SCHEDULE: Tether Entities Detail Gold Royalty Corp. Stake

Tether Holdings and its subsidiary, Tether Investments, along with Giancarlo Devasini, filed an amendment detailing their 10.5% beneficial ownership in Gold Royalty Corp. and recent open market share purchases.

Summary

• 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 17,991,198 Common Shares of Gold Royalty Corp.
• This ownership represents 10.5% of Gold Royalty Corp.'s outstanding Common Shares.
• The percentage is calculated based on 170,709,410 Common Shares outstanding as of August 6, 2025, as reported in Gold Royalty Corp.'s Form 6-K.
• Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V., executed open market purchases of Gold Royalty Corp. shares.
• These purchases occurred between October 17, 2025, and October 31, 2025, with daily volumes ranging from 385,000 to 2,879,179 shares.
• The purchase prices per share ranged from $3.5040 to $3.7247.
• Giancarlo Devasini, President of Tether Holdings and Sole Administrator of Tether Investments, holds a greater than 50% voting interest in Tether Holdings, S.A. de C.V.

Sentiment

Score: 6

Explanation: The filing is neutral to slightly positive for Gold Royalty Corp. due to a significant institutional investor maintaining and detailing its stake, indicating confidence. However, the historical regulatory issues of the reporting entity (Tether) introduce a minor negative aspect, though not directly related to Gold Royalty Corp.'s operations.

Positives

• A significant institutional investment by Tether entities, representing 10.5% of outstanding shares, could signal confidence in Gold Royalty Corp.'s long-term prospects.
• The continued accumulation of shares through open market purchases by Tether Investments indicates ongoing strategic interest in Gold Royalty Corp.

Negatives

• The historical regulatory issues faced by Tether entities (CFTC and NYAG settlements) could introduce a perception of risk for some investors, although these are not directly related to Gold Royalty Corp.'s operations.

Risks

• The reporting persons, specifically Tether Holdings, S.A. de C.V. and its related entities, have a history of regulatory proceedings. In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) settled allegations against Tether for making untrue or misleading statements regarding the backing of USDT, resulting in a $41 million civil monetary penalty.
• In February 2021, the Office of the Attorney General of the State of New York (NYAG) settled a proceeding with Tether and affiliated Bitfinex companies, leading to $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 specific forward-looking statements or guidance regarding Gold Royalty Corp.'s operations or financial performance. It primarily details current ownership and recent share acquisition activities by the reporting persons.

Management Comments

• Giancarlo Devasini disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Industry Context

This filing highlights a notable investment by a prominent entity from the digital asset space (Tether) into a traditional hard asset sector, specifically a gold royalty company. This could indicate a broader trend of diversification by digital asset firms into tangible assets, potentially viewing gold royalties as a stable, long-term investment or a hedge against market volatility and inflation. It also underscores the increasing convergence and interplay between traditional finance and the evolving digital asset ecosystem.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) instituted and settled regulatory proceedings against Tether Holdings, S.A. de C.V. (then Tether Holdings Limited) and related entities, resulting in a civil monetary penalty of $41 million without admitting or denying findings. Allegations related to 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) entered into an agreement with Tether and affiliated Bitfinex companies to settle a 2019 proceeding. This resulted in $18.5 million in penalties to New York State and required discontinuing trading activity with New York persons or entities, along with mandatory reporting on certain business functions.

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders of Gold Royalty Corp. may view the significant stake held by Tether entities as a vote of confidence, potentially influencing market perception and share price stability.
• The historical regulatory issues of the reporting persons (Tether) could be a point of consideration for some investors, though these are not directly related to Gold Royalty Corp.'s operations.

Next Steps

• The filing does not explicitly mention future actions, events, or milestones for Gold Royalty Corp. or the reporting persons beyond the ongoing beneficial ownership.

Key Dates

Keywords

Gold Royalty Corp, Tether Holdings, Tether Investments, Giancarlo Devasini, Schedule 13D, Beneficial Ownership, Gold Mining, Royalty Company, Share Acquisition, SEC Filing