Gold Royalty (GROY) F-4/A 11 Apr 22 Registration of securities (foreign) (amended) Financial data

Cover

Cover	12 Months Ended
	Sep. 30, 2021
Entity Addresses [Line Items]
Document Type	F-4/A
Amendment Flag	true
Amendment Description	Amendment No. 1
Entity Registrant Name	GOLD ROYALTY CORP.
Entity Central Index Key	0001834026
Entity Tax Identification Number	98-1578275
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	1030 West Georgia Street
Entity Address, Address Line Two	Suite 1830
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6E 2Y3
City Area Code	(604) 396-3066
Local Phone Number	396-3066
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	Puglisi & Associates
Entity Address, Address Line Two	850 Library Ave., Suite 204
Entity Address, City or Town	Newark,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19711
City Area Code	(302)
Local Phone Number	738-6680

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Current assets
Cash and cash equivalents	$ 9,905,480	$ 37,539
Short-term investments	1,117,769
Accounts receivable	411,715
Prepaids and other receivables	1,865,816	16,330
Total current assets	13,300,780	53,869
Non-current assets
Royalties	256,833,456
Exploration and evaluation assets	7,711,535
Long-term investments	1,586,600
Other long-term assets	66,470	1,587
Total non-current assets	266,198,061	1,587
Total assets	279,498,841	55,456
Current Liabilities
Accounts payable and accrued liabilities	6,884,679	75,452
Current portion of lease obligation	36,311
Due to former parent company		120,930
Total current liabilities	6,920,990	196,382
Non-current liabilities
Lease obligation	11,300
Derivative liability	4,549,074
Deferred income tax liability	42,700,000
Total liabilities	54,181,364	196,382
Equity
Issued Capital	228,619,530	1
Reserves	11,403,811
Accumulated deficit	(15,146,866)	(140,631)
Accumulated other comprehensive income (loss)	441,002	(296)
Total equity	225,317,477	(140,926)
Total equity and liabilities	$ 279,498,841	$ 55,456

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
Revenue
Royalty income		$ 191,991
Cost of sales
Depletion of royalties		163,817
Gross profit		28,174
Expenses
Consulting fees		2,677,189
Depreciation	45	4,844
Management and directors’ fees	15,698	1,172,286
General and administrative	5,106	2,937,385
Professional fees	119,782	2,481,019
Share-based compensation		3,324,286
Exploration and evaluation expenses		12,516
Operating loss for the year	(140,631)	(12,581,351)
Other items
Change in fair value of derivative liability		(1,511,372)
Change in fair value of short-term investments		(168,431)
Foreign exchange loss		(812,429)
Interest income		67,348
Net loss for the year	(140,631)	(15,006,235)
Item that may be reclassified subsequently to net income:
Foreign currency translation differences	(296)	441,298
Total comprehensive loss for the year	$ (140,927)	$ (14,564,937)
Net loss per share, basic and diluted	$ (140,631)	$ (0.45)
outstanding, basic and diluted	1	33,555,265

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)	Issued capital [member]	Other reserves [member]	Retained earnings [member]	Accumulated other comprehensive income [member]	Total
Balance at Jun. 22, 2020
IfrsStatementLineItems [Line Items]
Issued capital	1				1
Net loss for the year			(140,631)		(140,631)
Total other comprehensive income				(296)	(296)
Balance at Sep. 30, 2020	$ 1		(140,631)	(296)	(140,926)
Balance, shares at Sep. 30, 2020	1
Balance at Jun. 22, 2020
IfrsStatementLineItems [Line Items]
Share-based compensation - share options		2,199,837
Underwriters’ fees and issuance costs		(416,389)
Common shares issued upon exercise of common share purchase warrants		(27,354)
Balance at Sep. 30, 2021	$ 228,619,530	11,403,811	(15,146,866)	441,002	225,317,477
Balance, shares at Sep. 30, 2021	72,538,609
Balance, shares at Jun. 23, 2020
IfrsStatementLineItems [Line Items]
Issued capital, shares	1
Balance at Sep. 30, 2020	$ 1		$ (140,631)	$ (296)	$ (140,926)
Balance, shares at Sep. 30, 2020	1
IfrsStatementLineItems [Line Items]
Cancellation of common share issued upon incorporation	(1)				(1)
Common shares issued to former parent company for cash	$ 50,000				$ 50,000
Common shares issued to former parent company for cash, shares	5,000,000
Performance based restricted shares issued
Performance based restricted shares issued, shares	1,500,000
Common shares issued to acquire royalties	$ 13,076,000				13,076,000
Common shares issued to acquire royalties, shares	15,000,000
Private placement of common shares for cash	$ 2,848,750				2,848,750
Private placement of common shares for cash, shares	1,325,000
Share-based compensation - performance based restricted shares	$ 408,815				408,815
Share-based compensation - share options		2,199,837			2,199,837
Common shares and common share purchase warrants issued for cash	$ 82,968,750	7,031,250			90,000,000
Initial public offering: Common shares and common share purchase warrants issued for cash, shares	18,000,000
Common shares issued on exercise of over-allotment option	$ 3,603,128				3,603,128
Initial public offering: Common shares issued on exercise of over-allotment option, shares	721,347
Common share purchase warrants issued on exercise of over-allotment option		13,500			13,500
Underwriters’ fees and issuance costs	(5,154,455)	(416,389)			(5,570,844)
Common shares issued for marketing services	$ 345,000				345,000
Common shares issued for marketing services, shares	75,000
Common shares issued to acquire Ely Gold Royalties Inc.	$ 130,407,183				130,407,183
Common shares issued to acquire Ely Gold Royalties Inc., shares	30,902,176
Common share purchase warrants of Ely Gold Royalties Inc.		2,602,967			2,602,967
Common shares issued upon exercise of common share purchase warrants	$ 66,359	(27,354)			39,005
Common shares issued upon exercise of common share purchase warrants, shares	15,086
Net loss for the year			(15,006,235)		(15,006,235)
Total other comprehensive income				441,298	441,298
Balance at Sep. 30, 2021	$ 228,619,530	$ 11,403,811	$ (15,146,866)	$ 441,002	$ 225,317,477
Balance, shares at Sep. 30, 2021	72,538,609

