Exhibit 99.3

FORM 51-102F3

MATERIAL CHANGE REPORT

1. Name and Address of Company:

GOLD ROYALTY CORP.

1830-1188 West Georgia Street

Vancouver, British Columbia V6E 4A2

2. Date of Material Change:

The material change described in this report occurred on April 20, 2024.

3. News Release:

On April 20, 2024, Gold Royalty Corp. (the “Company”) issued a news release through the facilities of Canada Newswire, a copy of which has been filed on SEDAR+, in respect of the material change described herein.

4. Summary of Material Change:

On April 20, 2024, Glenn Mullan stepped down as a director of the Company.

5. Full Description of Material Change:

On April 20, 2024, Glenn Mullan stepped down as a director of the Company.

6. Reliance on Subsection 7.1(2) of National Instrument 51-102

Not applicable.

7. Omitted Information:

Not applicable.

8. Executive Officer:

The following executive officer of the Company is knowledgeable about the material change and this report and may be contacted respecting the material change and this report:

Andrew Gubbels

Chief Financial Officer

Telephone: (604) 396-3066

9. Date of Report:

April 22, 2024