SCHEDULE 13D 0002025889 XXXXXXXX LIVE Common Shares, without par value 10/17/2025 false 0001834026 38071H106 Gold Royalty Corp.

1188 West Georgia Street, Suite 1830 Vancouver A1 V6E 4A2

Tether Holdings, S.A. de C.V. 4420 4621 1793 Final Av. La Revolucion, Edif. Centro Corporativo Presidente Plaza, Nivel 12 San Salvador H3 00000 Daniel Woodard (212) 547-5400 McDermott Will & Schulte LLP One Vanderbilt Avenue New York NY 10017 0002025889 N Tether Holdings, S.A. de C.V. OO Y H3 0.00 13809085.00 0.00 13809085.00 13809085.00 N 8.1 CO Note in relation to Items 8, 10 and 11: Includes 13,809,085 common shares, no par value ("Common Shares") of Gold Royalty Corp. held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V. Note in relation to Item 13: This percentage is calculated based upon 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 2025. 0002049832 N Tether Investments, S.A. de C.V. WC N H3 0.00 13809085.00 0.00 13809085.00 13809085.00 N 8.1 CO Note in relation to Item 13: This percentage is calculated based upon 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 2025. 0002050373 N Giancarlo Devasini OO N L6 0.00 13809085.00 0.00 13809085.00 13809085.00 N 8.1 IN Note in relation to Items 8, 10 and 11: Includes 13,809,085 Common Shares held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V. Mr. Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest. Note in relation to Item 13: This percentage is calculated based upon 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 2025. Common Shares, without par value Gold Royalty Corp. 1188 West Georgia Street, Suite 1830 Vancouver A1 V6E 4A2 This statement on Schedule 13D relates to the common shares, without par value ("Common Shares") of Gold Royalty Corp., a company incorporated under the laws of Canada (the "Issuer"). The Common Shares are listed on the NYSE American Market under the ticker symbol "GROY". This statement is being filed by Tether Holdings, S.A. de C.V., Tether Investments, S.A. de C.V. and Giancarlo Devasini (collectively, the "Reporting Persons"). Certain information regarding Tether Holdings, S.A. de C.V., Tether Investments, S.A. de C.V. and their respective executive officers and directors is set forth on Schedule A attached hereto. The principal business address of the Reporting Persons is Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipio de San Salvador Centro, Republica de El Salvador. The principal business of Tether Investments, S.A. de C.V. is primarily to make strategic investments in emerging technologies, such as artificial intelligence and peer-to-peer platforms, sustainable Bitcoin mining operations, and digital education initiatives. Tether Investments, S.A. de C.V. is also involved in funding and supporting projects that enhance financial inclusion and build resilient financial infrastructure worldwide. Tether Holdings, S.A. de C.V. is the holding company for the Tether Group. The principal occupation of Giancarlo Devasini is to serve as President of Tether Holdings, S.A. de C.V. None None See Item 6 of the respective cover page of each Reporting Person. Tether Investments, S.A. de C.V. used cash from working capital to make the purchases of Common Shares listed on Schedule B hereto. The information set forth in Item 3 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. The Reporting Persons have acquired the Common Shares acquired to date for investment purposes, and may from time to time increase (through the acquisition of additional securities of the Issuer) or decrease (through the sale of all or a portion of the Common Shares) their investment in the Issuer, depending upon multiple factors, including the price and availability of the Issuer's securities, subsequent developments affecting the Issuer, the Issuer's business and prospects, other investment and business opportunities available to the Reporting Persons, general stock market and economic conditions, conditions in the industries and jurisdictions in which the Issuer and its subsidiaries operate, tax considerations and other factors. The Reporting Persons intend to review the Reporting Persons' investments in the Issuer from time to time and, in the course of such review, the Reporting Persons may take any of the foregoing actions with respect to their investment in the Issuer, or make other decisions or take other actions with respect to the Issuer. These decisions and actions may include communicating from time to time with the board of directors of the Issuer (the "Board"), members of management of the Issuer, other stockholders of the Issuer or other third parties with respect to the evaluation or implementation of strategic alternatives relating to the Issuer, engaging legal, financial, regulatory, technical, industry and/or other advisors to assist in any review or in making recommendations with respect to such decisions or actions, and taking steps to implement alternative courses of action relating to the Issuer, including courses of action that may be recommended by such advisors. Such courses of action may involve, without limitation, the proposal of or support for extraordinary corporate transactions (including an acquisition, merger, reorganization or other similar transaction or liquidation) involving the Issuer or any of its subsidiaries, including a public offer for all or part of the Issuer's securities, a business combination involving the Issuer or any of its subsidiaries, a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; changes in the present business, operations, strategy, future plans or prospects of the Issuer, financial or governance matters, changes to the Board (including board composition) or management of the Issuer, changes to the capitalization, ownership structure, dividend policy, business or corporate structure or governance documents of the Issuer, or any action similar to those enumerated above. Such discussions and actions may be preliminary and exploratory in nature, and not rise to the level of a plan or proposal. Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or may result in, any of the matters listed in subparagraphs (a) through (j) of Item 4 of Schedule 13D. However, as part of their ongoing evaluation of this investment and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable law, may formulate a plan or proposal with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to the Board, members of management of the Issuer, other stockholders of the Issuer or other third parties regarding such matters. The Reporting Persons beneficially own an aggregate of 13,809,085 Common Shares, representing 8.1% of the outstanding Common Shares. This percentage is calculated based on 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 2025. Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 13,809,085 Common Shares. Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons during the past 60 days. None. Not applicable. The information set forth in Item 4 of this Schedule 13D is incorporated herein by reference. Schedule A Executive Officers and Directors Schedule B Open Market Purchases 99.1 Agreement of filing persons relating to filing of joint statement per Rule 13d-1(k). Tether Holdings, S.A. de C.V. /s/ Giancarlo Devasini 10/24/2025 Tether Investments, S.A. de C.V. /s/ Giancarlo Devasini 10/24/2025 Giancarlo Devasini /s/ Giancarlo Devasini 10/24/2025