Gold Royalty raises $70 million through share offering

Gold Royalty Corp. (NYSE American: GROY) announced it has entered into an agreement with underwriters to sell 17.5 million common shares at $4.00 per share, raising approximately $70 million in gross proceeds.

The underwriting syndicate includes National Bank Capital Markets, BMO Capital Markets, and RBC Capital Markets as joint bookrunners. The underwriters have been granted an over-allotment option to purchase up to an additional 15% of the shares offered, which could raise an additional $10.5 million.

Gold Royalty plans to use the net proceeds to fund all or part of its acquisition of an existing royalty on the Pedra Branca mine from BlackRock World Mining Trust plc. Pedra Branca is an operating copper and gold mine in Brazil owned and operated by a subsidiary of BHP Group Limited. Any remaining proceeds will be used for general corporate purposes.

The offering is expected to close on or about December 11, 2025, subject to customary closing conditions including receipt of necessary approvals from the NYSE American. The closing of the share offering is not conditional upon completion of the mine royalty acquisition.

If the acquisition does not complete, the company may reallocate the proceeds for general corporate purposes, including funding other acquisitions or repaying debt.

The shares will be offered in Canadian provinces and territories except Quebec and Nunavut through a prospectus supplement to the company's base shelf prospectus dated August 2, 2024. The offering is also being made in the United States under a registration statement filed with the Securities and Exchange Commission.

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