectus and the U.S. Preliminary
 Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "**Pricing Term Sheet**" means the pricing term sheet in the form scheduled as Schedule "A"
 hereto, including any supplements or amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "**Principals** "
 has the meaning given to that term in subsection 5.1(u);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "**Prospectuses** "
 means collectively the Canadian Preliminary Base Shelf Prospectus, the Base Prospectuses,
 the Preliminary Prospectuses and the Final Prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "**provide** "
 in the context of sending or making available marketing materials to a potential investor
 of the Offered Shares, has the meaning given to that term under the Applicable Securities
 Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "**Public Record**" has the meaning given to that term in subsection 5.1(n) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "**Qualifying Canadian Jurisdictions**" means the Canadian provinces and territories of Canada,
 other than Québec and Nunavut, and "**Qualifying Canadian Jurisdiction** "
 means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) "**Qualifying Jurisdictions**" means the Qualifying Canadian Jurisdictions, the U.S. and such other
 jurisdictions to which the Underwriters and the Company may agree, and "**Qualifying Jurisdiction**" means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff) "**RBC** "
 has the meaning set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg) "**Registration Statement**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh) "**Regulations** "
 means the securities rules or regulations proclaimed under the Acts and "**Regulation** "
 means the securities rules or regulations proclaimed under a specified Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii) "**Regulatory Authorities**" means collectively the Commissions, the SEC and the NYSE American;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj) "**Rule 424(b)**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk) "**Rule 462(b) Registration Statement**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll) "**SEC** "
 has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmm) "**Shelf Securities**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnn) "**SK 1300**" means subpart 1300 of Regulation S-K under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oooo) "**subsidiary** "
 has the meaning given to that term in the *Canada Business Corporations Act* and "**subsidiaries** "
 means more than one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pppp) "**Substituted Purchasers**" has the meaning set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqq) "**Supplementary Material**" means any documents supplemental to the Prospectuses including any amending
 or supplementary prospectus or other supplemental documents (including documents incorporated
 by reference after the date of the Prospectuses) or similar documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrr) "**Tax Act**" means the *Income Tax Act* (Canada) and the regulations thereunder as
 amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ssss) "**trade** "
 has the meaning given to that term in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tttt) "**Translation Decision**" means the decision of the Autorité des marchés financiers
 dated July 11, 2024, obtained by the Company granting exemptive relief from the requirement
 that the Canadian Final Base Shelf Prospectus and the documents incorporated by reference
 in the Canadian Final Base Shelf Prospectus be publicly filed in both the French and English
 languages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuu) "**Underwriters** "
 has the meaning given to that term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvv) "**Underwriters' Fee**" has meaning set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwww) "**United States**" or "**U.S.**" means the United States of America, its territories
 and possessions, any state of the United States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxx) "**U.S. Base Prospectus**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyy) "**U.S. Exchange Act**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzz) "**U.S. Final Prospectus**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaa) "**U.S. Legal Opinion**" has the meaning given to that term in section 6.1(l)(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbb) "**U.S. Preliminary Prospectus**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccccc) "**U.S. Securities Act**" has the meaning set out on page 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddddd) "**U.S. Securities Laws**" means all applicable securities legislation in the United States,
 including without limitation, the U.S. Securities Act, the U.S. Exchange Act and the rules
 and regulations promulgated thereunder, including the rules and policies of the SEC and any
 applicable securities laws of any state of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeee) "**XBRL** "
 means eXtensible Business Reporting Language.

1.2 All
 references to dollar figures in this Agreement are to United States dollars.

1.3 Certain
 terms applicable solely to Schedule "B" are defined in Schedule "B".

1.4 Where
 any representation or warranty contained in this Agreement is expressly qualified by reference
 to the "knowledge" of the Company, or where any other reference is made herein
 to the "knowledge" of the Company, it shall be deemed to refer to the actual
 knowledge of David Garofolo, Andrew Gubbels and Samuel Mah, after having made due inquiry
 of appropriate and relevant persons and after reviewing relevant documentation.

2. FILING OF PROSPECTUSES

2.1 The
 Company represents and warrants to the Underwriters that the Company has prepared and filed
 the Canadian Preliminary Base Shelf Prospectus with the Commissions and has obtained the
 Canadian Preliminary Receipt for the Canadian Preliminary Base Shelf Prospectus, which receipt
 also evidences that the Ontario Securities Commission has issued a receipt for the Canadian
 Preliminary Base Shelf Prospectus.

2.2 The
 Company represents and warrants to the Underwriters that the Company has prepared and filed
 the Canadian Final Base Shelf Prospectus with the Commissions and has obtained a Canadian
 Final Receipt for the Canadian Final Base Shelf Prospectus, which receipt also evidences
 that the Ontario Securities Commission has issued a receipt for the Canadian Final Base Shelf
 Prospectus.

2.3 The
 Company represents and warrants to the Underwriters that the Company has prepared and filed
 the Canadian Preliminary Prospectus with the Commissions.

2.4 The
 Company represents and warrants to the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company meets the requirements for use of Form F-3 under the U.S. Securities Act and has
 prepared and filed with the SEC a registration statement (File Number: 333-280817) on Form
 F-3, including the U.S. Base Prospectus, for the registration of the offering and sale of
 the Shelf Securities. Such Registration Statement, including any amendments thereto filed
 prior to the Applicable Time, has become effective pursuant to Rule 461 under the U.S. Securities
 Act. The Company has filed with the SEC, pursuant to Rule 424(b), a U.S. Preliminary Prospectus
 relating to the Offered Shares, which has previously been furnished to the Underwriters.
 The Company will file with the SEC a U.S. Final Prospectus relating to the Offered Shares
 in accordance with Rule 424(b) after the Applicable Time. As filed, such U.S. Final Prospectus
 shall contain all information required by the U.S. Securities Act and the rules thereunder
 and, except to the extent the Underwriters shall agree in writing to a modification, shall
 be in all substantive respects in the form furnished to the Underwriters prior to the Applicable
 Time or, to the extent not completed at the Applicable Time, shall contain only such specific
 additional information and other changes (beyond that contained in the U.S. Base Prospectus
 and any U.S. Preliminary Prospectus) as the Company has advised the Underwriters, prior to
 the Applicable Time, will be included or made therein. The Company will file with the SEC
 any Issuer Free Writing Prospectus to the extent required by Rule 433 under the U.S. Securities
 Act. The Company will retain copies of each Issuer Free Writing Prospectus that is not filed
 with the SEC in accordance with Rule 433 under the U.S. Securities Act. The Registration
 Statement, at the Applicable Time, meets the requirements set forth in Rule 415(a)(1)(x)
 under the U.S. Securities Act. The initial Effective Date of the Registration Statement was
 not earlier than the date three years before the Applicable Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 each Effective Date and at the Applicable Time, the Registration Statement did, and when
 the U.S. Final Prospectus is first filed in accordance with Rule 424(b) and on the Closing
 Date or the Over-Allotment Closing Date, the U.S. Final Prospectus (and any supplement thereto)
 will, comply in all material respects with the applicable requirements of the U.S. Securities
 Act and, in relation to the documents incorporated by reference therein, the U.S. Exchange
 Act and the respective rules thereunder; on each Effective Date, at the Applicable Time and
 on the Closing Date, the Registration Statement did not and will not contain any untrue statement
 of a material fact or omit to state any material fact required to be stated therein or necessary
 in order to make the statements therein not misleading; and on the date of any filing pursuant
 to Rule 424(b) and on the Closing Date and the Over-Allotment Closing Date, the U.S. Final
 Prospectus (together with any supplement thereto) will not include any untrue statement of
 a material fact or omit to state a material fact necessary in order to make the statements
 therein, in the light of the circumstances under which they were made, not misleading; <u>provided, however</u>, that the Company makes no representations or warranties as to the information
 contained in or omitted from the Registration Statement or the U.S. Final Prospectus (or
 any supplement thereto) in reliance upon and in conformity with information furnished in
 writing to the Company by or on behalf of the Underwriters specifically for inclusion in
 the Registration Statement or the U.S. Final Prospectus (or any supplement thereto), it being
 understood and agreed that the only such information furnished by any Underwriters consists
 of the information described as such in section 12.1 hereof.

2.5 The
 Company covenants with the Underwriters that it shall have, by no later than 2:00 p.m. (Vancouver
 time) on December 8, 2025, prepared and filed the Canadian Final Prospectus with the Commissions,
 and will promptly fulfil and comply with, to the satisfaction of the Underwriters, acting
 reasonably, Applicable Securities Laws required to be fulfilled or complied with by the Company
 to enable the Offered Shares to be lawfully distributed to the public in the Qualifying Canadian
 Jurisdictions through the Underwriters or any other investment dealers or brokers registered
 as such in the Qualifying Canadian Jurisdictions.

2.6 The
 Company shall permit the Underwriters to participate fully in the preparation of, approve
 the form of, and review all documents incorporated by reference in, each such Final Prospectuses,
 any Issuer Free Writing Prospectus, and any other Ancillary Documents used in connection
 with the Offering and shall have allowed the Underwriters to conduct all due diligence investigations
 that they reasonably require in order to fulfil their obligations as Underwriters under the
 Applicable Securities Laws. The Company shall furnish to the Underwriters all the information
 relating to the Company and its business and affairs as is required in connection with the
 Offering.

2.7 The
 Company and the Underwriters, on a several basis, covenants and agrees not to provide any
 potential investor of the Offered Shares with any marketing materials other than the Pricing
 Term Sheet.

3. OVER-ALLOTMENT OPTION

3.1 The
 Company hereby grants to the Underwriters the Over-Allotment Option to purchase and to offer
 for sale to the public pursuant hereto the Additional Shares upon the terms and conditions
 set forth herein.

3.2 The
 Over-Allotment Option shall be non-assignable and shall be exercisable, in whole, at any
 time, or in parts, from time to time, up to 30 days after the Closing Date by the Lead Underwriters,
 on behalf of the Underwriters, giving written notice to the Company by such date, specifying
 the number of Additional Shares to be purchased and the closing date for such exercise (the
 "**Over-Allotment Closing Date** "), which date shall be not more than three
 business days after the date of such notice.

3.3 Following
 receipt of notice delivered in accordance with section 3.2, the Company agrees to issue and
 sell to the Underwriters and the Underwriters agree to purchase that number of Additional
 Shares requested in the notice of exercise of the Over-Allotment Option and the Company shall
 proceed to hold the Option Closing in accordance with section 10.

4. DISTRIBUTION AND CERTAIN OBLIGATIONS OF THE UNDERWRITERS AND THE COMPANY

4.1 Subject
 to the terms and conditions of this Agreement, the Underwriters offer to purchase the Initial
 Shares, and by acceptance of this Agreement the Company agrees to sell to the Underwriters,
 and the Underwriters agree to purchase at the Closing Time on the Closing Date, all, but
 not less than all, of the Initial Shares.

4.2 The
 distribution of the Offered Shares and the grant of the Over-Allotment Option shall be qualified
 by the Final Prospectuses under Applicable Securities Laws. The Offered Shares and the Over-Allotment
 Option may also be offered and sold in such other jurisdictions as the Company and the Underwriters
 may agree, provided the distribution of Offered Shares and the Over-Allotment Option in such
 other jurisdictions are completed in accordance with the applicable laws of such other jurisdictions.

4.3 Until
 the date on which the distribution of the Offered Shares is completed or this Agreement is
 terminated, the Company shall promptly take, or cause to be taken, all additional steps and
 proceedings that may from time to time be required under Applicable Securities Laws to continue
 to qualify the distribution of the Offered Shares, or in the event that the Offered Shares
 have, for any reason ceased to so qualify, to so qualify again the Offered Shares for distribution
 in the Qualifying Jurisdictions.

4.4 The
 Company agrees that each of the Underwriters will be permitted to appoint other registered
 dealers (or other dealers duly licensed in their respective jurisdictions) as its agents
 to assist in the Offering and that each Underwriter may determine the remuneration payable
 to such other dealers appointed by it. Such remuneration shall be payable by the Underwriter
 so appointing. The Underwriters shall use their commercially reasonable efforts to ensure
 that such other dealers, if any, comply with the terms of this Agreement as applicable to
 the Underwriters, including but not limited to, compliance with all Applicable Securities
 Laws.

4.5 Each
 of the Underwriters covenants, represents and warrants to the Company that it will comply,
 to the extent applicable to the Underwriters, with the rules and policies of the NYSE American
 and with all applicable securities legislation of each Qualifying Jurisdiction in which it
 acts as Underwriter of the Company in connection with the Offering.

