# EDGAR Filing Document

**Accession Number:** 0001834026
**File Stem:** 0001104659-25-102218
**Filing Date:** 2025-10
**Character Count:** 22985
**Document Hash:** dd7132a6a99539ca5cad5703a8e12feb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-102218.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001104659-25-102218

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92831
- **FILM NUMBER:** 251417152

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tether Holdings, S.A. de C.V.
- **CENTRAL INDEX KEY:** 0002025889

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** H3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** FINAL AV. LA REVOLUCION, EDIF. CENTRO
- **STREET 2:** CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
- **CITY:** SAN SALVADOR
- **STATE:** H3
- **ZIP:** 00000
- **BUSINESS PHONE:** 443333355842

**MAIL ADDRESS:**
- **STREET 1:** FINAL AV. LA REVOLUCION, EDIF. CENTRO
- **STREET 2:** CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
- **CITY:** SAN SALVADOR
- **STATE:** H3
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tether Holdings Ltd
- **DATE OF NAME CHANGE:** 20240604

## Ex-99.(A)

**Schedule A**

**Executive Officers and Directors**

The following sets forth the name, country of citizenship, position and principal occupation of each executive officer and member of the board of directors of Tether Holdings, S.A. de C.V. and Tether Investments, S.A. de C.V. Except as indicated below, none of the persons listed below has been convicted of a crime (other than traffic violations or similar misdemeanors) or been subject to proceedings pertaining to violations of securities laws within the past 5 years.

**<u>Executive Officers and Directors of Tether Holdings, S.A. de C.V.</u>**:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Citizenship</u>** | &nbsp;&nbsp;**<u>Position and Principal Occupation</u>** | &nbsp;&nbsp;**<u>Beneficial Ownership</u>** | &nbsp;&nbsp;**<u>Business Address</u>** |
| &nbsp;&nbsp;Giancarlo Devasini, citizen of Italy | &nbsp;&nbsp;President | &nbsp;&nbsp;13809085 (1) | &nbsp;&nbsp;Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador |
| &nbsp;&nbsp; Ludovicus Jan Van der Velde, citizen of the Netherlands<br>| &nbsp;&nbsp;Alternate President | &nbsp;&nbsp;0 | &nbsp;&nbsp;Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador |
| &nbsp;&nbsp;Paolo Ardoino, citizen of Italy | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;0 | &nbsp;&nbsp;Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador |
| &nbsp;&nbsp;Josue Lopez, citizen of El Salvador | &nbsp;&nbsp;Alternate Secretary | &nbsp;&nbsp;0 | &nbsp;&nbsp;Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador |

---

**<u>Executive Officers and Directors of Tether Investments, S.A. de C.V.</u>**:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name and Citizenship</u>** | &nbsp;&nbsp;**<u>Position and Principal Occupation</u>** | &nbsp;&nbsp;**<u>Beneficial Ownership</u>** | &nbsp;&nbsp;**<u>Business Address</u>** |
| &nbsp;&nbsp;Giancarlo Devasini, citizen of Italy | &nbsp;&nbsp;Sole Administrator | &nbsp;&nbsp;13809085 (1) | &nbsp;&nbsp;Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador |
| &nbsp;&nbsp;Paolo Ardoino, citizen of Italy | &nbsp;&nbsp;Alternate Administrator | &nbsp;&nbsp;0 | &nbsp;&nbsp;Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes 13,809,085 common
 shares, without par value ("Common Shares") of Gold Royalty Corp. held by Tether Investments, S.A. de C.V., a wholly owned
 subsidiary of Tether Holdings, S.A. de C.V.

In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) instituted and settled regulatory proceedings against Tether Holdings, S.A. de C.V. (then Tether Holdings Limited), Tether Limited, Tether Operations Limited, and Tether International Limited (collectively, "Tether") by way of an order accepting Tether's payment of a civil monetary penalty of $41 million without admitting or denying any of the CFTC's findings or conclusions. The order settled CFTC allegations that, from June 2016 to February 2019, Tether made untrue or misleading statements and omissions of material fact or omitted to state material facts necessary to make statements made not true or misleading in connection with, among other things, whether USDT was fully backed by U.S. Dollars held in bank accounts in Tether's name.

