Tether Investments Files Canadian Early Warning Report in Respect of Securities of Gold Royalty Corp.

/NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

SAN SALVADOR, Republic of El Salvador, Jan. 27, 2026 /CNW/ - Tether Investments S.A. de C.V. (the "Acquiror") announces that it has filed a Canadian early warning report (the "Early Warning Report") with respect to Gold Royalty Corp. (the "Issuer") on its SEDAR+ profile at www.sedar.plus.ca, to disclose historical acquisitions by the Acquiror of common shares of the Issuer (the "Common Shares").

On October 29, 2025, the Acquiror acquired ownership and control over 690,000 Common Shares through the facilities of NYSE American, representing approximately 0.40% of the Common Shares outstanding as at such date (the "First Event"). Immediately prior to the First Event, the Acquiror owned and controlled 16,391,198 Common Shares (representing approximately 9.60% of the Common Shares then outstanding). Immediately following the First Event, the Acquiror owned and controlled 17,081,198 Common Shares, representing approximately 10.01% of the then issued and outstanding Common Shares.

The Common Shares acquired in the First Event were acquired for a total of US$2,515,464 (approximately CDN$3,500,520), at an average price of US$3.6456 (approximately CDN$5.0732) per Common Share. Canadian dollar amounts are based on the US$:CDN$ exchange rate of 1.3916 published by the Bank of Canada on October 29, 2025, being the date of the First Event.

Percentages of outstanding Common Shares have been determined in accordance with Canadian securities laws, based on 173,930,729 Common Shares outstanding as at November 5, 2025, as reported in the Issuer's then most recent management's discussion and analysis dated the same date.

On November 21, 2025, the Acquiror acquired ownership and control over 365,500 Common Shares through the facilities of NYSE American, representing approximately 0.21% of the Common Shares outstanding as at such date which, together with other Common Shares acquired since the First Event, represented 2% or more of the then outstanding Common Shares (the "Second Event"). Immediately prior to the Second Event, the Acquiror owned and controlled 20,752,429 Common Shares (representing approximately 11.93% of the Common Shares then outstanding). Immediately following the Second Event, the Acquiror owned and controlled 21,117,929 Common Shares, representing approximately 12.14% of the then issued and outstanding Common Shares.

The Common Shares acquired in the Second Event were acquired for a total of US$1,285,134.55 (approximately CDN$1,812,040), at an average price of US$3.5161 (approximately CDN$4.9577) per Common Share. Canadian dollar amounts are based on the US$:CDN$ exchange rate of 1.4100 published by the Bank of Canada on November 21, 2025, being the date of the Second Event.

Percentages of outstanding Common Shares have been determined in accordance with Canadian securities laws, based on 173,930,729 Common Shares outstanding as at November 5, 2025, as reported in the Issuer's then most recent management's discussion and analysis dated the same date.

On January 14, 2026, the Acquiror acquired ownership and control over 337,519 Common Shares through the facilities of the NYSE American, representing approximately 0.15% of the Common Shares outstanding as at such date which, together with other Common Shares acquired since the Second Event, represented 2% or more of the then outstanding Common Shares (the "Third Event"). Immediately prior to the Third Event, the Acquiror owned and controlled 25,446,966 Common Shares (representing approximately 11.39% of the Common Shares then outstanding). Immediately following the Third Event, the Acquiror owned and controlled 25,784,485 Common Shares, representing approximately 11.54% of the then issued and outstanding Common Shares (the Acquiror's ownership interest reduced notwithstanding the acquisition due to an intervening dilutive issuance by the Issuer).

The Common Shares acquired in the Third Event were acquired for a total of US$1,630,824.30 (approximately CDN$2,263,094.88), at an average price of US$4.8318 (approximately CDN$6.7051) per Common Share. Canadian dollar amounts are based on the US$:CDN$ exchange rate of 1.3877 published by the Bank of Canada on January 14, 2026, being the date of the Third Event.

Percentages of outstanding Common Shares outstanding as at January 14, 2026 have been determined in accordance with Canadian securities laws, based on 223,375,625 Common Shares outstanding as at December 11, 2025, as reported in the Issuer's news release dated the same date.

The Acquiror acquired the Common Shares described in this press release for investment purposes. Depending on market conditions, general economic and industry conditions, the Issuer's business and financial condition and/or other relevant factors, the Acquiror may, from time to time, acquire additional Common Shares or other securities of the Issuer through market transactions, private agreements, treasury issuances or otherwise, or dispose of all or some of its Common Shares or other securities of the Issuer, in each case, subject to applicable laws.

In addition, the Acquiror intends to consider its rights and options as a significant security holder of the Issuer (which may result in the Acquiror developing plans or intentions in the future with respect to the matters listed in clauses (a) through (k) of Item 5 of the Early Warning Report), including without limitation: engaging with the Issuer's board and management, communicating with other securityholders, voting its securities in accordance with its interests, and/or making proposals to the Issuer concerning changes to its capitalization, ownership structure and/or operations, in each case, subject to applicable laws.

The head office of the Issuer is disclosed on its SEDAR+ profile as being located at Suite 1830, 1188 West Georgia St., Vancouver, British Columbia, V6E 4A2, Canada.

About Tether Investments S.A. de C.V.

The Acquiror is a corporation existing under the laws of the Republic of El Salvador. The Acquiror is focused on strategic investments that complement its vision for open financial systems supported by digital and real-world assets.

The head office address of the Acquiror is Final Av. La Revolucion, Colonia San Benito, Edif. Centro, Corporativo, Presidente Plaza, Nivel 12, Oficina 2, Distrito de San Salvador, Municipality of San Salvador Centro, Republic of El Salvador.

The Acquiror will send a copy of its Early Warning Report relating to this announcement promptly to any person requesting it.

SOURCE Tether Investments S.A. de C.V.

For further information, please contact: Name: Stephenie Vasco, Communications and PR Services VP, Tether, Telephone number: 4420 4621 1793, Email: [email protected]