5. REPRESENTATIONS AND WARRANTIES

5.1 The
 Company represents and warrants to the Underwriters, and acknowledges that the Underwriters
 are relying upon such representations and warranties in entering into this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Company and the subsidiaries of the Company listed on Schedule "B" hereto
 (the "**Material Subsidiaries**") has been duly incorporated and is validly
 existing under the laws of its jurisdiction of incorporation and has all requisite corporate
 authority and power to carry on its business, as now conducted and as presently proposed
 to be conducted by it, and to own or lease its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company is the direct or indirect registered and beneficial owner of all of the issued and
 outstanding shares of the Material Subsidiaries (other than those shares owned by nominal
 shareholders as required by local corporate laws), in each case, other than as set out in
 Schedule "B", free and clear of all charges, mortgages, liens, hypothecs, pledges,
 claims, restrictions, security interests or other encumbrances, whether created or arising
 by agreement, statute or otherwise pursuant to any applicable law, attaching to property,
 interests or rights and whether or not they constitute specific or floating charges, as those
 terms are understood under the laws of the Province of British Columbia (each, an "**Encumbrance** "),
 and, other than pursuant to security granted in connection with the credit arrangements described
 in Schedule "C", no person has any agreement, option, right or privilege (whether
 pre-emptive or contractual) capable of becoming an agreement or option, for the purchase
 from the Company or the Material Subsidiaries of any of the shares or other securities of
 the Material Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each
 of the Company and the Material Subsidiaries are qualified to carry on business in each jurisdiction
 in which it carries on its business, except where the failure to be so qualified would not
 reasonably be expected to: (i) materially adversely affect the condition, financial or otherwise,
 or the earnings, operations, condition, assets, liabilities (absolute, accrued, contingent
 or otherwise), share capital or business affairs of the Company and its Material Subsidiaries
 considered as one enterprise, whether or not arising in the ordinary course of business;
 or (ii) result in an Offering Document containing a misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each
 of the Company and the Material Subsidiaries has conducted and is conducting its business
 in compliance in all material respects with all applicable laws, rules and regulations of
 each jurisdiction in which its business is carried on, is in compliance in all material respects
 with all terms and provisions of all contracts, agreements, indentures, leases, policies,
 instruments and licenses that are material to the conduct of its business and all such contracts,
 agreements, indentures, leases, policies, instruments and licenses are valid and binding
 in accordance with their terms and in full force and effect, and no material breach or default
 by the Company or any Material Subsidiary or event which, with notice or lapse or both, could
 constitute a material breach or default by the Company or any Material Subsidiary, exists
 with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 execution and delivery of, and the performance of and compliance with the terms of this Agreement
 by the Company and the consummation of any of the transactions contemplated hereby, does
 not and will not result in any breach of, or constitute a default under, and does not and
 will not create a state of facts which, after notice or lapse of time or both, would result
 in a breach of or constitute a default under or create any Encumbrance on its or any of its
 subsidiaries' properties or assets under, any term or provision of the articles, by-laws
 or resolutions of the Company or any of its subsidiaries, or any indenture, mortgage, note,
 contract, agreement (written or oral), instrument, lease or other document to which the Company
 or any of its subsidiaries is a party or by which it or they or any of its or their properties
 are bound, or any judgment, decree, order, statute, rule or regulation applicable to the
 Company or any of its subsidiaries, which default or breach would reasonably be expected
 to result in a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Company has all requisite corporate power and authority to enter into this Agreement and
 to perform its obligations contemplated hereunder, and the issuance and sale by the Company
 of the Offered Shares and the granting of the Over-Allotment Option, have been duly authorized
 by all necessary corporate action of the Company, and this Agreement has been duly executed
 and delivered by the Company and each of this Agreement is a valid and binding obligation
 of the Company enforceable against the Company in accordance with its terms, subject to bankruptcy,
 insolvency, moratorium or similar laws affecting creditors' rights generally and except
 as limited by the application of equitable remedies which may be granted in the discretion
 of a court of competent jurisdiction and that enforcement of the rights to indemnity and
 contribution set out in this Agreement as may be limited by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Company has the necessary corporate power and authority to execute and deliver the Prospectuses
 and, if applicable, will have the necessary corporate power and authority to execute and
 deliver any amendment to the Final Prospectuses prior to the filing thereof, and all necessary
 corporate action has been taken by the Company to authorize the execution and delivery by
 it of each of the Final Prospectuses and the filing thereof, as the case may be, in each
 of the Qualifying Jurisdictions under the Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 consent, approval, authorization, order, permit, license, filing, regulation, clearance or
 qualification of any court or governmental agency, body or regulator is required in connection
 with the transactions contemplated by this Agreement except such as have been obtained under
 Applicable Securities Laws or under any other applicable securities laws, and except such
 customary post-Closing notice filings, and other filings after the date hereof pursuant to
 applicable securities laws, including Applicable Securities Laws, and stock exchange policies,
 including the policies of the NYSE American;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other
 than as disclosed in the Registration Statement or the Prospectuses, there has not been any
 material adverse change in the capital, assets, condition, liabilities or obligations (absolute,
 accrued, contingent or otherwise) of the Company and its subsidiaries, taken as a whole,
 from the position set forth in the consolidated audited financial statements for the Company's
 fiscal year ended December 31, 2024 (the "**Annual Financial Statements** ")
 or the condensed interim consolidated financial statements for the three and nine months
 ended September 30, 2025 (the "**Interim Financial Statements** ", and together
 with the Annual Financial Statements, the "**Financial Statements**") included
 or incorporated by reference in the Registration Statement and the Prospectuses, including,
 as applicable, the auditor's reports and notes in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 Financial Statements present fairly, in all material respects, the financial position of
 the Company on a consolidated basis as of the dates thereof and the results of operations
 and cash flows of the Company on a consolidated basis for the periods indicated, and have
 been prepared in accordance with IFRS Accounting Standards as issued by the International
 Accounting Standards Board ()"**IFRS**") on a basis consistent with prior periods
 (except as disclosed therein); the Company has no liability or obligation (including, without
 limitation, liabilities or obligations to fund any operations or work or exploration program,
 to give any guarantees or for taxes), whether accrued, absolute, contingent or otherwise,
 not reflected in such financial statements, which would be reasonably expected to have a
 material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Company maintains, and will maintain, at all times prior to the Closing Date a system of
 internal accounting controls sufficient to provide reasonable assurance that (i) transactions
 are executed in accordance with management's general or specific authorizations, (ii)
 transactions are recorded as necessary to permit preparation of financial statements in conformity
 with IFRS, and to maintain asset accountability, (iii) access to assets is permitted only
 in accordance with management's general or specific authorization, and (iv) the recorded
 accountability for assets is compared with the existing assets at reasonable intervals and
 appropriate action is taken with respect to any difference, (v) material information relating
 to the Company and its subsidiaries is made known to those responsible for the preparation
 of the financial statements during the period in which the financial statements have been
 prepared and that such material information is disclosed to the public within the time periods
 required by applicable laws, and (vi) all significant deficiencies and material weaknesses
 in the design or operation of such internal controls that could adversely affect any of the
 Company's ability to disclose to the public information required to be disclosed by
 them in accordance with applicable law and all fraud, whether or not material, that involves
 management or employees that have a significant role in the Company's and each subsidiary's
 internal controls have been disclosed to the audit committee of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) there
 are no actions, suits, proceedings or inquiries pending or, to the knowledge of the Company,
 threatened against or affecting the Company or any of its subsidiaries at law or in equity
 or before or by any federal, provincial, state, territorial, municipal or other governmental
 department, commission, board, bureau, agency or instrumentality which would result in a
 material adverse effect; there is no bankruptcy, liquidation, winding-up or other similar
 proceeding pending or in progress, or, to the knowledge of the Company, threatened against
 or relating to the Company or any of its subsidiaries before any governmental authority;
 none of the Company or any of its subsidiaries nor any of the respective properties or assets
 is subject to any outstanding judgment, order, writ, injunction or decree that involves or
 may involve, or restricts or may restrict the right or ability of the Company or such subsidiary
 to conduct its respective business in all material respects as it has been carried on prior
 to the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) except
 as disclosed in the Registration Statement and the Prospectuses, since September 30, 2025,
 neither the Company nor any of its subsidiaries has incurred, assumed or suffered any material
 liability (absolute, accrued, contingent or otherwise) or entered into any transaction which
 is or may be material to the Company and its subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 information and statements set forth in the Registration Statement and the Prospectuses and
 in all documents incorporated by reference in the Registration Statement and the Prospectuses
 and all information filed by or on behalf of the Company with the Regulatory Authorities
 and all applicable self-regulatory authorities after August 2, 2024, in compliance, or intended
 compliance, with Applicable Securities Laws, as applicable (the "**Public Record** "),
 were true, correct and complete in all material respects and did not contain any untrue statement
 of a material fact as at the date thereof or omit to state a material fact which, at the
 date thereof, was required to have been stated or was necessary to prevent a statement that
 was made from being false or misleading in the circumstances in which it was made and were
 prepared in accordance with and comply with all Applicable Securities Laws, and the Company
 is not in default of its filings, nor has it failed to file, furnish or publish any document
 required to be filed, furnished or published, under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 Company is a "reporting issuer" or has equivalent status within the meaning of
 Canadian Securities Laws in each of the Qualifying Canadian Jurisdictions and the Company
 has not received any correspondence or notice from any Commission concerning a review of
 any of the Company's continuous disclosure documents in respect of which any matters
 remain outstanding; the Company is subject to the reporting requirements of Section 13 of
 the U.S. Exchange Act and has filed and furnished with the SEC all reports required under
 the U.S. Exchange Act and the Company has not received any correspondence or notice from
 the SEC concerning a review of any of the Company's filings in respect of which any
 matters remain outstanding; no delisting, prevention or suspension of trading in or cease
 trading order with respect to any securities of the Company and, to the knowledge of the
 Company, no such proceeding is pending, contemplated or threatened and no inquiry or investigation
 (formal or informal) of any Commissions, the SEC, the NYSE American is in effect or ongoing
 or, to the knowledge of the Company, expected to be implemented or undertaken with respect
 to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) other
 than the investor rights agreements with each of Queen's Road Capital Investment Ltd.
 and Taurus Mining Royalty Fund L.P. dated December 15, 2023 and the shareholder rights plan
 agreement between the Company and TSX Trust Company dated November 5, 2025, and no agreement
 is in force or effect which in any manner materially affects the voting or control of any
 of the securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) PricewaterhouseCoopers
 LLP, who have audited the Annual Financial Statements and delivered their report included
 in the Annual Financial Statements, have informed the Company that they are independent chartered
 accountants with respect to the Company within the meaning of applicable Canadian Securities
 Laws and there has not been any "disagreement" or "unresolved issue"
 (within the meaning of NI 51-102) with PricewaterhouseCoopers LLP since its initial engagement
 as the Company's auditor; at all relevant times PricewaterhouseCoopers LLP have informed
 the Company that they are and have been (i) independent public accountants as required under
 U.S. Securities Laws, including as required by the U.S. Securities Act and by the rules of
 the Public Company Accounting Oversight Board (United States) (the "**PCAOB** "),
 (ii) in compliance with the applicable requirements relating to the qualification of accountants
 under Rule 2-01 of Regulation S-X under the U.S. Securities Act, and (iii) a registered public
 accounting firm as defined by the PCAOB whose registration has not been suspended or revoked
 and who has not requested such registration to be withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the
 Company and each of its subsidiaries (A) filed all domestic, foreign, federal, provincial,
 state and local tax returns that are required to be filed or has requested extensions thereof
 (except in any case in which the failure to so file would not result in a material adverse
 effect) and have paid or accrued all taxes required to be paid by it, other than those which
 are being or have been contested in good faith and in respect of which reserves have been
 provided in the Financial Statements of the Company, and any other assessment, fine or penalty
 levied against it, to the extent that any of the foregoing is due and payable, except for
 any such assessment, fine or penalty as would not result in a material adverse effect, (B)
 duly and timely withheld all taxes and other amounts required by applicable laws to be withheld
 by them and have duly and timely remitted to the appropriate governmental authority such
 taxes and other amounts required by applicable laws to be remitted by them except for any
 such taxes and other amounts as would not result in a material adverse effect, and (C) duly
 and timely collected all amounts on account of sales or transfer taxes, including goods and
 services, harmonized sales and provincial or territorial sales taxes, required by applicable
 laws to be collected by them and have duly and timely remitted to the appropriate governmental
 authority any such amounts required by applicable laws to be remitted by them except for
 any such taxes and other amounts as would not result in a material adverse effect; the Company
 is of the opinion that the charges, accruals and reserves for taxes reflected in the Financial
 Statements (whether or not due and whether or not shown on any tax return but excluding any
 provision for deferred income taxes) are adequate under IFRS to cover taxes with respect
 to the Company accruing through the date hereof; there are no disputes, proceedings, investigations,
 audits, assessments, reassessments or claims now pending or to the knowledge of the Company,
 threatened against the Company that propose to assess taxes in addition to those reported
 in the tax returns; there are no liens for taxes upon any of the assets or properties that
 have not been paid by the Company, except for liens for taxes not yet due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) there
 has been no change in accounting policies or practices of the Company since December 31,
 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the
 audit committee of the Company is comprised and operates in accordance with the requirements
 of National Instrument 52-110 – *Audit Committees* of the Commissions and the
 requirements of Section 10A of, and Rule 10A-3 under, the U.S. Exchange Act and the rules
 of the NYSE American;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the
 Company is not indebted to any of its directors or officers (collectively the "**Principals** "),
 other than on account of directors' fees, salaries, bonus and other employment or consulting
 compensation or expenses accrued but not paid, or to any of its shareholders (the "**Common Shareholders** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) none
 of the Principals or Common Shareholders is indebted or under any obligation to the Company,
 on any account whatsoever, other than for (i) payment of salary, bonus and other employment
 or consulting compensation, (ii) reimbursement for expenses duly incurred in connection with
 the business of the Company, and (iii) for other standard employee benefits made generally
 available to all employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) other
 than as disclosed in the Prospectuses or in relation to the credit agreement set forth in
 Schedule "C" hereto, neither the Company nor any subsidiary of the Company has
 guaranteed or agreed to guarantee any debt, liability or other obligation of any kind whatsoever
 of any person, firm or corporation whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all
 contracts and agreements of the Company or any subsidiaries of the Company that are required
 to be disclosed or described in the Registration Statement, the Prospectuses or in the Public
 Record under Applicable Securities Laws (collectively the "**Material Contracts** ")
 have been disclosed in the Prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) there
 are no amendments to the Material Contracts that have been, are proposed to be, or are required
 to be, made other than have been disclosed in the Prospectuses. Neither the Company nor any
 subsidiary has received any notification from any party claiming that the Company or such
 subsidiary is in breach or default under any contract or agreement, except which default
 or breach would not reasonably be expected to result in a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) other
 than as disclosed by third-parties in filings made by them under applicable U.S. Securities
 Laws, the Company has no knowledge of any proposed or planned disposition of Common Shares
 by any shareholder who owns, directly or indirectly, 10% or more of the outstanding Common
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) no
 labour problem or dispute with the employees of the Company or any of its subsidiaries exists
 or is threatened or imminent and the Company is not aware of any existing or imminent labour
 disturbance by the employees of any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) the
 Company maintains policies of insurance that are reasonable, prudent and appropriate for
 the size and nature of the business of the Company, and such policies are in full force and
 effect as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) other
 than pursuant to the credit agreement described in Schedule "C", no subsidiary
 of the Company is currently prohibited, directly or indirectly, from paying any dividends
 to the Company, from making any other distribution on such subsidiary's capital stock
 or other ownership interest, from repaying to the Company any loans or advances to such subsidiary
 from the Company or from transferring any of such subsidiary's property or assets to
 the Company or any other subsidiary of the Company, except as such restrictions or dividends,
 loans or advances would not, individually or in the aggregate, have a. material adverse effect

