Gold Royalty Corp. holder reports 14.4% stake

Gold Royalty Corp. has a new ownership report from Tether Global Investments Fund, Tether International and Giancarlo Devasini.

Rhea-AI Filing Summary

Gold Royalty Corp. has a new ownership report from Tether Global Investments Fund, Tether International and Giancarlo Devasini. They collectively report beneficial ownership of 33,300,000 Common Shares, representing 14.4% of the outstanding Common Shares, based on 230,809,201 shares outstanding as of June 2, 2026.

The 33,300,000 Common Shares are held by Tether International, a controlled subsidiary of Tether Global Investments Fund. Devasini holds a greater than 50% voting interest in the fund and disclaims beneficial ownership of these shares except to the extent of any pecuniary interest. Each reporting person has shared voting and dispositive power over the reported shares.

Key Figures

Beneficial ownership: 33,300,000 Common Shares Ownership percentage: 14.4 % Shares outstanding baseline: 230,809,201 Common Shares +1 more

4 metrics

Beneficial ownership 33,300,000 Common Shares Aggregate Gold Royalty Corp. Common Shares beneficially owned by the reporting persons

Ownership percentage 14.4 % Percent of Gold Royalty Corp. Common Shares class beneficially owned

Shares outstanding baseline 230,809,201 Common Shares Gold Royalty Corp. Common Shares outstanding on June 2, 2026 used to calculate ownership

Date of event 07/28/2026 Date of event requiring the updated beneficial ownership report

Key Terms

beneficially own, shared dispositive power, Registration Statement on Form F-3, joint statement per Rule 13d-1(k)

4 terms

beneficially own regulatory

"The Reporting Persons beneficially own an aggregate of 33,300,000 Common Shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

shared dispositive power regulatory

"Shared Dispositive Power 33,300,000.00"

Registration Statement on Form F-3 regulatory

"Common Shares outstanding on June 2, 2026, as reported in the Issuer's Registration Statement on Form F-3"

A registration statement on Form F-3 is a streamlined filing used by eligible foreign companies to register securities for sale in the U.S., often as a “shelf” that lets them offer shares quickly when market conditions are right. For investors it matters because it signals that the company can raise capital on short notice—potentially increasing liquidity but also the risk of share dilution if new stock is issued—similar to a company keeping a pre-approved credit line ready to use.

joint statement per Rule 13d-1(k) regulatory

"Agreement of filing persons relating to filing of joint statement per Rule 13d-1(k)"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many Gold Royalty Corp. (GROY) shares does the Tether group report owning?

The reporting persons state they beneficially own 33,300,000 Common Shares of Gold Royalty Corp., representing 14.4% of the company’s outstanding Common Shares, based on 230,809,201 shares outstanding as of June 2, 2026.

Who are the reporting persons in this Gold Royalty Corp. (GROY) ownership disclosure?

The report lists Tether Global Investments Fund, S.I.C.A.F., S.A., its subsidiary Tether International, S.A. de C.V., both organized in El Salvador, and Giancarlo Devasini, an Italian citizen, as the joint reporting persons.

How was the 14.4% ownership in Gold Royalty Corp. (GROY) calculated?

The 14.4% figure is based on beneficial ownership of 33,300,000 Common Shares divided by 230,809,201 Common Shares outstanding on June 2, 2026, as reported in Gold Royalty Corp.’s Registration Statement on Form F-3 filed June 3, 2026.

Who actually holds the Gold Royalty Corp. (GROY) shares and who controls them?

The 33,300,000 Common Shares are held by Tether International, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund. Each reporting person has voting and dispositive power over these shares, which are reported on a shared basis.

What does Giancarlo Devasini disclose about his interest in Gold Royalty Corp. (GROY)?

Giancarlo Devasini reports shared voting and dispositive power over 33,300,000 Gold Royalty Corp. shares through Tether International and the fund, where he has over 50% voting interest, but he disclaims beneficial ownership except for any pecuniary interest.

What type of power do the reporting persons have over Gold Royalty Corp. (GROY) shares?

Each reporting person has shared voting power and shared dispositive power over the 33,300,000 Common Shares reported. None reports sole voting or sole dispositive power; all authority over these shares is characterized as shared.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/30/2026 - 06:02 PM Accepted by SEC EDGAR 07/30/2026 - 06:01 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

Gold Royalty Corp.

