SCHEDULE: Tether Entities Boost Gold Royalty Stake to 11.7%

Tether Global Investments Fund and its affiliates increased their beneficial ownership in Gold Royalty Corp. to 11.7% through recent open market purchases.

Summary

• Tether Global Investments Fund, S.I.C.A.F., S.A. (formerly Tether Holdings, S.A. de C.V.), Tether Investments, S.A. de C.V., and Giancarlo Devasini (collectively, the "Reporting Persons") beneficially own an aggregate of 26,117,792 common shares of Gold Royalty Corp.
• This ownership represents 11.7% of the outstanding common shares, calculated based on 223,375,625 common shares outstanding as of December 11, 2025, as reported in Gold Royalty Corp.'s Form 6-K.
• The Reporting Persons collectively hold shared voting and dispositive power over all 26,117,792 common shares.
• Since December 1, 2025, Tether Investments, S.A. de C.V. has made open market purchases totaling 3,354,199 additional common shares.
• These purchases occurred between December 2, 2025, and January 15, 2026, with prices ranging from $4.149 to $4.8792 per share.
• Giancarlo Devasini, an Italian citizen, holds a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A.

Sentiment

Score: 7

Explanation: The increased stake by a significant investor like Tether, coupled with purchases at rising prices, suggests a positive outlook on Gold Royalty Corp. by the Reporting Persons. However, the filing also discloses past regulatory issues of the reporting entities, which introduces a minor cautionary note regarding the investor group itself, though not directly impacting Gold Royalty Corp.'s operations.

Positives

• The Reporting Persons, including Tether Global Investments Fund, have increased their stake in Gold Royalty Corp., indicating continued confidence in the company's prospects.
• Recent purchases were made at progressively higher prices, suggesting a positive view on the stock's valuation by the Reporting Persons.

Risks

• The filing discloses past regulatory proceedings against Tether Global Investments Fund (then Tether Holdings Limited) and its affiliates, including a $41 million civil monetary penalty from the U.S. Commodity Futures Trading Commission (CFTC) in October 2021 for alleged untrue or misleading statements regarding USDT backing from June 2016 to February 2019.
• Tether and affiliated Bitfinex companies also settled a 2019 proceeding with the Office of the Attorney General of the State of New York (NYAG) in February 2021, paying $18.5 million in penalties and agreeing to discontinue trading with New York persons/entities and submit to mandatory reporting on certain business functions. These past regulatory issues could pose reputational or operational risks to the reporting persons, which might indirectly affect their investment strategy or capacity.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding Gold Royalty Corp.'s operations or financial performance. It primarily details changes in beneficial ownership by the Reporting Persons.

Management Comments

• The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest. (Giancarlo Devasini regarding his indirect ownership)

Industry Context

This filing indicates a continued accumulation of shares in Gold Royalty Corp. by Tether-affiliated entities, suggesting a strategic interest in the gold royalty and streaming sector. Such investments by large, diversified investment funds can signal confidence in the long-term value of precious metals assets and the royalty business model, which typically offers exposure to gold price movements with reduced operating risk.

Comparison to Industry Standards

• NA

Management Changes

Legal Proceedings

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) settled regulatory proceedings against Tether Global Investments Fund (then Tether Holdings Limited) and other Tether entities, resulting in a $41 million civil monetary penalty for alleged untrue or misleading statements regarding USDT backing from June 2016 to February 2019.
• In February 2021, the Office of the Attorney General of the State of New York (NYAG) settled a 2019 proceeding with Tether and affiliated Bitfinex companies, requiring payment of $18.5 million in penalties and agreements to discontinue trading with New York persons/entities and submit to mandatory reporting on certain business functions.

Related Party Transactions

• The filing details the relationship between the Reporting Persons: Tether Investments, S.A. de C.V. is a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A., and Giancarlo Devasini holds a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A.
• The Reporting Persons have entered into a Joint Filing Agreement to file this Schedule 13D jointly.

Stakeholder Impact

• Shareholders: Increased institutional ownership by Tether-affiliated entities may be viewed positively, potentially signaling confidence and stability. The continued accumulation could also influence market perception and liquidity.
• Regulatory Authorities: The disclosure of past regulatory issues concerning the reporting entities (CFTC and NYAG settlements) highlights the importance of transparency and compliance in financial markets.

Next Steps

• The Reporting Persons will continue to monitor their investment in Gold Royalty Corp.
• Further amendments to the Schedule 13D will be filed if there are material changes to their beneficial ownership or investment intent.

Key Dates

Recommendation

The filing indicates a significant investor, Tether-affiliated entities, is increasing its stake in Gold Royalty Corp. and buying at higher prices, which is generally a positive signal. However, this is an ownership disclosure and does not provide new operational or financial data for Gold Royalty Corp. The past regulatory issues of the reporting entities, while not directly related to Gold Royalty Corp.'s operations, introduce a layer of complexity regarding the investor group. Without further information on Gold Royalty Corp.'s fundamentals or strategic direction, a 'hold' recommendation is prudent, acknowledging the positive signal from increased insider-like buying while awaiting more comprehensive company-specific updates.

Keywords

Gold Royalty Corp, Tether Global Investments Fund, Tether Investments, Giancarlo Devasini, Schedule 13D, Beneficial Ownership, Common Shares, Gold Mining, Royalty Company, SEC Filing, Investment, Shareholder Stake