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) the
 Company has established and maintains disclosure controls and procedures (as defined in U.S.
 Exchange Act Rules 13a-15(e)) for the Company and designed such disclosure controls and procedures
 to ensure that information required to be disclosed by the Company in the reports it files
 or submits under the U.S. Exchange Act is recorded, processed, summarized and reported, within
 the time periods specified in the SEC's rules and forms. The Company's certifying
 officers have evaluated the effectiveness of the Company's disclosure controls and
 procedures as of September 30, 2025, as disclosed in the Company's Management's
 Discussion and Analysis for the three and nine months ended September 30, 2025, filed with
 the SEC on November 6, 2025 (such date, the "**Evaluation Date** "). The Company
 presented in its Management's Discussion and Analysis for the three and nine months
 ended September 30, 2025, the conclusions of the certifying officers about the effectiveness
 of the disclosure controls and procedures based on their evaluations as of the Evaluation
 Date. Since the Evaluation Date, there has been no change in the Company's disclosure
 controls and procedures that has materially affected, or is reasonably likely to materially
 affect, the Company's disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) the
 Company and its subsidiaries possess all licenses, certificates, permits and other authorizations
 issued by the appropriate governmental authorities necessary to conduct their respective
 businesses as now operated by them, except where the failure to possess such license, certificate,
 permit or other authorization would not, individually or in the aggregate, result in a material
 adverse effect, and neither the Company nor any such subsidiary has received any notice of
 proceedings relating to the revocation or modification of any such license, certificate,
 authorization or permit which, singly or in the aggregate, if the subject of an unfavourable
 decision, ruling or finding, would result in a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) the
 Company is the absolute legal and beneficial owner of, and has good and marketable title
 to, the royalties in respect of the Canadian Malartic Property, the royalties in respect
 of the Borborema Gold Project, the royalties in respect of the Ren Project and the royalty
 in respect of the Côté Gold Project, each as described in the Registration Statement
 and the Prospectuses (including all documents incorporated by reference therein) (the "**Key Royalties** "), and, except as disclosed in the Registration Statement and the Prospectuses
 and Schedule "C", such interests are free of all mortgages, liens, charges, pledges,
 security interests, encumbrances, claims or demands whatsoever and the Company does not know
 of any claim or the basis for any claim that might or could materially adversely affect the
 right thereof to use, transfer or otherwise exploit such rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) the
 Canadian Malartic Property is the only mineral project material to the Company within the
 applicable meanings of NI 43-101 and SK 1300, respectively, and the disclosure set out in
 the Public Record, the Registration Statement and the Prospectuses (including all documents
 incorporated by reference therein) with respect to the Canadian Malartic Property has been
 disclosed in all material respects in accordance with the applicable requirements of NI 43-101
 and SK 1300 and the Company has no knowledge that such disclosure is inaccurate in any material
 respect. The Company is in material compliance with the applicable provisions of NI 43-101
 and SK 1300 and has filed any technical reports or technical report summaries required thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) all
 scientific and technical information set forth in the Registration Statement and the Prospectuses
 has been reviewed by a "qualified person" as required under NI 43-101 and SK
 1300 and, to the knowledge of the Company, has been prepared in accordance with Canadian
 industry standards set forth in NI 43-101 or U.S. industry standards set forth in SK 1300,
 as applicable, other than where disclosed in the Registration Statement and the Prospectuses
 that such information has been prepared under an acceptable foreign code (as such term is
 defined in NI 43-101);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 disclosure set out in the Public Record, the Registration Statement and the Prospectuses
 (including all documents incorporated by reference therein) with respect to the Key Royalties
 constitutes an accurate description of the Key Royalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) the
 Company has made available, or caused to be made available, to the Underwriters true and
 correct copies of the agreements, contracts, instruments and other documents constituting
 the Key Royalties, including all material amendments or modifications thereto ()"**Royalty Title and Operating Documents** "). To the knowledge of the Company, no other party
 to the Royalty Title and Operating Documents is in default of any obligation under the Royalty
 Title and Operating Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) neither
 the Company nor any of the Material Subsidiaries has received any notice of, nor does the
 Company otherwise have any knowledge of, any claim adverse to its ownership interests in
 or relating to any Key Royalty, nor in respect of any material real property, whether owned
 or held under lease or sublease by the Company or any of the Material Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) to
 the knowledge of the Company, there are no claims or actions with respect to local, native,
 aboriginal or indigenous rights currently threatened or pending in respect of the properties
 underlying the Key Royalties that could have a material adverse effect on the Company. The
 Company is not aware of any material land entitlement claims or local, native, aboriginal
 or indigenous land claims having been asserted or any legal actions relating to local, native,
 aboriginal, indigenous or community issues having been instituted with respect to the properties
 underlying the Key Royalties, and no material dispute in respect of such properties with
 any local, native, aboriginal or indigenous group exists or, to the knowledge of the Company,
 is threatened or imminent with respect thereto or activities thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) to
 the knowledge of the Company, there are no material complaints, issues, proceedings, or discussions,
 which are ongoing or anticipated which could have the effect of interfering, delaying or
 impairing the ability to explore, develop or operate the properties underlying the Key Royalties
 in a manner that would have a material impact on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) to
 the knowledge of the Company, there are no actions, proceedings, inquiries, work or labour
 disruption, protests, blockades or initiatives by non-governmental organizations, activist
 groups or similar entities or persons, that are ongoing or anticipated which could materially
 adversely affect the ability to explore or develop the operations underlying the Key Royalties
 in a manner that would have a material impact on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) except
 as disclosed in the Registration Statement and the Prospectuses (including all documents
 incorporated by reference therein): (i) to the knowledge of the Company, the operators of
 the properties underlying the Key Royalties are in compliance with all applicable Environmental
 Laws and have not used, except in compliance with Environmental Laws, any property or facility
 which they own or lease, or previously owned or leased, to conduct any Environmental Activity,
 except where such use would not result in a material adverse effect; and (ii) other than
 in the ordinary course, including in connection with mine development or permitting, to the
 knowledge of the Company, there are no material environmental audits, evaluations, assessments,
 studies or tests, relating to the properties underlying the Key Royalties, the Company or
 the Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) no
 part of the property or assets of the Company or its subsidiaries or the entities holding
 the properties underlying the Key Royalties have been taken, condemned or expropriated by
 any governmental authority nor has any written notice or proceeding in respect thereof been
 given or commenced nor does the Company know of any intent or proposal to give such notice
 or commence any such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) the
 minute books of the Company have been maintained in material compliance with all applicable
 laws and are complete and accurate in all material respects, except for minutes of board
 meetings or resolutions of the board of directors that have not been formally approved by
 the board of directors or items in the minute book that are not current, but which are not
 material in the context of the Company and the Material Subsidiaries on a consolidated basis,
 or in the context of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) all
 information provided by the Company to the Underwriters in relation to it and the Offering
 (including in respect of their due diligence requests) is accurate and complete in all material
 respects at its respective date as stated therein and is not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) the
 Company has not withheld from the Underwriters any material facts known to the Company relating
 to the Company and its subsidiaries as a whole, the Key Royalties or the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) the
 Company is authorized to issue an unlimited number of Common Shares of which, as at December
 5, 2025, 197,490,625 Common Shares were issued and outstanding, all of which Common
 Shares are issued as fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) the
 form and terms of the certificate representing the Offered Shares has been approved and adopted
 by the board of directors of the Company and the form and terms of the certificate representing
 the Offered Shares does not and will not conflict with any applicable laws or the rules and
 policies of the NYSE American;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) TSX
 Trust Company has been duly appointed as transfer agent and registrar for the Common Shares
 in Canada and Continental Stock Transfer & Trust Company has been duly appointed as co-transfer
 agent and registrar for the Common Shares in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) the
 Offered Shares have been duly created, authorized, allotted and reserved for issuance and,
 at the applicable Closing Time, the Offered Shares will be duly and validly issued and outstanding
 as fully paid and non-assessable Common Shares in the capital of the Company; the Offered
 Shares will not have been issued in violation of or subject to any pre-emptive or contractual
 rights to purchase securities issued or granted by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) except
 as disclosed in the Registration Statement and the Prospectuses, no person currently has
 any agreement, option, right or privilege (whether pre-emptive or contractual) capable of
 becoming an agreement (including convertible securities or warrants but, for greater certainty,
 not including any letter of intent or other non-binding terms outlining a potential transaction
 involving the purchase, subscription or issuance of the Company's securities) for the
 purchase, subscription or issuance of common shares of the Company; no person has the right
 to require the Company or any of its subsidiaries to qualify or register any securities for
 sale under Applicable Securities Laws by reason of the filing of the Registration Statement
 or the Prospectuses with any Commission or the SEC or the issuance and sale of the Offered
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) the
 Company is in compliance in all material respects with all its disclosure obligations under
 the Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) the
 issued and outstanding Common Shares are listed and posted for trading on the NYSE American
 and the Company is not in default of the listing requirements of the NYSE American, as applicable
 to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) the
 Company is not and, after giving effect to the offering and sale of the Initial Shares and
 Additional Shares, and the application of the proceeds thereof as described in the Disclosure
 Package and the Final Prospectuses, will not be required to be registered as an "investment
 company" as defined in the U.S. Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) the
 Company is, and upon completion of the transactions described herein, and assuming the anticipated
 use of the proceeds thereof as described in the Disclosure Package and the Prospectuses,
 will be, a "foreign private issuer" within the meaning of Rule 3b-4 under the
 U.S. Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) there
 is and has been no failure on the part of the Company nor, to the best of the Company's
 knowledge having made due enquiry, any of its directors or officers, in their capacities
 as such, to comply in all material respects with any applicable provision of the U.S. Sarbanes-Oxley
 Act of 2002, as amended, and the rules and regulations promulgated in connection therewith,
 including, without limitation, Section 402 related to loans and Sections 302 and 906 related
 to certifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) the
 are no business relationships, contracts, documents, related party transactions or off-balance
 sheet transactions or any other non-arm's length transactions involving the Company
 or any subsidiary that are required to be disclosed in, or filed as exhibits to, the Registration
 Statement or the Prospectuses that have not been disclosed or filed in the Registration Statement
 or the Prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) the
 Company is not currently a "controlled foreign corporation" for U.S. federal
 income tax purposes within the meaning of Section 957 of the United States Internal Revenue
 Code of 1986, as amended, and does not expect to become a controlled foreign corporation
 as a result of the offering of Offered Shares hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) the
 Company has not taken, directly or indirectly, and will not take any action designed to or
 that would constitute or that might reasonably be expected to cause or result in, under Canadian
 Securities Laws or the U.S. Securities Laws, stabilization or manipulation of the price of
 any security of the Company to facilitate the sale or resale of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) the
 Company has not completed any "significant acquisition" (as such term is used
 in Applicable Securities Laws) or "restructuring transaction" (as such term is
 defined in NI 51-102) that would require the inclusion of any additional financial statements
 or pro forma financial statements in the Offering Documents that have not already been disclosed
 in the Public Record or the Prospectuses, pursuant to Applicable Securities Laws, and no
 proposed acquisition by the Company has progressed to a state where a reasonable person would
 believe that the likelihood of the Company completing the acquisition is high and that: (i)
 if completed by the Company at the date of the Final Prospectuses, would be a significant
 acquisition for the purposes of Applicable Securities Laws or (ii) would require financial
 statement disclosure in respect of the acquired business for the purposes of Applicable Securities
 Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) there
 are no reports or information that in accordance with the requirements of Applicable Securities
 Laws must be made publicly available in connection with the offering of the Offered Shares
 hereby that have not been made publicly available as required; and there are no documents
 required to be filed as of the date hereof with any of the Commissions or the SEC in connection
 with the offering of Offered Shares hereby that have not been filed as required, other than
 as contemplated herein. The Company has not filed any confidential material change or other
 report or other document with any Commission, the SEC, the NYSE American, or any other self-regulatory
 authority which at the date hereof remains confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no
 forward-looking information or statements (within the meaning of Section 27A of the U.S.
 Securities Act and Section 21E of the U.S. Exchange Act and within the meaning of applicable
 Canadian Securities Laws) of the Company included or incorporated by reference in the Registration
 Statement or the Prospectuses, has been made or reaffirmed without a reasonable basis or
 has been disclosed other than in good faith, such forward-looking information and statements
 are based on assumptions that are reasonable in the circumstances, and the Company has updated
 such forward- looking information and statements as required by and in compliance with Applicable
 Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) except
 for the Underwriters as provided in this Agreement, there is no person acting for the Company
 entitled to any brokerage or finder's fee in connection with this Agreement or any
 of the transactions contemplated hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) none
 of the Company, nor any of its subsidiaries, directors, officers, nor, to the knowledge of
 the Company, any agent, employee, affiliate or other person acting on behalf of the Company
 or any of its subsidiaries, is aware of or has taken any action, directly or indirectly,
 that would result in a violation by such persons of the Foreign Corrupt Practices Act of
 1977, as amended, and the rules and regulations thereunder (the "**FCPA** ")
 or the *Corruption of Foreign Public Officials Act* (Canada) (the "**CFPOA"**)
 or any other applicable anti-bribery or anti-corruption provisions of applicable law, including,
 without limitation, making use of the mails or any means or instrumentality of interstate
 commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of
 the payment of any money, or other property, gift, promise to give, or authorization of the
 giving of anything of value to any "foreign official" (as such term is defined
 in the FCPA) or any foreign political party or official thereof or any candidate for foreign
 political office, in contravention of the FCPA or the CFPOA and the Company and, to the knowledge
 of the Company, its affiliates have conducted their businesses in compliance with the FCPA
 and the CFPOA and have instituted and maintain policies and procedures reasonably designed
 to promote and achieve, and which are reasonably expected to continue to promote and achieve,
 continued compliance therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) none
 of the Company, nor any of its subsidiaries, directors, officers, nor, to the knowledge of
 the Company, any of its employees or agents, has at any time (i) made any unlawful contribution
 to any candidate for non-United States office, or failed to disclose fully any such contribution
 in violation of law, or (ii) made any payment to any federal or state governmental officer
 or official, or other person charged with similar public or quasi-public duties, other than
 payments required or permitted by the laws of the United States or any jurisdiction thereof;
 the operations of the Company and each of its subsidiaries are and have been conducted at
 all times in compliance with applicable financial record-keeping and reporting requirements
 of the *United States Currency and Foreign Transactions Reporting Act of 1970*, as amended,
 the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and
 the money laundering statutes of all other applicable jurisdictions in which the Company
 or any of its subsidiaries does business, the rules and regulations thereunder and any related
 or similar rules, regulations or guidelines issued, administered or enforced by any arbitrator,
 court, governmental body, regulatory body, administrative agency or other authority, body
 or agency having jurisdiction over the Company or any of its subsidiaries or any of their
 respective properties, assets or operations (collectively, the "**Money Laundering Laws** "); and no action, suit or proceeding by or before any such arbitrator, court,
 governmental body, regulatory body, administrative agency or other authority body or agency
 involving the Company or any of its subsidiaries with respect to the Money Laundering Laws
 is pending or, to the best knowledge of the Company, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) neither
 the Company nor any subsidiary (in this paragraph (mmm), the "**Entity** ")
 nor any director, officer or employee, nor, to the Company's knowledge, agent or affiliate
 of the Entity, is a government, individual, or entity (in this paragraph (mmm), "**Person** ")
 that is, or is owned 50% or more by a Person that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 subject of any sanctions administered or enforced by the U.S. Department of the Treasury's
 Office of Foreign Assets Control ()"**OFAC** "), the United Nations Security
 Council, the European Union, His Majesty's Treasury, or other relevant sanctions authorities,
 including designation on OFAC's Specially Designated Nationals and Blocked Persons
 List or OFAC's Foreign Sanctions Evaders List (as amended, collectively, "**Sanctions** "),
 nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) located,
 organized or resident in a country or territory that is the subject of Sanctions that broadly
 prohibit dealings with that country or territory (including Cuba, Iran, North Korea and the
 Crimea Region of the Ukraine) (the "**Sanctioned Countries** ");