In February 2021, the Office of the Attorney General of the State of New York (NYAG) entered into an agreement with Tether and several Bitfinex (a group of companies with which Tether is affiliated) companies to settle a 2019 proceeding brought by NYAG seeking an injunction related to, among other things, the transfer of certain funds by and among Bitfinex and Tether. Without admitting or denying NYAG's findings, Bitfinex and Tether agreed to settle the NYAG proceeding by paying $18.5 million in penalties to the State of New York. The agreement further required Bitfinex and Tether to discontinue any trading activity with New York persons or entities and to submit to mandatory reporting on certain business functions.

## Ex-99.(B)

**Schedule B**

The following table lists all transactions completed by the Reporting Persons in the Common Shares since August 25, 2025, which were all completed through open market purchases.

**Tether Investments, S.A. de C.V.:**

---

| | | |
|:---|:---|:---|
| **Date** | **Shares Bought** | **Price** |
| August 25, 2025 | 253000 | 3.2216 |
| August 26, 2025 | 350000 | 3.3374 |
| August 27, 2025 | 290000 | 3.2958 |
| August 28, 2025 | 140000 | 3.3113 |
| August 29, 2025 | 152800 | 3.5530 |
| October 17, 2025 | 490000 | 3.5044 |
| October 20, 2025 | 600000 | 3.7020 |
| October 21, 2025 | 2879179 | 3.5594 |
| October 22, 2025 | 509085 | 3.5040 |
| October 22, 2025 | 1030821 | 3.5054 |
| October 23, 2025 | 692213 | 3.6330 |
| October 24, 2025 | 798702 | 3.6765 |

---

## Exhibit 99.1

**Exhibit 99.1**

**Joint Filing Agreement**

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, each of the persons named below agrees to the joint filing of this Schedule 13D, including further amendments thereto, with respect to the common shares, without par value, of Gold Royalty Corp. held by and further agrees that this Joint Filing Agreement be filed with the Securities and Exchange Commission as an exhibit to such filing; provided, however, that no person shall be responsible for the completeness or accuracy of the information concerning the other persons making the filing unless such person knows or has reason to believe such information is inaccurate (as provided in Rule 13d-1(k)(1)(ii)). This Joint Filing Agreement may be executed in one or more counterparts, all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the persons named below have executed this Joint Filing Agreement as of the date set forth below.

---

| | |
|:---|:---|
| October 24, 2025 | October 24, 2025 |
| **TETHER HOLDINGS, S.A. DE C.V.** | **TETHER HOLDINGS, S.A. DE C.V.** |
| By: | /s/ Giancarlo Devasini |
| Name: | Giancarlo Devasini |
| Title: | President |

---

---

| | |
|:---|:---|
| **Tether Investments, S.A. DE C.V.** | **Tether Investments, S.A. DE C.V.** |
| By: | /s/ Giancarlo Devasini |
| Name: | Giancarlo Devasini |
| Title: | Sole Administrator |

---

---

| |
|:---|
| /s/ Giancarlo Devasini |
| Giancarlo Devasini, individually |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Gold Royalty Corp.**

*(Name of Issuer)*

**Common Shares, without par value**

*(Title of Class of Securities)*

**38071H106**

*(CUSIP Number)*

**Tether Holdings, S.A. de C.V.**<br>Final Av. La Revolucion, Edif. Centro<br>Corporativo Presidente Plaza, Nivel 12<br>San Salvador H3 00000<br>4420 4621 1793

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/17/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **38071H106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tether Holdings, S.A. de C.V.** | Name of reporting person<br>**Tether Holdings, S.A. de C.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | |
| 6 | Citizenship or place of organization<br>**H3** | Citizenship or place of organization<br>**H3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13809085.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13809085.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13809085.00** | Aggregate amount beneficially owned by each reporting person<br>**13809085.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.1%** | Percent of class represented by amount in Row (11)<br>**8.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10 and 11: Includes 13,809,085 common shares, no par value ("Common Shares") of Gold Royalty Corp. held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V. Note in relation to Item 13: This percentage is calculated based upon 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 2025.

| **CUSIP No.** | **38071H106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tether Investments, S.A. de C.V.** | Name of reporting person<br>**Tether Investments, S.A. de C.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**H3** | Citizenship or place of organization<br>**H3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13809085.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13809085.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13809085.00** | Aggregate amount beneficially owned by each reporting person<br>**13809085.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.1%** | Percent of class represented by amount in Row (11)<br>**8.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Note in relation to Item 13: This percentage is calculated based upon 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 2025.