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

38071H106

(CUSIP Number)

Tether Global Investments Fund
Final Av. La Revolucion, Edif. Centro, Corporativo Presidente Plaza, Nivel 12
San Salvador, H3, 00000
4420 4621 1793

Daniel Woodard
McDermott Will & Schulte LLP, One Vanderbilt Avenue
New York, NY, 10017
(212) 547-5400

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/28/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 38071H106

1

Name of reporting person

Tether Global Investments Fund, S.I.C.A.F., S.A.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

EL SALVADOR

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 33,300,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,300,000.00

11

Aggregate amount beneficially owned by each reporting person

33,300,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.4 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 33,300,000 common shares, no par value ("Common Shares") of Gold Royalty Corp. held by Tether International, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A. Note in relation to Item 13: This percentage is calculated based upon 230,809,201 Common Shares outstanding on June 2, 2026, as reported in the Issuer's Registration Statement on Form F-3 filed with the Securities and Exchange Commission on June 3, 2026.

SCHEDULE 13D

CUSIP Number(s): 38071H106

1

Name of reporting person

Tether International, S.A. de C.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

EL SALVADOR

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 33,300,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,300,000.00

11

Aggregate amount beneficially owned by each reporting person

33,300,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.4 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Item 13: This percentage is calculated based upon 230,809,201 Common Shares outstanding on June 2, 2026, as reported in the Issuer's Registration Statement on Form F-3 filed with the Securities and Exchange Commission on June 3, 2026.

SCHEDULE 13D

CUSIP Number(s): 38071H106

1

Name of reporting person

Giancarlo Devasini

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ITALY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 33,300,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,300,000.00

11

Aggregate amount beneficially owned by each reporting person

33,300,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.4 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 33,300,000 Common Shares held by Tether International, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A. Mr. Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest. Note in relation to Item 13: This percentage is calculated based upon 230,809,201 Common Shares outstanding on June 2, 2026, as reported in the Issuer's Registration Statement on Form F-3 filed with the Securities and Exchange Commission on June 3, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, without par value
(b)	Name of Issuer: Gold Royalty Corp.
(c)	Address of Issuer's Principal Executive Offices: 1188 West Georgia Street, Suite 1830, Vancouver, BRITISH COLUMBIA, CANADA , V6E 4A2.
Item 1 Comment: This statement on Schedule 13D amends the Schedule 13D of Tether Holdings, S.A. de C.V., an El Salvador entity, Tether Investments, S.A. de C.V., an El Salvador entity ("Tether Investments"), and Giancarlo Devasini that was originally filed with the Securities and Exchange Commission (the "SEC") on October 24, 2025 as amended by Amendment No. 1 filed on November 3, 2025, Amendment No. 2 filed on November 18, 2025, Amendment No. 3 filed on December 1, 2025 , Amendment No. 4 filed on January 15, 2026, Amendment No. 5 filed on February 9, 2026 and Amendment No. 6 filed on March 26, 2026 (as amended, the "Schedule 13D") with respect to the common shares, without par value ("Common Shares") of Gold Royalty Corp., a company incorporated under the laws of Canada (the "Issuer"). This amendment to the Schedule 13D is being filed by Tether Global Investments Fund, S.I.C.A.F., S.A. (f/k/a Tether Holdings, S.A. de C.V.), an El Salvador entity, Tether International, S.A. de C.V., an El Salvador entity, and Giancarlo Devasini (collectively, the "Reporting Persons") and and constitutes Amendment No. 7 to the Schedule 13D. Capitalized terms used but not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons beneficially own an aggregate of 33,300,000 Common Shares, representing 14.4% of the outstanding Common Shares. This percentage is calculated based on 230,809,201 Common Shares outstanding on June 2, 2026, as reported in the Issuer's Registration Statement on Form F-3 filed with the Securities and Exchange Commission on June 3, 2026.
(b)	Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 33,300,000 Common Shares.
(c)	Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons during the past 60 days.
(d)	None.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Schedule A Executive Officers and Directors Schedule B Open Market Purchases 99.1 Agreement of filing persons relating to filing of joint statement per Rule 13d-1(k).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Tether Global Investments Fund, S.I.C.A.F., S.A.

Signature:	/s/ Omar Rossi
Name/Title:	Omar Rossi, Sole Administrator
Date:	07/30/2026

Tether International, S.A. de C.V.

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	07/30/2026

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	07/30/2026