neither it nor any Entity will, directly or indirectly, use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 fund or facilitate any activities or business of or with any Person or in any country or
 territory that, at the time of such funding or facilitation, is the subject of Sanctions
 or is a Sanctioned Country; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 any other manner that will result in a violation of Sanctions by any Person (including any
 Person participating in the offering, whether as underwriter, advisor, investor or otherwise);

the Entity represents and covenants that, except as detailed in the Disclosure Package and the Final Prospectuses, for the past five years, it has not engaged in, is not now engaging in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or is or was a Sanctioned Country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) except
 as would not reasonably be expected to have a material adverse effect, (i) there has been
 no security breach or other compromise of or relating to any of the Company's information
 technology and computer systems, networks, hardware, software, data (including the data of
 their respective customers, employees, suppliers, vendors and any third party data maintained
 by or on behalf of them), equipment or technology (collectively, "**IT Systems and Data**") and (ii) the Company has not been notified of, and has no knowledge of any
 event or condition that would reasonably be expected to result in, any security breach or
 other compromise to their IT Systems and Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) the
 Company is eligible to file with each of the Qualifying Canadian Jurisdictions a prospectus
 in the form of a short form prospectus under the Base Shelf Procedures, and to otherwise
 avail itself of the Base Shelf Procedures with respect to the distribution of the Offered
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) the
 Company is not an "ineligible issuer" (as defined in Rule 405 under the U.S.
 Securities Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) the
 Canadian Final Base Shelf Prospectus complies with, and the Canadian Final Prospectus and
 Supplementary Material will, as of their respective dates, comply with, all applicable requirements
 of Applicable Securities Laws, including the Base Shelf Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) the
 Canadian Final Base Shelf Prospectus and, prior thereto, a Canadian Preliminary Base Shelf
 Prospectus (in the English language) regarding the issue and sale of the Offered Shares,
 have been filed with each of the Commissions, and receipts therefor have been issued by or
 on behalf of each of the Commissions, which receipts continue to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) the
 Registration Statement complies, and when the U.S. Final Prospectus is first filed in accordance
 with Rule 424(b) under the U.S. Securities Act and on the Closing Date or the Over-Allotment
 Closing Date, the U.S. Final Prospectus (and any supplements thereto) will comply, in all
 material respects with the applicable requirements of the U.S. Securities Act and, in respect
 to the documents incorporated by reference therein, the U.S. Exchange Act and the respective
 rules thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) no
 order preventing or suspending the use of the Registration Statement, the U.S. Preliminary
 Prospectus, the Disclosure Package or the U.S. Final Prospectus has been issued by the SEC
 and no proceeding for that purpose has been initiated or, to the knowledge of the Company,
 threatened by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) the
 Disclosure Package as of the Applicable Time does not and on the Closing Date and the Over-Allotment
 Closing Date, will not, contain any untrue statement of a material fact or omit to state
 any material fact necessary in order to make the statements therein, in the light of the
 circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) each
 Issuer Free Writing Prospectus listed on Schedule "D" hereto does not conflict
 with the information contained in the U.S. Registration Statement, the Disclosure Package
 or the U.S. Final Prospectus and each such Issuer Free Writing Prospectus, as supplemented
 by and taken together with the Disclosure Package as of the Applicable Time, did not include
 any untrue statement of a material fact or omit to state any material fact necessary in order
 to make the statements therein, in the light of the circumstances under which they were made,
 not misleading. Each Issuer Free Writing Prospectus conformed or will conform in all material
 respects to the requirements of the U.S. Securities Act on the date of first use, and the
 Company has complied with all prospectus delivery and any filing requirements applicable
 to such Issuer Free Writing Prospectus pursuant to the U.S. Securities Act. The Company has
 not made any offer relating to the Offered Shares that would constitute an Issuer Free Writing
 Prospectus without the prior written consent of the Lead Underwriters, except as set forth
 on Schedule "D" hereto. The Company has retained in accordance with the U.S.
 Securities Act all Issuer Free Writing Prospectuses that were not required to be filed pursuant
 to the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) upon
 their issuance in accordance with the terms hereof, the Offered Shares will be registered
 in the name of the Underwriters or as directed by NBF, on behalf of the Underwriters, as
 the case may be, or a permitted transferee thereof, in each case free and clear of all resale
 or trade restrictions under Applicable Securities Laws and liens, charges or encumbrances
 of any kind whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) when
 issued and sold by the Company in accordance with the terms hereof the Offered Shares shall
 have the rights, privileges, restrictions, conditions attributes and characteristics that
 conform to the rights, privileges, restrictions, conditions, attributes and characteristics
 attaching to common shares in the capital of the Company set forth in the Prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) on
 the date of issue, the Offered Shares will be qualified investments under the Tax Act and
 the regulations thereunder as in effect on the date hereof, for a trust governed by a registered
 retirement savings plan, a registered retirement income fund, a deferred profit sharing plan,
 a registered education savings plan, a registered disability savings plan and for a tax-free
 savings account each as defined in the Tax Act, subject to the specific provisions of any
 such plan, but would be a prohibited investment for a trust governed by a tax-free savings
 account if the holder has a significant interest in the Company within the meaning of the
 Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) there
 are no transfer taxes or other similar fees or charges under Canadian or U.S. federal law
 or the laws of any state, province or any political subdivision thereof, required to be paid
 in connection with the execution and delivery of this Agreement or the issuance by the Company
 or sale by the Company of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) at
 the Closing Time, the Offered Shares will be listed and, prior to the market opening on the
 day of Closing, the Initial Shares will be posted for trading on the NYSE American and subject
 to their issuance, the Additional Shares will be posted for trading on the NYSE American;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) none
 of the Company, any subsidiary of the Company, nor any of their respective affiliates or
 any person acting on its or their behalf (other than the Underwriters or any person acting
 on its behalf, as to which no representation, warranty or covenant is made) has violated
 or will violate the U.S. Exchange Act in connection with offers and sales of the Offered
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) for
 each tax year that the Company qualifies as a "passive foreign investment company"
 (a "**PFIC**") as determined by the Company based on the Company's reasonable
 analysis, the Company will make publicly available: (a) a "PFIC Annual Information
 Statement" as described in U.S. Treasury Regulation Section 1.1295-1(g) (or any successor
 Treasury Regulation) and (b) all information and documentation that a U.S. shareholder is
 required to obtain for U.S. federal income tax purposes in making a qualifying electing fund
 election with respect to the Company. The Company may elect to provide such information on
 its website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) the
 interactive data in the XBRL included as an exhibit to the Registration Statement fairly
 presents the information called for in all material respects and has been prepared in accordance
 with the SEC's rules and guidelines applicable thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) the
 securities offered in the Offering have a "bona fide public market" as such term
 is defined in FINRA Rule 5121(f)(3).

5.2 The
 representations and warranties of the Company contained in this Agreement shall be true at
 the Closing Time as though they were made at the Closing Time and they shall survive the
 completion of the Offering in accordance with section 14.6.

5.3 Each
 Underwriter hereby represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is, and will remain so, until the completion of the Offering, appropriately registered under
 Applicable Securities Laws so as to permit it to lawfully fulfill its obligations hereunder;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 has good and sufficient right and authority to enter into this Agreement and complete the
 Offering on the terms and conditions set forth herein.

5.4 The
 Underwriters hereby covenant and agree with the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during
 the period of distribution of the Offered Shares by or through the Underwriters, the Underwriters
 will offer and sell Offered Shares to the public only in the Qualifying Jurisdictions or
 where they may lawfully be offered for sale upon the terms and conditions set forth in the
 Final Prospectuses and this Agreement either directly or through other registered investment
 dealers and brokers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Underwriters will comply with Applicable Securities Laws in connection with the offer and
 sale and distribution of the Offered Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Underwriters will use their commercially reasonable efforts to complete the distribution
 of the Offered Shares as promptly as possible after the Closing Date, but in any event no
 later than seven business days following the date of exercise of the entire Over-Allotment
 Option, if exercised. The Lead Underwriters, on behalf of the Underwriters, will notify the
 Company when, in the Underwriters' opinion, the Underwriters have ceased the distribution
 of the Offered Shares, and, within thirty days after completion of the distribution, will
 provide the Company, in writing, with a breakdown of the number of Offered Shares distributed
 in each of the Qualifying Jurisdictions where that breakdown is required by a Commission
 for the purpose of calculating fees payable to, or making filings with, that Commission.

5.5 The
 representations and warranties of the Underwriters contained in this Agreement shall be true
 at the Closing Time as though they were made at the Closing.

6. ADDITIONAL COVENANTS

6.1 The
 Company covenants and agrees with the Underwriters that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) file
 with the NYSE American all required documents and pay all required filing fees, and comply
 with the rules and policies of the NYSE American in order to obtain prior to the Closing
 Date the requisite acceptance or approval of the NYSE American for the Offering and the listing
 of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior
 to the completion of the Offering, the Company will file the Final Prospectuses and all documents
 required to be filed with or furnished to the Commissions and the SEC pursuant to, and in
 compliance with, Applicable Securities Laws and as contemplated herein (including any Issuer
 Free Writing Prospectuses, if applicable), fulfill all legal requirements required to be
 fulfilled by the Company in connection therewith, in each case in form and substance satisfactory
 to the Underwriters, advise the Underwriters, promptly after receiving notice thereof, of
 the time when each Offering Document has been filed, and provide evidence satisfactory to
 the Underwriters of each such filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior
 to the completion of the Offering, allow the Underwriters to review the Offering Documents
 and conduct all due diligence which the Underwriters may reasonably require in order to fulfill
 their statutory obligations as Underwriters and in order to enable them to execute, acting
 prudently and responsibly, the certificates required to be executed by the Underwriters in
 such documents, including, without limitation, all corporate and operating records, documentation
 with respect to technical information, financial information (including budgets), copies
 of the financial statements to be incorporated by reference in the Prospectuses and access
 to key officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as
 soon as practicable, but in any event not later than eighteen months after the effective
 date of the Registration Statement (as defined in Rule 158(c) under the U.S. Securities Act),
 the Company will make generally available to its security holders an earnings statement or
 statements of the Company and its subsidiaries which will satisfy the provisions of Section
 11(a) of the U.S. Securities Act and Rule 158 under the U.S. Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) during
 the period prior to the completion of the Offering, promptly notify the Underwriters in writing
 of:

---

| | |
|:---|:---|
| (i) | any material change (actual, contemplated or threatened) in the business, affairs, operations, assets or liabilities (contingent or otherwise), financial position or capital or ownership of the Company or of any subsidiary, or proposed ownership of the Company |
|  | (other than a change disclosed in the Prospectuses); and |
| (ii) | any change which is of such a nature as to result in a misrepresentation in either of the Prospectuses or any amendment thereto; and any material fact that has arisen or been discovered and that would be required to have been disclosed in the Prospectuses or in Supplementary Material had that fact arisen or been discovered on or prior to the date of the Prospectuses or any Supplementary Material, |