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
Operating activities
Net loss before tax for the year	$ (140,631)	$ (15,006,235)
Items not involving cash:
Accretion and depreciation	45	5,183
Depletion of royalties		163,817
Interest income		(63,588)
Share-based compensation		2,994,836
Change in fair value of short-term investments		168,431
Change in fair value of derivative liability		1,511,372
Unrealized foreign exchange loss		(29,218)
Net changes in non-cash working capital items:
Accounts receivables		(149,818)
Prepaids and other receivables	(16,330)	(1,484,992)
Accounts payable and accrued liabilities	73,820	23,326
Due to former parent company	83,096	(83,096)
Cash used in operating activities		(11,949,982)
Investing activities
Investment in royalties		(9,369,790)
Acquisition of Ely Gold Royalties Inc., net of cash acquired		(58,247,027)
Investment in exploration and evaluation assets		(20,000)
Long-term investments acquired		(1,586,600)
Purchase of equipment		(1,632)
Payment of lease obligations		(3,722)
Interest received		63,699
Cash used in investing activities		(69,165,072)
Financing activities
Proceeds from common shares issued to former parent company		50,000
Proceeds from private placement of common shares		2,848,750
underwriters’ fees and issuance costs		88,045,784
Proceeds from exercise of common share purchase warrants		39,005
Proceeds from common shares issued	1
Due to former parent company	37,538	(37,538)
Cash provided by financing activities	37,539	90,946,001
Effect of exchange rate changes on cash		36,994
Net increase in cash	37,539	9,867,941
Beginning of year		37,539
End of year	$ 37,539	$ 9,905,480

Corporate Information

Corporate Information	12 Months Ended
	Sep. 30, 2021
Corporate Information
Corporate Information	1. Corporate Information Gold Royalty Corp. (“GRC” or “the Company”) is a company incorporated in Canada on June 23, 2020 and domiciled in Canada. GRC is principally engaged in acquiring gold-focused royalty and mineral stream interests. The registered office of the Company is located at 1000 Cathedral Place, 925 West Georgia Street, Vancouver, British Columbia, V6C 3L2, Canada. The principal address of the Company is located at 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia, V6E 2Y3, Canada. The Company was a subsidiary of GoldMining Inc. (“GoldMining”) until the Company completed its initial public offering (the “IPO”) on March 11, 2021. The Company’s common share (the “GRC Shares”) and common share purchase warrants are listed on the NYSE American under the symbols “GROY” and “GROY.WS”, respectively. On August 23, 2021, the Company acquired all of the outstanding common shares of Ely Gold Royalties Inc. (“Ely”) (Note 3) which has been consolidated from the date of acquisition.

