Gold Royalty DRIP -- summary under Discounted Dividend Plan

Description of Plan

At the election of the Company (which is expected to pay quarterly dividends), Common Shares acquired by its Agent under the its dividend reinvestment program pursuant Plan (which was adopted on February 16. 2023) can be acquired from treasury or purchased on the open market. At its discretion, Common Shares may be purchased in a treasury acquisition at a discount of up to 5% of the “average market price,” with such discount to be determined by the Company from time to time in its sole discretion and announced by way of press release. As of the date of this prospectus, the discount is set at 3%. The “average market price” is, in the case of a treasury acquisition, the volume weighted average price of the Common Shares (denominated in the currency in which the Common Shares trade on the applicable stock exchange) traded on the NYSE American LLC (“NYSE American”) on the five trading days preceding the applicable dividend payment date, less any applicable discount. Common Shares acquired through market acquisitions will be purchased at the prevailing trading prices, and for purposes of determining the price of Common Shares purchased under the plan in the case of a market acquisitions the Agent will apply the average price paid (excluding brokerage commissions, fees and all transaction costs) per Common Share purchased by the Agent for all Common Shares purchased in respect of a dividend payment date under the Plan.

Canadian tax consequences

Including that: the issuance of Common Shares at the discount of up to 5% to their FMV will not give rise to a taxable benefit and that a participant should not realize taxable income when receiving a certificate for Common Shares credited to their account; and that Finance had not yet confirmed that the NYSE American (reflecting a redesignation of the NYSE MKT) was a designated stock exchange.