---

which change or fact is, or may be, of such a nature as to render the Prospectuses or any Supplementary Material misleading or untrue in any material respect or would result in any of such documents containing a misrepresentation, as defined under Applicable Securities Laws, or include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading, or which would result in any of such documents not complying in any material respect with any of the Applicable Securities Laws or which change would reasonably be expected to have a significant effect on the market price or value of the Offered Shares. The Company shall in good faith discuss with the Underwriters any change in circumstances (actual or proposed within the knowledge of the Company) which is of such a nature that there is reasonable doubt whether notice need be given to the Underwriters pursuant to this subsection and, in any event, prior to making any filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deliver
 to the Underwriters duly executed copies of any Supplementary Material required to be filed
 by the Company in accordance with subsection (e) above and, if any financial or accounting
 information is contained in any of the Supplementary Material, an additional Comfort Letter
 to that required by subsection (l) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) cause
 commercial copies of the Final Prospectuses (including the Canadian Final Base Shelf Prospectus
 and the U.S. Base Prospectus), each Issuer Free Writing Prospectus, and Supplementary Material
 to be delivered to the Underwriters without charge, in such quantities and in such cities
 as the Underwriters may reasonably request, as soon as possible after the filing of the Final
 Prospectuses, but in any event on or before noon (Vancouver time) on the business day after
 filing such Final Prospectuses. Such delivery will constitute the Company's consent
 to the Underwriters' use of such documents in connection with the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) by
 the act of having the Final Prospectuses (including the Canadian Final Base Shelf Prospectus
 and the U.S. Base Prospectus), each Issuer Free Writing Prospectus and any amendments thereto
 delivered to the Underwriters, have represented and warranted to the Underwriters that all
 material information and statements (except information and statements relating solely to
 the Underwriters and provided by the Underwriters to the Company in writing expressly for
 inclusion in Prospectuses or any Issuer Free Writing Prospectus) contained in such documents,
 at the respective dates of initial delivery thereof, comply with the Applicable Securities
 Laws of the Qualifying Jurisdictions and are true and correct in all material respects, and
 that such documents, at such dates, contain no misrepresentation or include any untrue statement
 of a material fact or omit to state any material fact necessary in order to make the statements
 therein in the light of the circumstances under which they were made or the circumstances
 then prevailing not misleading and together constitute full, true and plain disclosure of
 all material facts relating to the Company, the Offered Shares and the Over-Allotment Option
 as required by the Applicable Securities Laws of the Qualifying Jurisdictions; by the act
 of having the Pricing Term Sheet delivered to the Underwriters, have represented and warranted
 to the Underwriters that as of the Applicable Time the Disclosure Package does not contain
 any misrepresentation or include any untrue statement of a material fact or omit to state
 any material fact necessary in order to make the statements therein in the light of the circumstances
 under which they were made or the circumstances then prevailing, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior
 to the Closing Time, fulfill to the satisfaction of the Underwriters all legal requirements
 (including, without limitation, compliance with Applicable Securities Laws) to be fulfilled
 by the Company to enable the Offered Shares to be distributed free of trade restrictions
 in the Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) use
 its best efforts to maintain its status as a "reporting issuer" or the equivalent
 not in default in each of the Qualifying Jurisdictions for a period of two years from the
 Closing Date, other than in connection with a merger, amalgamation, arrangement, take-over
 bid, going private transaction or other similar transaction involving the purchase or sale
 of all of the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) use
 its commercially reasonable best efforts to maintain the listing of the Common Shares on
 the NYSE American for a period of three years from the Closing Date, other than in connection
 with a merger, amalgamation, arrangement, take-over bid, going private transaction or other
 similar transaction involving the purchase or sale of all of the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) deliver
 to the Underwriters and its legal counsel, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 the time of filing of the Final Prospectuses by the Underwriters, a long form Comfort Letter
 (the "**Comfort Letter**") from the Company's auditor addressed to the
 Underwriters and to the directors of the Company and dated as of the date of the Final Prospectuses
 and based on procedures performed within two business days of the date of the Final Prospectuses,
 in form and content acceptable to the Underwriters, acting reasonably, relating to the verification
 of the financial information and accounting data contained in the Final Prospectuses and
 to such other matters as the Underwriters may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at
 the Closing Time, such favourable legal opinions (the "**Legal Opinions** ")
 of Sangra Moller LLP, the Company's Canadian legal counsel, addressed to the Underwriters
 and dated as of the Closing Date, in form and content acceptable to the Underwriters, acting
 reasonably, relating to all matters customarily and reasonably requested by the Underwriters
 relating to the Company and the issuance and sale of the Offered Shares and to such other
 matters as the Underwriters may reasonably require relating to the Canadian Final Prospectus,
 the trade and distribution of the Offered Shares without restriction, and to such other matters
 as the Underwriters may reasonably require (and such counsel may rely upon or arrange for
 separate deliveries of opinions of local counsel where such counsel deems such reliance or
 delivery proper as to the laws of any jurisdiction other than British Columbia and Canada
 and may rely, as to matters of fact, on certificates of auditors, public officials and officers
 of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at
 the Closing Time, such favourable legal opinions (the "**Corporate Opinions** ")
 from legal counsel to the Company located in the jurisdictions in which each of the Company
 and the Material Subsidiaries is incorporated and conducting business as to the following
 matters: (i) the Company and each Material Subsidiary is duly incorporated or formed under
 all applicable laws of the jurisdiction of its incorporation or formation; (ii) the Company
 and each Material Subsidiary is validly existing and in good standing under the laws of the
 jurisdiction of its incorporation or formation; (iii) the Company and each Material Subsidiary
 has all requisite corporate power and authority and is registered or otherwise qualified
 to conduct the business now and as proposed to be conducted, and to own, lease and operate
 their respective properties and assets, including the applicable Key Royalties and Royalty
 Title and Operating Documents; and (iv) as to the authorized share capital and the issued
 and outstanding share capital of the Company and each Material Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at
 the Closing Time, a favourable legal opinion and negative assurance letter of Haynes and
 Boone, LLP, the Company's U.S. legal counsel, addressed to the Underwriters and dated
 as of the Closing Date and/or the Over-Allotment Closing Date, as applicable, in form and
 content acceptable to the Underwriters, acting reasonably, relating to all matters customarily
 and reasonably requested by the Underwriters (the "**U.S. Legal Opinion** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) at
 the Closing Time, a favourable legal opinion and negative assurance letter of Troutman Pepper
 Locke LLP, the Underwriters' U.S. legal counsel, addressed to the Underwriters and
 dated as of the Closing Date and/or the Over-Allotment Closing Date, as applicable, in form
 and content acceptable to the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) at
 the Closing Time, a certificate (the "**Officers' Certificate**") of
 the Company signed by its President and Chief Executive Officer and Chief Financial Officer
 addressed to the Underwriters and dated as of the Closing Date, in form and content acceptable
 to the Underwriters, acting reasonably, certifying for and on behalf of the Company and not
 in their personal capacities that, to the actual knowledge of the persons signing such certificate,
 after having made due and relevant inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 Company has complied in all material respects with all covenants and satisfied all terms
 and conditions of this Agreement on its part to be complied with and satisfied at or prior
 to the Closing Time on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no
 order, ruling or determination having the effect of ceasing or suspending trading in any
 securities of the Company or prohibiting the sale of the Offered Shares or any of the Company's
 issued securities has been issued and no proceeding for such purpose is pending or, to the
 knowledge of such officers, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the
 Company is a "reporting issuer" or its equivalent under the securities laws of
 each of the Qualifying Jurisdictions and eligible to use the Short Form Prospectus System
 established under NI 44-101, and no material change relating to the Company has occurred
 since the date of this Agreement with respect to which the requisite material change report
 has not been filed and no such disclosure has been made on a confidential basis that remains
 subject to confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the
 Common Shares are registered with the SEC pursuant to Section 12(g) of the U.S. Securities
 Act, the Company is subject to and has filed all reports required to be filed by, the U.S.
 Exchange Act, and the Company meets all general eligibility requirements for use of Form
 F-3 under the U.S. Securities Act, including General Instruction I.B.1 of Form F-3 thereto
 in connection with the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) all
 of the representations and warranties made by the Company in this Agreement are true and
 correct as of the Closing Time (except for such representations and warranties which are
 in respect of a specific date in which case such representations and warranties were true
 and correct in all material respects as of such date) with the same force and effect as if
 made at and as of the Closing Time after giving effect to the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 Underwriters having received certificates dated the Closing Date (or, in the case of the
 Option Closing, dated the Over-Allotment Closing Date) signed by the Corporate Secretary
 of the Company or another officer acceptable to the Underwriters, acting reasonably, in form
 and content satisfactory to the Underwriters, acting reasonably, with respect to the constating
 documents of the Company; the resolutions of the directors of the Company relevant to the
 Offering, including the allotment, creation, issue (or reservation for issue) and sale of
 the Offered Shares, the grant of the Over-Allotment Option, the authorization of this Agreement,
 the listing of the Offered Shares on the NYSE American and transactions contemplated by this
 Agreement; and the incumbency and signatures of signing officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if
 necessary, at the time of the filing of Final Prospectuses and at the Closing Date, the Company
 shall have furnished to the Underwriters a certificate, dated the respective dates of delivery
 thereof and addressed to the Underwriters, of its Chief Financial Officer ()"**CFO Certificate**") with respect to certain financial data contained in the Disclosure
 Package and the Final Prospectuses, providing "management comfort" with respect
 to such information, in form and substance reasonably satisfactory to the Underwriters, if
 such comfort has not been provided by the Company's auditors pursuant to the Comfort
 Letter in the opinion of the Underwriters, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) at
 the Closing Time, a certificate of status (or equivalent) for the Company dated within one
 (1) business day (or such earlier or later date as the Underwriters may accept) of the Closing
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) at
 the Closing Time, a certificate of the registrar and transfer agent of the Common Shares,
 which certifies the number of Common Shares issued and outstanding on the date prior to the
 Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) at
 the Closing Time, a Comfort Letter, dated the Closing Date, in form and substance satisfactory
 to the Underwriters, acting reasonably, bringing forward to the date which is two (2) business
 days prior to the Closing Date, the information contained in the Comfort Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) at
 the Closing Time, such other materials (the "**Closing Materials**") as the
 Underwriters may reasonably require and as are customary in an offering of this nature, and
 the Closing Materials will be addressed to the Underwriters and to such parties as may be
 reasonably directed by the Underwriters and will be dated as of the Closing Date or such
 other date as the Underwriters may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) from
 and including the date of this Agreement through to and including the Closing Time, do all
 such acts and things necessary to ensure that all of the representations and warranties of
 the Company contained in this Agreement remain true and correct and not do any such act or
 thing that would render any representation or warranty of the Company contained in this Agreement
 untrue or incorrect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) during
 the period commencing on the Closing Date and ending on the date which is 90 days after the
 Closing Date, not, without the prior written consent of the Lead Underwriters, on behalf
 of the Underwriters, which consent will not be unreasonably withheld or delayed, directly
 or indirectly agree not to issue or sell, or announce any intention to issue or sell, any
 Common Shares or other financial instruments convertible or exchangeable into Common Shares
 other than: (i) the issuance of securities under the Company's stock option plan and
 other incentive plans and stock-based compensation arrangements, (ii) to satisfy existing
 contractual obligations, (iii) in connection with the exercise or conversion of rights, convertible
 securities and other instruments already issued as of the date hereof, or (iv) securities
 issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
 directors of the Company, provided that any such issuance shall only be to a Person (or to
 the equity holders of a Person) which is, itself or through its subsidiaries, an operating
 company or an owner of an asset or assets in a business synergistic with the business of
 the Company and shall provide to the Company additional benefits in addition to any investment
 of funds, but shall not include a transaction in which the Company is issuing securities
 primarily for the purpose of raising capital or to an entity whose primary business is investing
 in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) use
 its reasonable efforts to cause each of its directors and senior officers to enter into lock-up
 agreements in form and substance satisfactory to the Underwriters, acting reasonably, evidencing
 their agreement to not, without the prior written consent of the Lead Underwriters (which
 consent will not be unreasonably withheld, conditioned or delayed), sell securities of the
 Company held by them or announce any such sale for a period of 90 days following the Closing
 Date, other than: (i) pursuant to a take-over bid, arrangement or any other similar transaction
 made generally to all of the holders of the Common Shares; (ii) pursuant to a transfer that
 occurs by operation of law or in connection with transactions arising as a result of the
 death of the director or officer; or (iii) satisfy tax obligations in connection with the
 vesting or exercise of securities pursuant to security-based compensation arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) prior
 to the Closing Time, provide evidence satisfactory to the Underwriters of the approval of
 the NYSE American of the listing and posting for trading on the NYSE American of the Offered
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) if
 a filing with FINRA is required, evidence satisfactory to the Underwriters that FINRA shall
 not have raised any objection with respect to the fairness and reasonableness of the underwriting
 terms and arrangements of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) advise
 the Underwriters, promptly after receiving notice or obtaining knowledge thereof, of: (i)
 the issuance by any Commission or the SEC of any order suspending or preventing the use of
 the Prospectuses; (ii) the suspension of the qualification of the Offered Shares or the Over-Allotment
 Option for offering or sale in any of the Qualifying Jurisdictions; (iii) the institution,
 threatening or contemplation of any proceeding for any such purposes; or (iv) any requests
 made by any Commission or the SEC for amending or supplementing the Prospectuses or for additional
 information, and will use its commercially reasonable efforts to prevent the issuance of
 any order referred to in (i) or (ii) above and, if any such order is issued, to obtain the
 withdrawal thereof as promptly as possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) not
 reproduce, disseminate, quote from or refer to any written or oral opinions, advice, analysis
 and materials provided by the Underwriters to the Company in connection with the Offering
 in whole or in part at any time, in any manner or for any purpose, without the Underwriters'
 prior written consent in each specific instance, and the Company shall and shall cause its
 affiliates, officers, directors, shareholders, agents and advisors (including those shareholders
 who have an advisory relationship with the Company and the directors, officers, and employees
 of such shareholders) to keep confidential the opinions, advice, analysis and materials furnished
 to the Company by the Underwriters and their counsel in connection with the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) promptly
 do, make, execute, deliver or cause to be done, made, executed or delivered, all such acts,
 documents and things as the Underwriters may reasonably require from time to time for the
 purpose of giving effect to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) during
 the period commencing on the date hereof and until completion of the distribution of the
 Offered Shares, where reasonably practical to do so and subject to the Company's obligations
 under Applicable Securities Laws, promptly provide to the Underwriters drafts of any press
 releases of the Company for review by the Underwriters and the Underwriters' counsel
 prior to issuance, provided that any such review will be completed in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) forthwith
 notify the Underwriters of any breach of any covenant of this Agreement by the Company, or
 upon it becoming aware that any representation or warranty of the Company contained in this
 Agreement is or has become untrue or inaccurate in any material respect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) use
 the net proceeds of the Offering substantially in the manner set out in the Final Prospectuses
 under the heading "Use of Proceeds".

