6-K
Gold Royalty Corp. (GROY)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
WASHINGTON,DC 20549
Form6-K
REPORTOF FOREIGN PRIVATE ISSUER
PURSUANTTO RULE 13a-16 OR 15d-16 OF THE
SECURITIESEXCHANGE ACT OF 1934
Forthe month of October 2025
CommissionFile Number 001-40099
GOLDROYALTY CORP.
(Registrant’sname)
1188West Georgia Street, Suite 1830
Vancouver,BC V6E 4A2
(604)396-3066
(Addressof 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<br> 20-F ☒ | Form<br> 40-F ☐ |
|---|
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. | ||
|---|---|---|
| Date:<br> October 1, 2025 | By: | /s/ Andrew Gubbels |
| Name: | Andrew<br> Gubbels | |
| Title: | Chief<br> Financial Officer |
EXHIBITINDEX
| Exhibit | Description of Exhibit |
|---|---|
| 99.1 | Press Release dated October 1, 2025 |
Exhibit99.1
GoldRoyalty REACHES MILESTONE 250^th^ asset AND PROVIDES AN UPDATE ON SELECTED PORTFOLIO ASSETS
Vancouver,British Columbia – October 1, 2025 – Gold Royalty Corp. (“Gold Royalty” or the “Company”) (NYSE American: GROY) is pleased to announce that it recently added the 250^th^ asset to its portfolio with the sale of the Spanish Moon Project (“Spanish Moon”) to Kinross Gold Corporation (“Kinross”), retaining a 3% net smelter return royalty (“NSR”). Spanish Moon, an early-stage exploration project, is proximate to Kinross’ Round Mountain Mine in Nevada, USA, a Tier 1 jurisdiction in which Gold Royalty already has a strong concentration of assets.
David Garofalo, Chairman and CEO of Gold Royalty, commented: “The impressive growth that we have achieved, from 18 royalties at our March 2021 IPO to 250 royalties and streams today comes from our four unique pillars of growth, each contributing to our portfolio throughout the company’s history. We have provided royalty or stream financing directly to operators, we have purchased royalty and stream assets through third parties such as mining companies and prospectors, we have acquired established royalty companies including Ely Gold, Golden Valley, and Abitibi Royalties, and our prospecting team generates royalties in-house through our royalty generator model.
Today we want to highlight our royalty generator model, as it has created our milestone 250^th^ asset – at minimal cost to Gold Royalty. Our diversified portfolio provides peer-leading revenue growth, including the expected 367% gold equivalent ounce (“GEO”) growth by 2029* and long-dated optionality into the next decade and beyond.”
Gold Royalty’s generator model has generated 51 royalties since the acquisition of Ely Gold Royalties Inc. in 2021. We currently have 36 properties subject to land agreements and six properties under lease generating land agreement proceeds. The model continues to incur low operating costs with minimal expenditure on maintaining the underlying mineral interests in the first half of 2025.
AssetUpdates
Gold Royalty is also pleased with recent positive progress from operating companies on assets on which it holds royalties or streams:
| ● | Borborema (2% NSR) – On September 23, 2025, Aura Minerals announced commercial production<br> at Borborema. It also disclosed that the Borborema mill is operating above 80% of design<br> capacity and gold recoveries are consistently above 90%. |
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| ● | County Line (3% NSR) – Fortitude Gold announced on September 30, 2025 that it received<br> all approvals from the Bureau of Land Management and the Nevada Division of Environmental<br> Protection to construct and operate the County Line open pit gold project, a brownfield expansion<br> of the operating Isabella Pearl mine. Gold Royalty’s County Line royalty claims were<br> also initially generated through its successful generator model. |
| ● | Granite Creek (10% NPI) – i-80 Gold disclosed six holes from its infill drill program on<br> September 10, 2025. Drill results continue to show robust high-grade mineralization throughout<br> the South Pacific Zone and suggest that the deposit has the potential to expand to the north<br> and at depth. This program aims to convert mineral resources from inferred to indicated category<br> and form the basis for the upcoming Granite Creek Underground feasibility study, planned<br> for completion in the first quarter of 2026. |
| ● | Tonopah West (3% NSR) – Blackrock Silver announced an updated mineral resource estimate<br> for the Tonopah West project on September 8, 2025 including estimates of 1.33 Mt grading<br> 493 g/t AgEq for 21.1 Moz silver equivalent contained in indicated resources, and 5.14 Mt<br> grading 525.9 g/t AgEq for 86.88 Moz silver equivalent contained in inferred resources. It<br> stated that silver and gold mineralization at Tonopah West remains open to the northwest,<br> east and internally between the main bodies of mineralization, and at depth. |
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| ● | Vareš (100% copper stream): DPM Metals (formerly Dundee Precious Metals) announced the completion<br> of its previously-announced acquisition of Adriatic Metals Plc, previous operator of the<br> Vareš mine, on September 3, 2025. DPM disclosed that it will leverage its expertise<br> in underground mining, its regional presence, successful track record of operations, optimization<br> and project management, and its strong financial position to further optimize and realize<br> Vareš’ full potential. |
* See press release dated March 20, 2025 for further information. Total GEOs are determined by dividing Total Revenue, Land AgreementProceeds and Interest by average gold prices for the applicable period. Total GEOs and Total Revenue, Land Agreement Proceeds and Interestare Non-IFRS measures, which do not have any standardized meaning prescribed by International Financial Reporting Standards. For furtherinformation please see the Company’s Management’s Discussion and Analysis for the three and six months ended June 30, 2025.
AboutGold 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.
GoldRoyalty Corp. Contact
Jackie Przybylowski
Vice President, Capital Markets
Peter Behncke
Director, Corporate Development & Investor Relations
Telephone: (833) 396-3066
Email: [email protected]
QualifiedPerson
Alastair Still, P.Geo., Director of Technical Services of the Company, is a “qualified person” as such term is defined under Canadian National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the technical information disclosed in this news release.
Noticeto Investors
For further information regarding the project updates regarding properties underlying the Company’s royalties, stream and other interests, please refer to the disclosures of the operators thereof, including those referenced herein. Disclosure relating to properties in which Gold Royalty holds interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.
Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the project operators in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission applicable to domestic issuers. Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.
Outlooks presented herein are including forecasted GEOs, is based on the public forecasts, expected development timelines and other disclosure by the owners and operators of the properties underlying our interests and our assessment thereof.
Forward-LookingStatements:
Certainof 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”), includingbut not limited to statements regarding: estimated future GEOs, statements regarding the Company’s strategy and business plan,and expectations regarding the operations and/or development of the projects underlying the Company’s royalties, stream and otherinterests, including the estimates of the operators thereof their timing and ability to achieve production; and expectations regardingthe Company’s growth and statements regarding the Company’s plans and strategies. Such statements can be generally identifiedby 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 otherimportant factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlyingthe Company’s interests, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices, andthe Company’s ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertaintiesand other factors which may cause the actual results to be materially different from those expressed or implied by such forward-lookingstatements including, among others, any inability to any inability of the operators of the properties underlying the Company’sroyalties, stream and other interests to execute proposed plans for such properties or to achieved planned development and productionestimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuationof operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating ortechnical difficulties on any such projects, the influence of macroeconomic developments, the ability of the Company to carry out itsgrowth plans and other factors set forth in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, andits other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identifyimportant factors that could cause actual results to differ materially from those contained in forward-looking statements, there maybe other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements willprove 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.