[SCHEDULE 13D/A] Gold Royalty Corp. SEC Filing

Rhea-AI Filing Summary

Gold Royalty Corp. (GROY) has a new updated ownership disclosure from Tether-related entities. Tether Holdings, S.A. de C.V., its subsidiary Tether Investments, S.A. de C.V., and individual investor Giancarlo Devasini filed an amendment to their Schedule 13D regarding Gold Royalty’s common shares. The reporting persons collectively report beneficial ownership of 22,763,593 common shares, representing 13.1% of Gold Royalty’s outstanding common shares, based on 173,930,729 shares outstanding on November 5, 2025. The shares are held by Tether Investments, which is controlled by Tether Holdings, and Mr. Devasini has a greater than 50% voting interest in Tether Holdings. Mr. Devasini disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Gold Royalty Corp.

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

38071H106

(CUSIP Number)

Tether Holdings, S.A. de C.V.
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)

11/26/2025

(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).

SCHEDULE 13D

CUSIP No. 38071H106

1

Name of reporting person

Tether Holdings, 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)

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 22,763,593.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,763,593.00

11

Aggregate amount beneficially owned by each reporting person

22,763,593.00

12

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

13

Percent of class represented by amount in Row (11)

13.1 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 22,763,593 common shares, no par value ("Common Shares") of Gold Royalty Corp. held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V. Note in relation to Item 13: This percentage is calculated based upon 173,930,729 Common Shares outstanding on November 5, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 5, 2025.

SCHEDULE 13D

CUSIP No. 38071H106

1

Name of reporting person

Tether Investments, 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 22,763,593.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,763,593.00

11

Aggregate amount beneficially owned by each reporting person

22,763,593.00

12

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

13

Percent of class represented by amount in Row (11)

13.1 %

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 173,930,729 Common Shares outstanding on November 5, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 5, 2025.

SCHEDULE 13D

CUSIP No. 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 22,763,593.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,763,593.00

11

Aggregate amount beneficially owned by each reporting person

22,763,593.00

12

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

13

Percent of class represented by amount in Row (11)

13.1 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 22,763,593 Common Shares held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V. Mr. Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. 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 173,930,729 Common Shares outstanding on November 5, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 5, 2025.

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 (collectively, the "Reporting Persons") 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 and Amendment No. 2 filed on November 18, 2025 (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 the Reporting Persons and and constitutes Amendment No. 2 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 22,763,593 Common Shares, representing 13.1% of the outstanding Common Shares. This percentage is calculated based on 173,930,729 Common Shares outstanding on November 5, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 5, 2025.
(b)	Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 22,763,593 Common Shares.
(c)	Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons since the Reporting Persons' most recent filing on November 18, 2025.
(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 Holdings, S.A. de C.V.

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, President
Date:	12/01/2025

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	12/01/2025

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	12/01/2025