**7.** **UNDERWRITERS' FEES AND EXPENSES** 

7.1 In
 consideration of the services to be rendered by the Underwriters to the Company under this
 Agreement, the Company agrees to pay to the Underwriters, at the time and in the manner specified
 in this Agreement, the Underwriters' Fee.

7.2 Whether
 or not the purchase and sale of the Initial Shares shall be completed, all costs and expenses
 of or incidental to the sale and delivery of the Initial Shares or incidental to all matters
 in connection with the Offering shall be borne by the Company, and the Company shall reimburse
 the Underwriters for any and all expenses reasonably incurred by the Underwriters, including,
 without limitation and for greater certainty, the "out-of-pocket" expenses of
 the Underwriters and the fees and disbursements of Underwriters' legal counsel as set
 out in the Engagement Letter. The Underwriters have also agreed to reimburse the Company
 for certain expenses as set out in the Engagement Letter.

7.3 All
 fees, expenses and other payments under this Agreement shall be paid without giving effect
 to any withholding or deduction of any tax or similar governmental assessment. If the Company
 is required by law to deduct or withhold any amounts with respect to any such tax or assessment
 or if any such tax or assessment is required to be paid by the Underwriters or any of their
 affiliates as a result or arising out of this Agreement, the Company shall pay the Underwriters
 such additional amounts as shall be required so that the net amount received by the Underwriters
 from the Company after such deduction, withholding or payment shall equal the amounts otherwise
 payable to the Underwriters under this Agreement. If any Goods and Services Tax, Harmonized
 Sales Tax, and/or provincial sales taxes or other similar tax is payable with respect to
 the fees paid or payable to the Underwriters under this engagement, the Underwriters will
 add the amount of such tax to its invoice and the Company shall pay the Underwriters such
 tax.

**8.** **CONDITIONS PRECEDENT** 

8.1 The
 following are conditions to the obligations of the Underwriters to complete the Offering
 as contemplated in this Agreement, which conditions may be waived in writing in whole or
 in part by the Underwriters in their sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 actions required to be taken by or on behalf of the Company, including without limitation
 the passing of all requisite resolutions of directors of the Company approving the transaction
 contemplated hereunder, will have been taken so as to approve the Prospectuses, to obtain
 the requisite approval of the NYSE American to the Offering and to validly offer, sell and
 distribute the Offered Shares and grant the Over-Allotment Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 shall be no requirement under applicable law and no requirement imposed on the Company by
 the Regulatory Authorities to obtain, nor shall the Company voluntarily seek, shareholder
 approval of the Offering or of the issuance of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company will have made all necessary filings with and obtained all necessary approvals, consents
 and acceptances of the Regulatory Authorities for the Offering and the Prospectuses to permit
 the Company to complete its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company will have, within the required time set out hereunder, delivered or caused the delivery
 of the required Comfort Letter, Legal Opinions, the Corporate Opinions, the U.S. Legal Opinion,
 Officer's Certificate, the CFO Certificate and other Closing Materials as the Underwriters
 may reasonably require in form and substance satisfactory to the Underwriters and their counsel,
 acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no
 order ceasing or suspending the effectiveness of the Registration Statement or trading in
 any securities of the Company, or ceasing or suspending trading by the directors or officers
 of the Company, or any one of them, or prohibiting the trade or distribution of any of the
 securities referred to herein will have been issued and no proceedings for such purpose,
 to the knowledge of the Company, will be pending or threatened; the Canadian Final Prospectus
 shall have been timely filed with the Commissions and the U.S. Final Prospectus and each
 Issuer Free Writing Prospectus shall have been timely filed with the SEC under the U.S. Securities
 Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433
 under the U.S. Securities Act); and all requests by the Commissions or the SEC for additional
 information shall have been complied with to the reasonable satisfaction of the Lead Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) as
 of the Closing Time, there shall be: (i) no reports or information that in accordance with
 the requirements of Regulatory Authorities must be made publicly available in connection
 with the sale of the Offered Shares that have not been made publicly available as required;
 (ii) no contracts, documents or other materials required to be filed with Regulatory Authorities
 in connection with the Prospectuses that have not been filed as required and delivered to
 the Underwriters; and (iii) no contracts, documents or other materials required to be described
 or referred to in the Prospectuses that are not described or referred to as required and
 delivered to the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Underwriters shall have received at the Closing Time a letter from the transfer agent of
 the Company dated the date of Closing and signed by an authorized officer of such transfer
 agent confirming the issued and outstanding capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Underwriters not having exercised any rights of termination set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Underwriters having received at the Closing Time such further certificates, opinions of counsel
 and other documentation from the Company as the Underwriters or their counsel may reasonably
 require and as are customary in an offering of this nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) there
 shall not have occurred any adverse material change (actual, anticipated, contemplated or,
 to the knowledge of the Company, threatened, whether financial or otherwise) in the business,
 affairs, operations, assets, liabilities (contingent or otherwise), prospects, financial
 position or capital of the Company not disclosed in the Disclosure Package;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 due diligence conducted by the Underwriters shall not have revealed any adverse material
 change or material fact in respect of the Company not generally known to the public which
 should have been previously disclosed pursuant to Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Company will have, as of the Closing Time, complied with all of its covenants and agreements
 contained in this Agreement, including without limitation all requirements for approval of
 the Offering and the listing and posting for trading of the Offered Shares on the NYSE American
 as required to be provided before the Closing Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 representations and warranties of the Company contained in this Agreement will be true and
 correct as of the Closing Time as if such representations and warranties had been made as
 of the Closing Time.

9. CLOSING

9.1 The
 Company and the Underwriters shall cause the Closing to occur on December 11, 2025 or such
 other date as may be agreed by the Company and NBF, on behalf of the Underwriters, in writing
 (the "**Closing Date** "). The closing of the Offering under this Agreement
 (the "**Closing**") shall be completed virtually or, if necessary, at the
 offices of Sangra Moller LLP, Canadian legal counsel to the Company.

9.2 On
 the Closing, the Company shall issue and deliver to the Underwriter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one
 or more global certificates (in physical or electronic form as the Lead Underwriters may
 advise) representing the Initial Shares in the names and denominations reasonably requested
 by the Underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company shall deliver to the Underwriters such documents set forth in subsection 6.1(l) as
 the Underwriters may request.

9.3 If
 the Company has satisfied all of its obligations under this Agreement that are required to
 be satisfied before or at the Closing Time, on the Closing the Underwriters shall pay to
 the Company by wire transfer the aggregate gross proceeds of $90,000,000, less (i)
 the Underwriters' Fee and, (ii) if so desired by the Underwriters, any costs and expenses
 owing to the Underwriters pursuant to section 7.2.

10. OBLIGATIONS OF THE UNDERWRITERS

10.1 The
 obligations of the Underwriters under this Agreement shall be several in all respects and
 not joint or joint and several. For greater certainty, the obligations of the Underwriters
 to purchase the Offered Shares shall be several and not joint or joint and several, and shall
 be limited to the percentages of the aggregate number of Offered Shares to be purchased set
 out opposite the names of the Underwriters respectively below:

---

| |
|:---|
| National Bank Financial Inc. – 30.0% |
| BMO Capital Markets Corp. – 30.0% |
| RBC Dominion Securities Inc. – 20.0% |
| Scotia Capital Inc. – 7.5% |
| Canaccord Genuity Corp. – 5.0% |
| H.C. Wainwright & Co., LLC – 2.5% |
| Raymond James Ltd. – 2.5% |
| Ventum Financial Corp. – 2.5% |

---

10.2 If
 any Underwriter does not complete the purchase and sale of the Offered Shares which that
 Underwriter has agreed to purchase under this Agreement (other than in accordance with this
 section 10) (the "**Defaulted Shares** "), the Lead Underwriters may delay
 the Closing Date for not more than five days without the prior written consent of the Company,
 and the remaining Underwriters (the "**Continuing Underwriters**") will be
 entitled, at their option, to purchase all but not less than all of the Defaulted Shares.
 If the Continuing Underwriters do not elect to purchase the Defaulted Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the number of Defaulted Shares does not exceed in the aggregate 10% of the number of Offered
 Shares to be purchased hereunder, the Continuing Underwriters shall be obligated, each severally,
 and not jointly, nor jointly and severally, to purchase the full amount thereof in the proportion
 that their respective underwriting obligations hereunder bear to the underwriting obligation
 of all Continuing Underwriters; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the number of Defaulted Shares exceeds in the aggregate, 10% of the number of the Offered
 Shares to be purchased hereunder, the Continuing Underwriters may, but shall not be obligated
 to purchase any of the Defaulted Shares and the Company shall have the right to either: (i)
 proceed with the sale of the Offered Shares (less the Defaulted Shares) to the Continuing
 Underwriters; or (ii) terminate its obligations under this Agreement, in which event there
 will be no further liability on the part of the Continuing Underwriters, or on the part of
 the Company except pursuant to the provisions of sections 7.2 and 12 of this Agreement.

11. OPTION CLOSING

11.1 In
 the event the Over-Allotment Option is exercised, at the Option Closing, subject to the terms
 and conditions contained in this Agreement, the Company shall issue and deliver to the Underwriters
 in such locations that NBF, on behalf of the Underwriters, advises the Company the certificates
 (in physical or electronic form as NBF, on behalf of the Underwriters, may advise in the
 notice) representing the Additional Shares to be issued at the Option Closing in the names
 and denominations reasonably requested by NBF, on behalf of the Underwriters.

11.2 The
 Option Closing shall occur not more than three business days after the date that the notice
 of exercise of the Over-Allotment Option has been given in accordance with the terms of the
 Over-Allotment Option.

11.3 At
 the Option Closing, the Company shall deliver to the Underwriters such documents set forth
 in subsection 6.1(l) as the Underwriters may request.

11.4 If
 the Company has satisfied all of its obligations under this Agreement, on the Over-Allotment
 Closing Date the Underwriters shall pay to the Company by wire transfer the gross proceeds
 of the sale of the Additional Shares, less (i) the Underwriters' Fee and (ii) if so
 desired by the Underwriters, any costs and expenses owing to the Underwriters pursuant to
 section 7.2.

11.5 The
 Company and Underwriters agree that the Over-Allotment Closing Date may occur on the same
 date as the Closing Date, subject to the Company's prior receipt of the notice in accordance
 with the Over-Allotment Option.

12. INDEMNITY

12.1 The
 Company agrees to indemnify and save harmless the Underwriters, their respective affiliates
 and subsidiaries and their respective directors, officers, employees, partners, agents, advisors
 and shareholders (collectively, the "**Indemnified Parties**" and individually,
 an "**Indemnified Party**") from and against any and all losses, claims, actions,
 suits, proceedings, damages, liabilities or expenses of any nature or kind, joint or several
 (excluding loss of profits), including the aggregate amount paid in reasonable settlement
 of any actions, suits, proceedings, investigations or claims and the reasonable fees, disbursements
 and taxes of their counsel in connection with any action, suit, proceeding, investigation
 or claim that may be made or threatened against any Indemnified Party or in enforcing this
 indemnity (collectively, the "**Claims** "), which an Indemnified Party may
 incur or become subject to or otherwise involved in (in any capacity) insofar as the Claims
 relate to, are caused by, result from, arise out of or are based upon, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 information or statement (except any information or statement relating solely to the Underwriters
 provided by the Underwriters to the Company in writing expressly for inclusion in the Prospectuses)
 contained in any of the Offering Documents being, or being alleged to be, a misrepresentation
 or untrue, or any omission or alleged omission to state therein any information, or being
 or being alleged to be an untrue statement of a material fact or omission to state a material
 fact necessary in order to make the statements therein, in the light of the circumstances
 under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 breach by the Company of, or any default under, any representation, covenant or agreement
 of the Company in this Agreement or under Applicable Securities Laws or the failure by the
 Company to comply with its obligations under this Agreement or Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company not complying prior to the completion of the distribution of the Offered Shares with
 any requirement of any Applicable Securities Laws or other applicable securities legislation
 of any jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 order made or inquiry, investigation or proceeding commenced or threatened by any securities
 regulatory authority, stock exchange or by any other competent authority or any change of
 law or the interpretation or administration thereof (in each case, other than relating solely
 to any information or statements relating to the Underwriters which has been provided by
 the Underwriters to the Company in writing specifically for inclusion in the Prospectuses)
 which prevents or restricts the trading in or the sale of the Company's securities
 or the distribution of the Offered Shares in any jurisdiction,

and to reimburse each Indemnified Party forthwith, upon demand, for any legal or other expenses reasonably incurred by such Indemnified Party in connection with any Claim (it being understood and agreed that for the purposes of this section 12.1, the names of the Underwriters set forth on the cover constitute the only information or statements relating to the Underwriters which has been provided by the Underwriters to the Company in writing specifically for inclusion in the Prospectuses).

12.2 This
 indemnity shall not be available to any Indemnified Party in relation to any losses, expenses,
 claims, actions, damages or liabilities incurred by the Company which are determined by a
 court of competent jurisdiction in a final judgement that has become non-appealable to have
 resulted primarily from the Indemnified Party's gross negligence or wilful misconduct.
 For greater certainty, the Company and the Underwriters agree that they do not intend that
 any failure by the Underwriters to conduct such reasonable investigation as necessary to
 provide the Underwriters with reasonable grounds for believing the Offering Documents contained
 no misrepresentation shall, in and of itself, constitute "gross negligence" or
 "willful misconduct" for purposes of this section 12 or otherwise disentitle
 an Indemnified Party from indemnification or contribution hereunder.