| **CUSIP No.** | **38071H106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Giancarlo Devasini** | Name of reporting person<br>**Giancarlo Devasini** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**L6** | Citizenship or place of organization<br>**L6** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13809085.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13809085.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13809085.00** | Aggregate amount beneficially owned by each reporting person<br>**13809085.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.1%** | Percent of class represented by amount in Row (11)<br>**8.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10 and 11: Includes 13,809,085 Common Shares held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V. Mr. Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest. Note in relation to Item 13: This percentage is calculated based upon 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, without par value

**(b) Name of Issuer:**
Gold Royalty Corp.

**(c) Address of Issuer's Principal Executive Offices:**
1188 West Georgia Street, Suite 1830, Vancouver, A1, V6E 4A2

This statement on Schedule 13D relates to the common shares, without par value ("Common Shares") of Gold Royalty Corp., a company incorporated under the laws of Canada (the "Issuer"). The Common Shares are listed on the NYSE American Market under the ticker symbol "GROY".

**Item 4. Purpose of Transaction**

The information set forth in Item 3 of this Schedule 13D is incorporated by reference in its entirety into this Item 4.

The Reporting Persons have acquired the Common Shares acquired to date for investment purposes, and may from time to time increase (through the acquisition of additional securities of the Issuer) or decrease (through the sale of all or a portion of the Common Shares) their investment in the Issuer, depending upon multiple factors, including the price and availability of the Issuer's securities, subsequent developments affecting the Issuer, the Issuer's business and prospects, other investment and business opportunities available to the Reporting Persons, general stock market and economic conditions, conditions in the industries and jurisdictions in which the Issuer and its subsidiaries operate, tax considerations and other factors. The Reporting Persons intend to review the Reporting Persons' investments in the Issuer from time to time and, in the course of such review, the Reporting Persons may take any of the foregoing actions with respect to their investment in the Issuer, or make other decisions or take other actions with respect to the Issuer. These decisions and actions may include communicating from time to time with the board of directors of the Issuer (the "Board"), members of management of the Issuer, other stockholders of the Issuer or other third parties with respect to the evaluation or implementation of strategic alternatives relating to the Issuer, engaging legal, financial, regulatory, technical, industry and/or other advisors to assist in any review or in making recommendations with respect to such decisions or actions, and taking steps to implement alternative courses of action relating to the Issuer, including courses of action that may be recommended by such advisors. Such courses of action may involve, without limitation, the proposal of or support for extraordinary corporate transactions (including an acquisition, merger, reorganization or other similar transaction or liquidation) involving the Issuer or any of its subsidiaries, including a public offer for all or part of the Issuer's securities, a business combination involving the Issuer or any of its subsidiaries, a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; changes in the present business, operations, strategy, future plans or prospects of the Issuer, financial or governance matters, changes to the Board (including board composition) or management of the Issuer, changes to the capitalization, ownership structure, dividend policy, business or corporate structure or governance documents of the Issuer, or any action similar to those enumerated above. Such discussions and actions may be preliminary and exploratory in nature, and not rise to the level of a plan or proposal.

Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or may result in, any of the matters listed in subparagraphs (a) through (j) of Item 4 of Schedule 13D. However, as part of their ongoing evaluation of this investment and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable law, may formulate a plan or proposal with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to the Board, members of management of the Issuer, other stockholders of the Issuer or other third parties regarding such matters.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The Reporting Persons beneficially own an aggregate of 13,809,085 Common Shares, representing 8.1% of the outstanding Common Shares. This percentage is calculated based on 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 2025.

**(b)**
Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 13,809,085 Common Shares.

**(c)**
Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Item 4 of this Schedule 13D is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tether Holdings, S.A. de C.V.

**Signature:** /s/ Giancarlo Devasini

**Name/Title:** Giancarlo Devasini, President

**Date:** 10/24/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tether Investments, S.A. de C.V.

**Signature:** /s/ Giancarlo Devasini

**Name/Title:** Giancarlo Devasini, Sole Administrator

**Date:** 10/24/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Giancarlo Devasini

**Signature:** /s/ Giancarlo Devasini

**Name/Title:** Giancarlo Devasini, individually

**Date:** 10/24/2025