EARLY WARNING PRESS RELEASE

VANCOUVER, BC, July 14, 2025 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") announces that it has disposed of beneficial ownership, and control and direction, of 12,000,000 common shares (the "VZZ Shares") of Val-d'Or Mining Corp. ("VZZ") by private agreement at a price of $0.05 per share for aggregate consideration of $600,000.

The Company also granted to the purchaser an option to acquire up to an additional 12,000,000 VZZ Shares beneficially owned, and controlled and directed, by the Company at a price of $0.075 per share, subject to the terms and conditions of such agreement (the "Option"). The Option is exercisable for 24 months after completion of the transaction. Such period may be accelerated on notice by the Company to the counterparty if the average number of shares exceeds 10,000 VZZ Shares per day on the TSX Venture Exchange during the applicable preceding 20-trading day period and the volume-weighted average price for the VZZ Shares on the TSX Venture Exchange equals or is greater than: (a) as to 3,000,000 optioned VZZ Shares, $0.10 per VZZ Share; (b) as to an additional 3,000,000 optioned VZZ Shares, $0.15 per VZZ Share; and (c) as to the balance of optioned VZZ Shares, $0.20 per VZZ Share.

The Company is not aware of any plans nor has any future intentions that would relate to or result in any of items (b) through (k) of Item 5 above. The Company holds VZZ Shares for investment purposes only and will review its investment on an ongoing basis. Upon such review, depending on such factors that the Company may from time to time deem relevant, the Company may, among other things, acquire, directly or indirectly, additional securities of VZZ or dispose of some or all of the existing or additional securities the Company holds or will hold, directly or indirectly.

Immediately after the disposition, the Company had beneficial ownership, and control and direction of, a total of 16,965,050 VZZ Shares, representing approximately 15.94% of the issued and outstanding VZZ Shares. Immediately prior to the disposition, the Company had beneficial ownership, and control and direction of, a total of 28,965,050 VZZ Shares, representing approximately 27.22% of the issued and outstanding VZZ Shares. Assuming full exercise of the Option, immediately after the disposition, the Company would have beneficial ownership, and control and direction, of 4,965,050 VZZ Shares, representing approximately 4.67% of the issued and outstanding VZZ Shares.

The Company has filed an early warning report under VZZs profile at SEDAR+ at www.sedarplus.ca in connection with the disposition under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Requirements. To obtain more information or a copy of such report, please contact our Director of Corporate Development and Investor Relations, at the contact details below.

All ownership percentages herein are based upon the number of outstanding VZZ Shares as at July 11, 2025. The Company's corporate headquarters address is 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 4A2. VZZ's head office is located at 2772 Chemin Sullivan, Val-D'Or, Québec, J9P 0B9.

SOURCE Gold Royalty Corp.

Peter Behncke, Director, Corporate Development & Investor Relations, Telephone: [phone], Email: [email protected]