12.3 In
 the event and to the extent that a court of competent jurisdiction in a final judgement that
 has become non-appealable determines that an Indemnified Party was grossly negligent or guilty
 of wilful misconduct in connection with a Claim in respect of which the Company has advanced
 funds to the Indemnified Party pursuant to this indemnity, such Indemnified Party will reimburse
 such funds to the Company and thereafter this indemnity will not apply to such Indemnified
 Party in respect of such Claim. The Company agrees to waive any right the Company might have
 of first requiring the Indemnified Party to proceed against or enforce any other right, power,
 remedy or security or claim payment from any other person before claiming under this indemnity.

12.4 If
 a Claim is brought against an Indemnified Party or an Indemnified Party has received notice
 of the commencement of any investigation in respect of which indemnity may be sought against
 the Company, the Indemnified Party will give the Company prompt written notice of any such
 Claim of which the Indemnified Party has knowledge and the Company will undertake the investigation
 and defence thereof on behalf of the Indemnified Party, including the prompt employment of
 counsel acceptable to the Indemnified Parties affected and the payment of all expenses. Failure
 by the Indemnified Party to so notify will not relieve the Company of its obligation of indemnification
 hereunder unless (and only to the extent that) such failure results in forfeiture by the
 Company of substantive rights or defences or such failure prejudices the defence of any action,
 suit, proceeding, claim or investigation or results in any material increase in the liability
 which the Indemnifying Party would otherwise have under this indemnity.

12.5 No
 admission of liability and no settlement, compromise or termination of any Claim will be
 made without the Company's consent and the consent of the Indemnified Parties affected,
 such consents not to be unreasonably withheld; provided, however, that no consent of an Indemnified
 Party will be required if the Company has acknowledged in writing that the Indemnified Parties
 are entitled to be indemnified in respect of such Claim and such settlement, compromise or
 termination (i) includes an unconditional release of each Indemnified Party from any liability
 arising out of such Claim and (ii) does not include any admission of negligence, misconduct,
 liability or responsibility by or on behalf of any Indemnified Party or any adverse statement
 with respect to the character, professionalism, expertise or reputation of any Indemnified
 Party. Notwithstanding that the Company will undertake the investigation and defence of any
 Claim, an Indemnified Party will have the right to employ separate counsel with respect to
 any Claim and participate in the defence thereof, but the fees and expenses of such counsel
 will be at the expense of the Indemnified Party unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employment
 of such counsel has been authorized in writing by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company has not assumed the defence of the action within a reasonable period of time after
 receiving notice of the claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 named parties to any such claim include both the Company and the Indemnified Party and the
 Indemnified Party will have been advised by counsel to the Indemnified Party that there may
 be a conflict of interest between the Company and the Indemnified Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there
 are one or more defences available to the Indemnified Party which are different from or in
 addition to those available to the Company,

in which case such fees and expenses of such counsel to the Indemnified Party will be for the Company's account, provided that the Company shall not be responsible for the fees or expenses of more than one legal firm in any single jurisdiction for all of the Indemnified Parties. The rights accorded to the Indemnified Parties hereunder will be in addition to any rights an Indemnified Party may have at common law or otherwise.

12.6 If
 for any reason the foregoing indemnification is unavailable (other than in accordance with
 the terms hereof) to the Indemnified Parties (or any of them) or is insufficient to hold
 them harmless, the Company will contribute to the amount paid or payable by the Indemnified
 Parties as a result of such Claims in such proportion as is appropriate to reflect not only
 the relative benefits received by the Company or the Company's shareholders on the
 one hand and the Indemnified Parties on the other, but also the relative fault of the parties
 and other equitable considerations which may be relevant. Notwithstanding the foregoing,
 the Company will in any event contribute to the amount paid or payable by the Indemnified
 Parties as a result of such Claim any amount in excess of the fees actually received by any
 Indemnified Parties hereunder.

12.7 The
 Company hereby constitutes the Underwriters as trustee for each of the other Indemnified
 Parties of the Company's covenants under this indemnity with respect to such persons
 and the Underwriters agree to accept such trust and to hold and enforce such covenants on
 behalf of such persons.

13. TERMINATION OF AGREEMENT

13.1 Except
 as otherwise provided herein, all terms and conditions set out herein shall be construed
 as conditions and any breach or failure by the Company to comply with any such conditions
 in favour of the Underwriters shall entitle the Underwriters to terminate in accordance with
 section 13.2 its obligation to purchase the Offered Shares by written notice to that effect
 given to the Company prior to the Closing Time on the Closing Date or Option Closing (as
 applicable). The Company shall use its best efforts to cause all conditions in this Agreement
 to be satisfied. It is understood that the Underwriters may waive in whole or in part, or
 extend the time for compliance with, any of such terms and conditions without prejudice to
 its rights in respect of any subsequent breach or non-compliance, provided that to be binding
 on the Underwriters, any such waiver or extension must be in writing and signed by the Underwriters.

13.2 In
 addition to any other remedies which may be available to the Underwriters, each Underwriter
 shall have the right to terminate its obligations under this Agreement including its obligation
 to purchase Offered Shares upon delivery of written notice to the Company at any time up
 to the Closing of the Offering if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 inquiry, action, suit, investigation or other proceeding (whether formal or informal) is
 commenced, announced or threatened or any order made by any federal, provincial, state, municipal
 or other governmental department, commission, board, bureau, agency or instrumentality including,
 without limitation, any Regulatory Authority or any law or regulation is enacted or changed,
 or there is any announced change in the interpretation or administration thereof by the NYSE
 American or securities regulatory authority, which in the opinion of an Underwriter, acting
 reasonably, operates or could operate to prevent or restrict the distribution of the Offered
 Shares, trading of the Common Shares or materially and adversely affects or could reasonably
 be expected to or will materially and adversely affect the market price or value of the Common
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 should develop, occur or come into effect or existence any event, action, state, condition
 or major financial occurrence or catastrophe of national or international consequence (including
 a war or like event, act of terrorism, plague, or any outbreak or escalation of national
 or international hostilities or any crisis or calamity), any change or development involving
 a prospective change in national or international political, financial or economic conditions,
 or any governmental action, law, regulation, inquiry or other similar occurrence of any nature,
 which, in the opinion of an Underwriter, acting reasonably, materially adversely affects,
 or could reasonably be expected to materially adversely affect or involve, the financial
 markets in Canada or the United States or the business, operations, affairs or prospects
 of the Company and its subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 cease trading order is made or threatened respecting any of the Company's securities
 by any Regulatory Authority or other competent authority by reason of the fault of the Company
 or its directors, officers and agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there
 shall be any material change in the affairs of the Company, or the Underwriters become aware
 of any previously undisclosed material fact or change in a material fact required to be disclosed
 in the Offering Documents, in the opinion of an Underwriter, acting reasonably, has or would
 be expected to have a significant adverse effect on the business, operations or capital of
 the Company (on a consolidated basis) or on the market price or value of the Common Shares
 or result in a material number of purchasers of Offered Shares exercising rescission rights
 or suing for damages thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Company is in breach of a material term, condition or covenant of this Agreement.

13.3 The
 Underwriters shall make reasonable best efforts to give notice to the Company (in writing
 or by other means) of the occurrence of any of the events referred to in section 13.2 provided
 that neither the giving nor the failure to give such notice shall in any way affect the entitlement
 of an Underwriter to exercise their rights under section 13.2 at any time prior to or at
 the Closing Time on the Closing Date or the Over-Allotment Closing Date (as the case may
 be).

13.4 The
 rights of termination contained in this section 13 may be exercised by an Underwriter giving
 written notice thereof to the Company and the Underwriters at any time prior to the Closing
 Time and are in addition to any other rights or remedies an Underwriter may have in respect
 of any default, act or failure to act or noncompliance by the Company in respect of any of
 the matters contemplated by this Agreement or otherwise.

13.5 If
 the obligations of an Underwriter is terminated under this Agreement pursuant to these termination
 rights, the Company's liabilities to the Underwriters shall be limited to the Company's
 obligations under subsection 6.1(s), section 7, section 12 and section 13.

14. GENERAL

14.1 Any
 notice to be given hereunder shall be in writing and may be given by electronic delivery
 or by hand delivery and shall, in the case of notice to the Company, be addressed and delivered
 electronically or by hand to:

Gold Royalty Corp.

1188 West Georgia Street, Suite 1830

Vancouver, British Columbia

Canada V6E 4A2

Attention: [redacted – personal information]

Email: [redacted – personal information]

with a copy to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia

Canada V6E 0C3

Attention: [redacted – personal information]

Email: [redacted – personal information]

and to:

Haynes and Boone, LLP

30 Rockefeller Plaza

26th Floor

New York, NY 10112 US

Attention: [redacted – personal information]

Email: [redacted – personal information]

and in the case of the Underwriter, be addressed and faxed or delivered to each of:

National Bank Financial Inc.

130 King Street West, Suite 800

Toronto, Ontario

Canada M5X 1J9

Attention: [redacted – personal information]

Email: [redacted – personal information]

BMO Capital Markets Corp.

151 West 42<sup>nd</sup> Street

New York, NY 10036

Attention: [redacted – personal information]

Email: [redacted – personal information]

RBC Dominion Securities Inc.

666 Burrard Street, 21<sup>st</sup> Floor

Vancouver, BC V6C 2X8

Attention: [redacted – personal information]

Email: [redacted – personal information]

with a copy to:

Miller Thomson LLP

40 King St W Suite 6600

Toronto, Ontario

Canada M5H 3S1

Attention: [redacted – personal information]

Email: [redacted – personal information]

and to:

Troutman Pepper Locke LLP

111 Huntington Avenue,

9th Floor

Boston, MA 02199-7613

USA

Attention: [redacted – personal information]

Email: [redacted – personal information]

The Company and the Underwriters may change their respective addresses for notice by notice given in the manner referred to above.

14.2 Time
 and each of the terms and conditions of this Agreement shall be of the essence of this Agreement.

14.3 The
 forbearance or failure of one of the parties hereto to insist upon strict compliance by the
 other with any provision of this Agreement, whether continuing or not, shall not be construed
 as a waiver of any rights or privileges hereunder. No waiver of any right or privilege of
 a party arising from any default or failure hereunder of performance by the other shall affect
 such party's rights or privileges in the event of a further default or failure of performance.

14.4 This
 Agreement constitutes the entire agreement between the parties hereto in respect of the matters
 referred to herein and there are no representations, warranties, covenants or agreements,
 expressed or implied, collateral hereto other than as expressly set forth or referred to
 herein and this Agreement supersedes any previous agreements, arrangements or understandings
 among the parties.

14.5 The
 headings in this Agreement are for reference only and do not constitute terms of the Agreement.

14.6 Except
 as expressly provided for in this Agreement, all warranties, representations, covenants and
 agreements of the Company herein contained, or contained in, documents submitted or required
 to be submitted pursuant to this Agreement, shall survive the purchase by the Underwriters
 of the Offered Shares and shall continue in full force and effect, regardless of the closing
 of the sale of the Offered Shares and regardless of any investigation which may be carried
 on by the Underwriter, or on their behalf, subject only to the applicable limitation period
 prescribed by law. For greater certainty, the provisions contained in this Agreement in any
 way related to the indemnification or the contribution obligations, including those provided
 for in section 12, shall survive and continue in full force and effect, subject only to the
 applicable limitation period prescribed by law.

14.7 The
 Company hereby acknowledges that the Underwriters are acting solely as Underwriters in connection
 with the purchase and sale of the Offered Shares contemplated hereby. The Company further
 acknowledges that the Underwriters are acting pursuant to a contractual relationship created
 solely by this Agreement entered into on an arm's length basis, and in no event do
 the parties intend that an Underwriter act or be responsible as a fiduciary to the Company,
 its management, shareholders or creditors or any other person in connection with any activity
 that an Underwriter may undertake or have undertaken in furtherance of such purchase and
 sale of the Offered Shares, either before or after the date hereof. The Underwriters hereby
 expressly disclaim any fiduciary or similar obligations to the Company, either in connection
 with the Offering or any matters leading up to the Offering, and the Company hereby confirms
 its understanding and agreement to that effect. The Company and the Underwriters agree that
 they are each responsible for making their own independent judgments with respect to the
 Offering and that any opinions or views expressed by an Underwriter to the Company regarding
 the Offering, including, but not limited to, any opinions or views with respect to the price
 or market for the Offered Shares, do not constitute advice or recommendations to the Company.
 The Company and the Underwriters agree that each Underwriter is acting as principal and not
 the agent or fiduciary of the Company and no Underwriter has assumed, and no Underwriter
 will assume, any advisory responsibility in favour of the Company with respect to the Offering
 or the process leading thereto (irrespective of whether an Underwriter has advised or is
 currently advising the Company on other matters). The Company hereby waives and releases,
 to the fullest extent permitted by law, any claims that the Company may have against the
 Underwriters with respect to any breach or alleged breach of any fiduciary, advisory or similar
 duty to the Company in connection with Offering or any matters leading up to the Offering.

14.8 No
 alteration, amendment, modification or interpretation of this Agreement or any provision
 of this Agreement shall be valid and binding upon the parties hereto unless such alteration,
 amendment, modification or interpretation is in written form executed by the parties directly
 affected by such alteration, amendment, modification or interpretation.

14.9 The
 parties hereto shall execute and deliver all such further documents and instruments and do
 all such acts and things as any party may, either before or after the Closing Date, reasonably
 require in order to carry out the full intent and meaning of this Agreement.

14.10 This
 Agreement may not be assigned by any party hereto without the prior written consent of all
 of the parties hereto.

14.11 This
 Agreement shall be subject to, governed by, and construed in accordance with the laws of
 the Province of British Columbia and the Canadian federal laws applicable therein.

14.12 The
 invalidity or unenforceability of any particular provision of this Agreement shall not affect
 or limit the validity or enforceability of the remaining provisions of this Agreement.

14.13 The
 parties may sign this Agreement as many counterparts as may be deemed necessary and may be
 delivered by facsimile, portable document format ("pdf") or other electronic
 means all of which so signed and delivered shall be deemed to be an original and together
 shall constitute one and the same instrument.

