Dividends

Gold Royalty announced on July 31, 2023 that it expects, with the completion of the Cozamin royalty acquisition, its board of directors will suspend dividends under its previously announced dividend program to focus capital on executing its strategic priority of growing cash flow and net asset value per share through accretive acquisitions.

Dividend Reinvestment Plan

The Company is pleased to offer a dividend reinvestment plan (the "Plan") to eligible shareholders. Participation in the Plan is optional and will not affect shareholders' cash dividends unless they elect to participate in the Plan. The Plan provides a convenient and cost-effective way for eligible shareholders to acquire additional common shares of the Company ("Common Shares") by reinvesting cash dividends paid on their shareholdings. Commencing with the first quarter 2023 dividend and continuing until otherwise announced by the Company, funds reinvested under the Plan will be by way of Treasury Acquisitions, as defined in the Plan.

For more information, please refer to the materials below, or contact the Plan agent, TSX Trust Company (the "Agent") via the contact information provided below. Shareholders should read the Plan carefully before making any decision to enroll.

All shareholders considering enrollment in the Plan should carefully review the terms of the Plan and consult with their advisors as to the implications of enrollment in the Plan.

Participation in the Plan is optional. Participants in the Plan ("Participants") may obtain additional Common Shares by automatically reinvesting all or any portion of cash dividends paid on Common Shares held by the Participant without paying any brokerage commissions, administrative costs or other service charges.

In respect of Treasury Acquisitions (as defined in the Plan), the Company may issue the Common Shares at a discount of up to 5% of the Average Market Price (as defined in the Plan). The Company may, from time to time, in its discretion, change or eliminate the discount applicable to Treasury Acquisitions or direct that such common shares be purchased through Market Acquisitions (as defined in the Plan), or a combination of Treasury Acquisitions and Market Acquisitions, any of which would be publicly announced. For more information, shareholders interested in enrolling in the Plan should refer to the materials provided below.

Registered Shareholders

Registered shareholders are those who hold the Company's Common Shares in their own name. Registered shareholders can enroll in the Plan by completing the enrollment form via the link provided below.

Non-Registered Beneficial Shareholders

Beneficial shareholders are those who do not hold the Company's Common Shares in their own name but instead hold their Common Shares through a nominee such as a financial institution, broker or other nominee.

Beneficial shareholders should contact their financial intermediary to seek enrollment. In order to participate in the Plan, a beneficial shareholder must either:

1. arrange for their broker or other nominee to enroll in the Plan on their behalf; or
2. transfer their Common Shares into their own name and enroll directly in the Plan as a registered shareholder.

Due to administrative policies of The Depository Trust Company ("DTC"), in order to make an election under the DRIP, beneficial shareholders that hold their common shares through a DTC participant broker, will need to either cause their broker to withdraw their shares from DTC and deposit them with the Clearing and Depository Services, Inc.; or (ii) cause their broker to register such shares directly in the name of such beneficial shareholder. Such actions would need to be completed with sufficient time to deliver elections prior to applicable deadlines as set forth in the DRIP.

Non-Registered U.S. Beneficial Shareholders

Beneficial shareholders who reside in the U.S. who wish to participate in the Plan must either:

1. transfer their Common Shares into their own name and enroll directly in the Plan as a registered shareholder; or
2. transfer their Common Shares to a Canadian broker.

To become a registered shareholder, a U.S. shareholder must contact their U.S. broker to request that their Common Shares be withdrawn from their account and issued in their personal name and address, changing the shareholder’s status from a beneficial shareholder to a registered shareholder. Upon receiving such instructions, the U.S. broker will request the withdrawal and issuance of such shareholder's Common Shares through TSX Trust. Once the transfer is complete, the new U.S. registered shareholder may enroll with TSX Trust via the enrollment form below.

To transfer their Common Shares to a Canadian broker, a U.S. shareholder must contact their U.S. broker to request that their Common Shares be withdrawn from their U.S. account and deposited with a Canadian broker. Once deposited with a Canadian broker, shareholders may enroll in the Plan through such Canadian broker.

Shareholders should note that they may incur costs in connection with effecting such transactions and should consult with their broker before taking any action.

Important Notice to U.S. Shareholders

If you are a shareholder of the Corporation, resident of the United States and have received this document, please see the prospectus relating to the Plan, including the United States federal income tax considerations and risk factors included therein and the documents incorporated by reference therein, which forms part of the Registration Statement on Form F-3 (the "Registration Statement"), filed or will be filed with the Securities and Exchange Commission (the "SEC") for important information regarding the Plan. Participation in the Plan will be available to shareholders residing in the United States, subject to the Corporation filing and the SEC declaring effective a registration statement in the United States.

DRIP Documents

DRIP Plan: Click here
DRIP Enrollment Form: Click here
DRIP Electronic Payment Form: Click here

Dividends

The dividend program contemplates quarterly dividends, the declaration, timing, amount and payment of which will be subject to the discretion and approval of the board of directors of the Company based on relevant factors, including, among others, the Company’s financial condition and capital allocation plans.

The dividend qualifies as an "eligible" dividend as defined in the Income Tax Act (Canada). The dividend is subject to customary Canadian withholding tax for shareholders that are not resident in Canada.

Dividend History

Frequently Asked Questions

For additional information, please refer to our Frequently Asked Questions Form:

• Dividend and DRIP FAQ