Gold Royalty Corp. closed a public equity offering on December 11, 2025, issuing 25,875,000 common shares at US$4.00 per share for gross proceeds of US$103.5 million (approximately C$143.5 million). The transaction, announced December 8, 2025, included full exercise of the over-allotment option for 3,375,000 shares beyond the base offering of 22,500,000 shares.

The financing was led by National Bank Capital Markets, BMO Capital Markets, and RBC Capital Markets as joint bookrunners, with a syndicate including BMO Nesbitt Burns, Scotia Capital, Canaccord Genuity, H.C. Wainwright, Raymond James, and Ventum Financial. Underwriters received a 4.5% fee of gross proceeds.

Net proceeds will fund the US$70 million (approximately C$97.0 million) acquisition of a net smelter return royalty over the Pedra Branca copper-gold mine in Brazil, currently operated by a BHP Group subsidiary, along with general corporate purposes. The company may also utilize its US$100 million (approximately C$138.6 million) revolving credit facility.

Sangra Moller LLP and Haynes and Boone LLP served as legal counsel to Gold Royalty, while Miller Thomson LLP and Troutman Pepper Locke LLP advised the underwriters. The offering was conducted across Canadian provinces and territories except Quebec and Nunavut, and in the United States. Following completion, Gold Royalty had 223,375,625 common shares outstanding.