SCHEDULE 13D/A 0002025889 XXXXXXXX LIVE 3 Common Shares, without par value 11/26/2025 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 22763593.00 0.00 22763593.00 22763593.00 N 13.1 CO Note in relation to Items 8, 10 and 11: Includes 22,763,593 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 173,930,729 Common Shares outstanding on November 5, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 5, 2025. 0002049832 N Tether Investments, S.A. de C.V. WC N H3 0.00 22763593.00 0.00 22763593.00 22763593.00 N 13.1 CO Note in relation to Item 13: This percentage is calculated based upon 173,930,729 Common Shares outstanding on November 5, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 5, 2025. 0002050373 N Giancarlo Devasini OO N L6 0.00 22763593.00 0.00 22763593.00 22763593.00 N 13.1 IN Note in relation to Items 8, 10 and 11: Includes 22,763,593 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 173,930,729 Common Shares outstanding on November 5, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 5, 2025. Common Shares, without par value Gold Royalty Corp. 1188 West Georgia Street, Suite 1830 Vancouver A1 V6E 4A2 This statement on Schedule 13D amends the Schedule 13D of Tether Holdings, S.A. de C.V., an El Salvador entity, Tether Investments, S.A. de C.V., an El Salvador entity ("Tether Investments"), and Giancarlo Devasini (collectively, the "Reporting Persons") that was originally filed with the Securities and Exchange Commission (the "SEC") on October 24, 2025 as amended by Amendment No. 1 filed on November 3, 2025 and Amendment No. 2 filed on November 18, 2025 (as amended, the "Schedule 13D") with respect to the common shares, without par value ("Common Shares") of Gold Royalty Corp., a company incorporated under the laws of Canada (the "Issuer"). This amendment to the Schedule 13D is being filed by the Reporting Persons and and constitutes Amendment No. 2 to the Schedule 13D. Capitalized terms used but not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified. The Reporting Persons beneficially own an aggregate of 22,763,593 Common Shares, representing 13.1% of the outstanding Common Shares. This percentage is calculated based on 173,930,729 Common Shares outstanding on November 5, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 5, 2025. Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 22,763,593 Common Shares. Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons since the Reporting Persons' most recent filing on November 18, 2025. None. Not applicable. 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 12/01/2025 Tether Investments, S.A. de C.V. /s/ Giancarlo Devasini 12/01/2025 Giancarlo Devasini /s/ Giancarlo Devasini 12/01/2025