Gold Royalty Corp Raises $70M in Bought Deal Offering to Fund Pedra Branca Mine Royalty Acquisition, Sells 17.5M Shares At 4/Share

Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE:GROY) is pleased to announce that it has entered into an agreement 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"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 17,500,000 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 approximately US$70.0 million (the "Offering").

Subject to receipt of the necessary approvals, the Common Shares will be listed on the NYSE American.

The Company has granted the Underwriters an over-allotment option, exercisable in whole or in part at any time at the Offering Price 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$10.5 million.

The Company intends to use the net proceeds of the Offering to fund all or a portion of the consideration for its acquisition of an existing royalty on the Pedra Branca mine from BlackRock World Mining Trust plc (the "Acquisition"), and for general corporate purposes. Pedra Branca is an operating copper and gold mine located in Brazil and currently owned and operated by a subsidiary of BHP Group Limited.