SCHEDULE: Tether-Affiliated Entities Boost Gold Royalty Corp. Stake to 13.1%

Tether Global Investments Fund and its affiliates have increased their beneficial ownership in Gold Royalty Corp. to 13.1% through recent open market purchases.

Summary

• Tether Global Investments Fund, S.I.C.A.F., S.A., Tether Investments, S.A. de C.V., and Giancarlo Devasini (collectively, the "Reporting Persons") beneficially own an aggregate of 29,237,531 common shares of Gold Royalty Corp.
• This ownership represents 13.1% of Gold Royalty Corp.'s outstanding common shares, calculated based on 223,375,625 shares outstanding as of December 11, 2025.
• The Reporting Persons have shared voting and dispositive power over all beneficially owned shares.
• This document is Amendment No. 5 to the original Schedule 13D filed on October 24, 2025.
• Tether Investments, S.A. de C.V. executed several open market purchases between January 16, 2026, and February 9, 2026, acquiring a total of 3,119,739 shares at prices ranging from $4.1066 to $4.9646 per share.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as moderately positive for Gold Royalty Corp. due to the continued accumulation of shares by a significant investor, indicating confidence. However, the historical regulatory issues of the reporting entity introduce a degree of caution.

Positives

• A significant investor, Tether Global Investments Fund and its affiliates, has increased its stake in Gold Royalty Corp. to 13.1%, indicating continued confidence in the company.
• The ongoing open market purchases by Tether Investments, S.A. de C.V. demonstrate active investment and accumulation of shares.

Negatives

• The filing itself does not present negatives related to Gold Royalty Corp.'s performance or operations.
• Past regulatory issues of the reporting person (Tether entities) could be perceived as a potential reputational concern, though not directly impacting Gold Royalty Corp.'s operations.

Risks

• The reporting persons, specifically Tether Global Investments Fund, S.I.C.A.F., S.A. (f/k/a Tether Holdings Limited), Tether Limited, Tether Operations Limited, and Tether International Limited, were subject to regulatory proceedings.
• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) settled allegations against Tether for $41 million regarding untrue or misleading statements about USDT being fully backed by U.S. Dollars from June 2016 to February 2019.
• In February 2021, the Office of the Attorney General of the State of New York (NYAG) settled a proceeding with Tether and Bitfinex companies, resulting in $18.5 million in penalties and requirements to discontinue trading with New York persons/entities and submit to mandatory reporting.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance from Gold Royalty Corp. The continued accumulation of shares by the Reporting Persons suggests an ongoing investment strategy.

Industry Context

StockSavvy.ai notes that the continued accumulation of a significant stake in a gold royalty company by entities affiliated with Tether, a major stablecoin issuer, highlights a potential diversification strategy into traditional hard assets. This move could reflect a broader trend among cryptocurrency-affiliated entities seeking exposure to real-world assets, potentially as a hedge against market volatility or as a strategic long-term investment in the precious metals sector. Gold royalty companies offer exposure to gold prices with reduced operational risk compared to direct mining.

Comparison to Industry Standards

• This filing primarily details a change in beneficial ownership rather than operational results.
• StockSavvy.ai observes that a 13.1% stake is a substantial position for an institutional investor, potentially granting significant influence over Gold Royalty Corp.'s strategic decisions.
• While direct comparisons to other specific institutional holdings in gold royalty companies are not provided in the filing, such a large stake typically places the investor among the top shareholders, similar to major asset managers holding significant positions in companies like Franco-Nevada Corporation or Wheaton Precious Metals Corp.

Legal Proceedings

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) instituted and settled regulatory proceedings against Tether Global Investments Fund, S.I.C.A.F., S.A. (then Tether Holdings Limited), Tether Limited, Tether Operations Limited, and Tether International Limited. Tether paid a civil monetary penalty of $41 million without admitting or denying findings related to allegations of untrue or misleading statements regarding USDT being fully backed by U.S. Dollars from June 2016 to February 2019.
• In February 2021, the Office of the Attorney General of the State of New York (NYAG) entered into an agreement with Tether and several Bitfinex companies to settle a 2019 proceeding. Bitfinex and Tether paid $18.5 million in penalties to the State of New York and agreed to discontinue trading activity with New York persons or entities and submit to mandatory reporting on certain business functions.

Stakeholder Impact

• Shareholders: Increased institutional ownership by a significant investor could be viewed positively, potentially signaling confidence and stability. However, the past regulatory issues of the investor might raise concerns for some.
• Management: The presence of a 13.1% shareholder could lead to increased engagement or influence on strategic decisions.

Next Steps

• The Reporting Persons may continue to acquire or dispose of Gold Royalty Corp. shares in the open market or through private transactions.
• Further amendments to the Schedule 13D will be filed if there are material changes to their beneficial ownership or investment intentions.

Key Dates

Keywords

Gold Royalty Corp, Tether Global Investments Fund, Tether Investments, Giancarlo Devasini, Schedule 13D, beneficial ownership, common shares, gold, royalty, mining, investment fund, SEC filing