14.14 The
 Underwriters hereby acknowledges that they have consented that this Agreement and all documents
 evidencing or relating in any way to the purchase be drawn up in the English language only. *Nous reconnaissons par les présentes avoir consenti que tous les documents faisant foi ou se rapportant de quelque manière à notre achat soient rédigés en anglais seulement*.

**[THIS SPACE IS INTENTIONALLY LEFT BLANK]**

If the foregoing is in accordance with your understanding and agreed to by you, please signify your acceptance on the accompanying counterparts of this letter and return same to the Underwriters whereupon this letter as so accepted shall constitute an agreement between the Company and the Underwriters enforceable in accordance with its terms.

Yours very truly,

---

| | |
|:---|:---|
| **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** |
| Per: | */s/ John O'Sullivan* |
| Name: | John O'Sullivan |
| Title: | Managing Director, Global Mining & Metals Investment Banking |

---

---

| | |
|:---|:---|
| **BMO CAPITAL MARKETS CORP.** | **BMO CAPITAL MARKETS CORP.** |
| Per: | */s/ Brad Pavelka* |
| Name: | Brad Pavelka |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| **RBC DOMINION SECURITIES INC.** | **RBC DOMINION SECURITIES INC.** |
| Per: | */s/ Michael Scott* |
| Name: | Michael D. Scott |
| Title: | Managing Director, Global Mining & Metals Investment Banking |

---

---

| | |
|:---|:---|
| **SCOTIA CAPITAL INC.** | **SCOTIA CAPITAL INC.** |
| Per: | */s/ Darren Grant*  |
| Name: | Darren Grant |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** |
| Per: | */s/ Tom Jakubowski* |
| Name: | Tom Jakubowski |
| Title: | Managing Director, Global Head of Metals and Mining, Investment Banking |

---

---

| | |
|:---|:---|
| **H.C. WAINWRIGHT & CO., LLC** | **H.C. WAINWRIGHT & CO., LLC** |
| Per: | */s/ Edward Silvera* |
| Name: | Edward Silvera |
| Title: | Chief Operating Officer |

---

---

| | |
|:---|:---|
| **RAYMOND JAMES LTD.** | **RAYMOND JAMES LTD.** |
| Per: | */s/ Gavin McOuat* |
| Name: | Gavin McOuat |
| Title: | Senior Managing Director |

---

---

| | |
|:---|:---|
| **VENTUM FINANCIAL CORP.** | **VENTUM FINANCIAL CORP.** |
| Per: | */s/ Joseph Gallucci* |
| Name: | Joseph Gallucci |
| Title: | Managing Director, Head of Mining Investment Banking |

---

---

| | |
|:---|:---|
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| Per: | */s/ Haroon Chaudhry* |
| Name: | Haroon Chaudhry |
| Title: | Director |

---

The foregoing is accepted and agreed to on December 8, 2025, effective as of the date appearing on the first page of this Agreement.

---

| | |
|:---|:---|
| **GOLD ROYALTY CORP.** | **GOLD ROYALTY CORP.** |
| Per: | */s/ David Garofalo* |
| Name: | David Garofalo |
| Title: | Chairman, President and Chief Executive Officer |

---

## Exhibit 99.2

**Exhibit 99.2** 

---

| | |
|:---|:---|
| ![](ex99-2_001.jpg) | ![](ex99-2_002.jpg) |

---

December 8, 2025

Gold Royalty Corp.

Suite 1830, 1188 West Georgia Street

Vancouver, British Columbia

Canada V6E 4A2

Dear Sirs / Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Gold Royalty Corp. – Registration Statement on Form F-3** |

---

We have acted as Canadian counsel to Gold Royalty Corp. (the "**Company**"), a corporation incorporated under the laws of Canada, in connection with a prospectus supplement of the Company dated December 8, 2025 (the "**Prospectus Supplement**") to an existing base shelf prospectus dated August 2, 2024 (together with the Prospectus Supplement, the "**Prospectus**") contained in the Company's Registration Statement on Form F-3 declared effective on August 2, 2024 (File No. 333-265581) (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission (the "**Commission**") under the *Securities Act of 1933*, as amended (the "**Securities Act**"), covering the qualification for sale and the sale to the public (the "**Offering**") of an aggregate of up to 22,500,000 common shares of the Company with no par value ("**Offered Shares**"), including additional common shares with no par value ("**Common Shares**"), representing 15% of the Offered Shares sold in the Offering solely to cover over-allotments, if any (collectively, together with the Units, the "**Offered Securities**").

We understand that the Offered Securities are to be sold by the Company to the underwriters for resale to the public as described in the Prospectus and pursuant to an underwriting agreement dated December 8, 2025 (the "**Underwriting Agreement**"), by and among the Company and National Bank Financial Inc., BMO Capital Markets Corp. and RBC Dominion Securities Inc. (a member company of RBC Capital Markets), as lead underwriters, on their own behalf and on behalf of the underwriters named in the Underwriting Agreement. The Offered Securities are being registered by the Company in connection with an underwritten public offering and the Offered Shares are being sold at a price of $4.00 per share.

In connection with this opinion, we have reviewed and relied upon originals, photocopies or copies, certified or otherwise identified to our satisfaction of the Registration Statement and the Prospectus and the following documents (the "**Corporate Documents**"): (a) the Company's Articles of Amalgamation and amended by-laws of the Company; (b) records of the Company's corporate proceedings in connection with the Offering; and (c) a certificate of an officer of the Company with respect to certain factual matters. We also have reviewed such other documents, and have considered such questions of law, as we have deemed relevant and necessary as a basis for our opinion. With respect to the accuracy of factual matters material to this opinion, we have relied upon the Corporate Documents, without independent investigation of the matters provided for therein for the purpose of providing this opinion.

![](ex99-2_003.jpg)

December 8, 2025

In examining all documents and in providing our opinion, we have assumed: (i) the authenticity of all records, documents, and instruments submitted to us as originals; (ii) the genuineness of all signatures on all agreements, instruments and other documents submitted to us; (iii) the legal capacity and authority of all persons or entities (other than the Company) executing all agreements, instruments or other documents submitted to us; (iv) the authenticity and the conformity to the originals of all records, documents, and instruments submitted to us as copies; (v) that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the Company and other persons on which we have relied for purposes of this opinion are true and correct; (vi) the due authorization, execution and delivery of all agreements, instruments and other documents by all parties thereto (other than the due authorization, execution and delivery of each such agreement, instrument and document by the Company); and (vii) that the Registration Statement has been declared effective pursuant to the Securities Act.

Our opinion is limited to the laws of the Province of British Columbia and the federal laws of Canada applicable therein on the date of this opinion. We have not considered, and have not expressed any opinion with regard to, or as to the effect of, any other law, rule or regulation, state or federal, applicable to the Company. In particular, we express no opinion as to United States federal securities laws.

Based upon and in reliance thereon, and subject to the qualifications and limitations set forth herein, we are of the opinion that the Offered Securities have been duly authorized by all necessary corporate action by the Company, and, when issued and sold in accordance with and, in the manner and under the terms described in the Prospectus and the Underwriting Agreement, the Offered Securities will be validly issued, fully paid and non-assessable shares in the capital of the Company.

We hereby consent to the filing of this opinion in connection with the filing of the Prospectus Supplement by the Company and to the reference to this firm under the heading "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.

This opinion is furnished in accordance with the requirements of Form F-3 and Regulation S-K in connection with the Offering and the filing of the related Prospectus, and is not to be used, circulated, quoted or otherwise relied upon for any other purpose. This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. We disclaim any obligation to advise you of facts, circumstances, events or developments that hereafter may be brought to our attention and that may alter, affect or modify the opinion expressed herein after the effective date of the Registration Statement.

Yours truly,

*/s/ Sangra Moller LLP*

 

**SANGRA MOLLER LLP**

## Exhibit 99.4

**Exhibit 99.4** 

Consent of Haynes and Boone, LLP

We consent to the reference to Haynes and Boone, LLP under the caption "Legal Matters" in the prospectus supplement filed pursuant to Rule 424(b)(5) on the date hereof constituting a part of the Registration Statement on Form F-3 (File No. 333-280817), as amended and supplemented (the "Registration Statement"). In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended (the "Securities Act"), or the rules and regulations promulgated thereunder, nor do we admit that we are experts with respect to any part of such Registration Statement within the meaning of the term "experts" as used in the Securities Act or the rules and regulations promulgated thereunder.

Very truly yours,

/s/ Haynes and Boone, LLP

Haynes and Boone, LLP

December 8, 2025

## Exhibit 99.5

**Exhibit 99.5**

![](ex99-5_001.jpg)

**Gold Royalty Announces Upsizing of Previously Announced Bought Deal Financing**

BASE SHELF PROSPECTUS AND PRELIMINARY PROSPECTUS SUPPLEMENT ACCESSIBLE AND FINAL PROSPECTUS SUPPLEMENT TO BE ACCESSIBLE WITHIN TWO BUSINESS DAYS ON SEDAR+

**Vancouver, British Columbia – December 8, 2025** – Gold Royalty Corp. ("**Gold Royalty**" or the "**Company**") (NYSE American: GROY) is pleased to announce that as a result of excess demand, it has agreed with National Bank Capital Markets, BMO Capital Markets, and RBC Capital Markets as joint bookrunners, on behalf of a syndicate of underwriters (collectively, the "**Underwriters**") to increase the size of its previously announced bought deal financing. Gold Royalty will now issue 22,500,000 common shares of the Company (the "**Common Shares**") at a price of US$4.00 per Common Share (the "**Offering Price**") for aggregate gross proceeds of US$90.0 million (the "**Offering**"). The Company has granted the Underwriters an over-allotment option, exercisable in whole or in part at any time up to 30 days after closing of the Offering, to purchase up to an additional 15% of the number of Common Shares issued pursuant to the Offering, for additional gross proceeds to the Company of up to approximately US$103.5 million.

In all other respects, the terms of the Offering and use of proceeds therefrom will remain as previously disclosed in the original press release dated December 8, 2025. Closing of the Offering is expected to occur on or about December 11, 2025 (the "**Closing Date**"), subject to customary closing conditions, including the receipt of all necessary approvals of the NYSE American in accordance with its applicable listing requirements.

The Offering will be made in each of the provinces and territories of Canada, other than Quebec and Nunavut, by way of a prospectus supplement to the Company's Canadian short form base shelf prospectus dated August 2, 2024. The Company has also filed with the U.S. Securities and Exchange Commission (the "**SEC**") a registration statement on Form F-3 (File No. 333-280817), which was declared effective by the SEC on August 2, 2024. The securities in the Offering are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to, and describing the terms of, the Offering has been filed with the SEC. The Offering may also be made on a private placement basis in other international jurisdictions in reliance on applicable private placement exemptions. Before investing, prospective investors should read the Canadian base shelf prospectus and the prospectus supplement thereto, or the registration statement, including the U.S. base prospectus therein, and the prospectus supplement thereto, as applicable, including, in each case, the documents attached thereto or incorporated by reference therein, for more complete information about the Company and the Offering.

These documents may be accessed for free on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca and on the SEC's Electronic Data Gathering, Analysis and Retrieval system ("EDGAR") at www.sec.gov. An electronic or paper copy of the base shelf prospectus, the preliminary prospectus supplement and the final prospectus supplement (when filed) as well as any amendment to the documents may be obtained in Canada, without charge, from National Bank Financial Inc., 130 King Street West, 4th Floor Podium, Toronto, Ontario, M5X 1J9, by phone at (416)-869-8414, or by email at NBF-Syndication@bnc.ca, from BMO Nesbitt Burns Inc., Attn: Brampton Distribution Centre c/o The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2, by phone at (905)-791-3151, or by email at torbramwarehouse@datagroup.ca, or from RBC Dominion Securities Inc., Attn: Distribution Centre, RBC Wellington Square, 8th Floor, 180 Wellington St. W., Toronto, Ontario, M5J 0C2, by phone at (416)-842-5349, or by e-mail at Distribution.RBCDS@rbccm.com, and in the United States by contacting National Bank of Canada Financial Inc., Attn: Equity Capital Markets, 65 E. 55th St., 8th Floor, New York, New York, 10022, by phone at (416)-869-8414, or by email at NBF-Syndication@bnc.ca, from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 West 42nd Street, 32nd Floor, New York, New York, 10036 or by email at bmoprospectus@bmo.com, or from RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York, 10281-8098; Attn: Equity Syndicate, or by e-mail at equityprospectus@rbccm.com by providing the contact with an email address or address, as applicable.

It is expected that delivery of the Common Shares will be made against payment therefor on or about the Closing Date, which will be three business days following the date of the prospectus supplement (this settlement cycle being referred to as "T+3"). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market are generally required to settle in one business day (this settlement cycle being referred to as "T+1"), unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade their Common Shares prior to the Closing Date will be required, by virtue of the fact that the Common Shares will not settle in T+1, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of Common Shares who wish to trade their Common Shares prior to the Closing Date should consult their own advisors. Listing of the Common Shares will be subject to fulfilling all listing requirements of the NYSE American.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

**About Gold Royalty Corp.**

Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable, and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.

**Gold Royalty Corp. Contact**

Jackie Przybylowski

Vice President, Capital Markets

Telephone: (833) 396-3066

Email: info@goldroyalty.com

**Forward-Looking Statements:**

*Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "**forward-looking statements**"), including but not limited to statements regarding the Acquisition, the size and timing of the Offering, the completion of the Offering, the satisfaction of customary closing conditions related to the Offering, the use of proceeds of the Offering, and the listing of the Common Shares on the NYSE American. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including that the conditions to the Offering and the Acquisition will be satisfied, and all requisite regulatory approvals for the Offering will be obtained, in a timely manner. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, the possibility that the Offering does not close when expected, or at all, because conditions to closing are not satisfied on a timely basis, or at all, the possibility that the Acquisition does not close when expected, or at all, because conditions to closing are not satisfied on a timely basis, or at all, and other factors set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2024, its registration statement, prospectuses and prospectus supplements relating to the Offering and its other publicly filed documents, available under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, prospectuses and prospectus supplement, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.*