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

Rhea-AI Filing Summary

Gold Royalty Corp. (GROY) received an amended Schedule 13D reporting that entities affiliated with Tether Holdings, S.A. de C.V. beneficially own 17,991,198 common shares, representing 10.5% of the company. The filing lists Tether Holdings, its controlled subsidiary Tether Investments, S.A. de C.V., and Giancarlo Devasini as reporting persons.

The stake is held through Tether Investments, with shared voting and shared dispositive power over 17,991,198 shares and no sole power. The percentage is calculated based on 170,709,410 common shares outstanding as of August 6, 2025. The filing notes that Mr. Devasini has a greater than 50% voting interest in Tether Holdings. The date of event requiring the filing is October 29, 2025, and recent transactions are referenced in Schedule B.

Insights

Corporate governance analyst

Disclosure of a 10.5% holder with shared voting power; neutral impact.

The amendment identifies Tether Holdings and its subsidiary Tether Investments as beneficial owners of 17,991,198 Gold Royalty shares, equating to 10.5% based on 170,709,410 shares outstanding as of August 6, 2025. Voting and dispositive authority are reported as shared for the full amount, with no sole authority.

Giancarlo Devasini is included as a reporting person and is disclosed to have a greater than 50% voting interest in Tether Holdings. The filing references recent transactions in Schedule B; cash-flow treatment is not addressed here. Actual influence depends on holder decisions and any future governance actions disclosed in subsequent filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

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)

10/29/2025

(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 17,991,198.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,991,198.00

11

Aggregate amount beneficially owned by each reporting person

17,991,198.00

12

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

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 17,991,198 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 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 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 17,991,198.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,991,198.00

11

Aggregate amount beneficially owned by each reporting person

17,991,198.00

12

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

13

Percent of class represented by amount in Row (11)

10.5 %

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 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 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 17,991,198.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,991,198.00

11

Aggregate amount beneficially owned by each reporting person

17,991,198.00

12

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

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 17,991,198 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 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 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, 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. 1 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 17,991,198 Common Shares, representing 10.5% of the outstanding Common Shares. This percentage is calculated based on 170,709,410 Common Shares outstanding on August 6, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 6, 2025.
(b)	Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 17,991,198 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 Holdings, S.A. de C.V.

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, President
Date:	11/03/2025

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	11/03/2025

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	11/03/2025

FAQ

What stake in Gold Royalty (GROY) did Tether report in this Schedule 13D/A?

The reporting persons disclosed beneficial ownership of 17,991,198 common shares, representing 10.5% of Gold Royalty.

How was the 10.5% ownership in GROY calculated?

It was based on 170,709,410 common shares outstanding as of August 6, 2025.

Who are the reporting persons in the GROY Schedule 13D/A amendment?

Tether Holdings, S.A. de C.V., Tether Investments, S.A. de C.V., and Giancarlo Devasini.

What voting and dispositive powers were reported over GROY shares?

The filing reports shared voting power and shared dispositive power over 17,991,198 shares, with no sole power.

What is the date of the event requiring this amended filing for GROY?

The filing lists October 29, 2025 as the date of the event requiring the statement.

What is disclosed about Giancarlo Devasini’s relationship to Tether Holdings?

He is disclosed to have a greater than 50% voting interest in Tether Holdings, S.A. de C.V..

Does the filing list recent transactions in GROY shares?

Yes. It references Schedule B for transactions in the past 60 days.