Exhibit 8.1

LIST OF SIGNIFICANT SUBSIDIARIES AS AT SEPTEMBER 30, 2022

The following are the significant subsidiaries of Gold Royalty Corp. as at September 30, 2022 and the jurisdictions of incorporation in which they are organized. Gold Royalty Corp. owns, directly or indirectly, 100% of the voting securities of each subsidiary.

Subsidiaries	State or Jurisdiction of Incorporation
Gold Royalty U.S. Corp.	Delaware, USA
Ely Gold Royalties Inc.	British Columbia, Canada
Nevada Select Royalty, Inc.	Nevada, USA
REN Royalties LLC	Nevada, USA
VEK Associates	Nevada, USA
DHI Minerals (U.S.) Ltd.	Nevada, USA
1320505 B.C. Ltd.	British Columbia, Canada
Golden Valley Mines and Royalties Ltd.	Canada
Abitibi Royalties Inc.	British Columbia, Canada
Calone Mining Ltd.	British Columbia, Canada