Basis of Preparation and Signif

Basis of Preparation and Significant Accounting Policies	12 Months Ended
	Sep. 30, 2021
Basis of Preparation and Significant Accounting Policies	2. Basis of Preparation and Significant Accounting Policies 2.1 Statement of compliance The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). These consolidated financial statements were authorized for issue by the Company’s board of directors on December 23, 2021. 2.2 Basis of presentation The Company’s consolidated financial statements have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. The Company’s consolidated financial statements are presented in United States dollars (“U.S. dollar”, “$” or “dollar”). All values are rounded to the nearest dollar except where otherwise indicated. On March 11, 2021, GRC, the parent entity, changed its functional currency from the Canadian dollar to the U.S. dollar. The change in functional currency resulted from the growing proportion of expenses paid in U.S. dollars and the receipt of the cash proceeds of $ 88 The effect of the change in functional currency is accounted for prospectively with no impact on prior period information. The Company translated all items into the new functional currency using the exchange rate at the date of the change. The resulting translated amounts for non-monetary items are treated as their historical cost. Exchange differences arising from translation previously recognized in other comprehensive income are not reclassified from equity to profit or loss until the disposal of the operation. The accounting policies applied in the preparation of consolidated financial statements are consistent with those applied and disclosed in the Company’s annual financial statements for the year ended September 30, 2020 except for the newly adopted policies presented below which relate to business combinations, revenue recognition, exploration and evaluation assets, and share-based payments. 2.3 Basis of consolidation The consolidated financial statements include the financial statements of Gold Royalty Corp. and its wholly-owned subsidiaries, being Gold Royalty U.S. Corp., Ely Gold Royalties Inc., 1320505 B.C. Ltd., Nevada Select Royalty, Inc., Ren Royalties LLC, VEK Associates and DHI Minerals (U.S.) Ltd. Subsidiaries are consolidated from the date the Company obtains control, and continue to be consolidated until the date that control ceases. Control is achieved when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2. Basis of Preparation and Significant Accounting Policies (continued) 2.3 Basis of consolidation (continued) All inter-company transactions, balances, income and expenses are eliminated through the consolidation process. The accounts of all subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. The functional currency of all subsidiaries is the United States dollar. For the period prior to the change in functional currency, the results of GRC, the parent entity, were translated from Canadian dollars using period end exchange rate as to assets and liabilities and average exchange rates as to income and expenses. All resulting exchange differences were recognized in other comprehensive income (loss). 2.4 Significant accounting policies Royalties Royalties consist of acquired royalty interests in producing, development and exploration and evaluation stage properties. Royalties are recorded at cost and capitalized as tangible assets on a property-by-property basis. They are subsequently measured at cost less accumulated depletion and depreciation and accumulated impairment losses, if any. The Company assesses the carrying costs for impairment when indicators of impairment exist. Project due diligence costs that are not related to a specific agreement are expensed in the period incurred. Producing royalty interests are recorded at cost in accordance with IAS 16, Property, Plant and Equipment On acquisition of a royalty, an allocation of its cost or fair value may be attributed to the exploration potential of the interest. The value of the exploration potential is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources Property, Plant and Equipment Exploration and Evaluation Assets All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are expensed in the period incurred. Exploration and evaluation costs arising following the acquisition of an exploration license are capitalized on a project-by-project basis. Costs incurred include appropriate technical and administrative overheads. Exploration assets are carried at historical cost less any impairment losses recognized. Exploration and evaluation activity includes geological and geophysical studies, exploratory drilling and sampling and resource development. Upon demonstration of the technical and commercial feasibility of a project and a development decision, any past exploration and evaluation costs related to that project are subject to an impairment test and are reclassified in accordance with IAS 16, Property Plant and Equipment Management assesses exploration assets for impairment at each reporting period or when facts and circumstances suggest that the carrying value of capitalized exploration costs may not be recoverable. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Exploration and Evaluation Assets (continued) For option payments received pursuant to mineral property option agreements where the Company acts as the optionor in the agreement, option proceeds are recognized as a credit to the amounts previously capitalized as exploration and evaluation asset acquisition costs. Any amounts received in excess of amounts capitalized are recorded as a credit in the consolidated statements of comprehensive loss. When the optionee fulfills all option requirements and acquires interest in the property in which the Company retains a royalty, the property is transferred from exploration and evaluation assets to royalties. Impairment of non-financial assets At the end of each reporting period, the Company reviews the carrying amounts of its royalties and exploration and evaluation assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists or when annual impairment testing for an asset is required, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the assets belong. Impairment reviews for exploration and evaluation assets are carried out on a property-by-property basis, with each property representing a single cash generating unit. An impairment review is undertaken when indicators of impairment arise, but typically, when one of the following circumstances apply: ● The right to explore the area has expired or will expire in the near future with no expectation of renewal; ● Substantive expenditure on further exploration for and evaluation of mineral resources in the area is neither planned nor budgeted; ● No commercially viable deposits have been discovered, and the decision had been made to discontinue exploration in the area; and Sufficient work has been performed to indicate that the carrying amount of the expenditure carried as an asset will not be fully recovered. Recoverable amount is the higher of an asset’s (or cash-generating unit’s) fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statements of comprehensive loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount, net of depreciation, that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. Cash and cash equivalents Cash and cash equivalents comprise of cash on deposit with banks and highly liquid short-term interest-bearing investments with a term to maturity at the date of purchase of 90 days or less which are subject to an insignificant risk of change in value. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Foreign currencies Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities are translated using period end exchange rates. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of loss and comprehensive loss. Revenue recognition Revenue is comprised of revenue earned in the period from royalty interests. For royalty interests, revenue recognition occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Net loss per share Basic net loss per share includes no potential dilution and is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. The basic and diluted net loss per share are the same as there are no instruments that have a dilutive effect on earnings. Segment Reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. The Company’s operating segments are components of the Company’s business for which discrete financial information is available and which are reviewed regularly by the Company’s Chief Executive Officer to make decisions about resources to be allocated to the segment and assess its performance. Business combinations ordinary activities. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Business combinations (continued) Business combinations in which the Company is identified as the acquirer are accounted for using the acquisition method of accounting, whereby identifiable assets acquired, and liabilities assumed, including contingent liabilities, are recognized at their fair values at the acquisition date. The acquisition date is the date at which the Company obtains control over the acquiree, which is generally the date that consideration is transferred, and the Company acquires the assets and assumes the liabilities of the acquiree. It generally requires time to obtain the information necessary to identify and measure the assets acquired and liabilities assumed as of the acquisition date. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the business combination occurs, the Company reports in its consolidated financial statements provisional amounts for the items for which the fair value measurement is incomplete. During the period from the acquisition date to the time the Company receives the relevant information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable (the “measurement period”), the Company will retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new relevant information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized as of that date, including recognizing additional assets or liabilities. The measurement period does not exceed one year from the acquisition date. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, the liabilities, including contingent consideration, incurred and payable by the Company to former owners of the acquiree and the equity interests issued by the Company. Acquisition-related costs, other than costs to issue debt or equity securities of the Company, are expensed as incurred. At the acquisition date, non-controlling interests are recorded at their proportionate share of the fair value of identifiable net assets acquired. When the cost of the acquisition exceeds the fair value of the identifiable net assets acquired, the difference is recognized as goodwill. The results of businesses acquired during the period are included in the consolidated financial statements from the date of acquisition. Income taxes Income tax expense represents the sum of tax currently payable and deferred tax. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of each reporting period. Deferred income tax is provided using the liability method on temporary differences, at the end of each reporting period, between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except: ● where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and ● in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized except: Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Income taxes (continued) ● where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and ● in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of each reporting period. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statements of comprehensive loss. Deferred income tax assets and deferred income tax liabilities are offset if, and only if, a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to either settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. Financial Instruments Financial instruments are recognized in the consolidated statements of financial position on the trade date, being the date in which the Company becomes a party to the contractual provisions of the financial instrument. The Company’s financial instruments consist of cash and cash equivalents, short-term and long-term investments, accounts receivable, accounts payable and accrued liabilities, lease obligation, obligation under royalty acquisition and derivative liability. The Company determines the classification of financial assets at initial recognition. Short-term investments are equity instruments held for trading and are classified as fair value through profit and loss (“FVTPL”). Long-term investments in common shares are held for long-term strategic purposes and not for trading. The Company has made an irrevocable election to designate all these investments as fair value through other comprehensive income (“FVTOCI”) in order to provide a more meaningful presentation based on management’s intention, rather than reflecting changes in fair value in net income. Such investments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognized as a component of other comprehensive income under the classification of gain (loss) on revaluation of investments. Cumulative gains and losses are not subsequently reclassified to profit or loss. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or where the Company has opted to measure them at FVTPL. All financial instruments are initially recorded at fair value and designated as follows: Summary of Financial Instruments At Fair Value Financial Assets Classification Cash and cash equivalents Financial assets at amortized cost Short-term investments FVTPL Accounts receivables Financial assets at amortized cost Long-term investments FVTOCI Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Financial Instruments (continued) Financial Liabilities Classification Accounts payable and accrued liabilities Financial liabilities at amortized cost Lease obligation Financial liabilities at amortized cost Derivative liability FVTPL Financial assets are derecognized when the contractual rights to the cash flows from the asset expire. Financial liabilities are derecognized only when the Company’s obligations are discharged, cancelled or otherwise expire. On derecognition, the difference between the carrying amount (measured at the date or derecognition) and the consideration received (including any new asset obtained less any new liability obtained) is recognized in profit or loss. Share-based payments Restricted Shares The fair value of restricted shares is measured at grant date and recognized over the period during which the restricted shares vest. When restricted shares are conditional upon the achievement of a performance condition, the Company estimates the length of the expected vesting period at the grant date, based on the most likely outcome of the performance condition. The fair value of the restricted shares is determined based on the fair value of the common shares on the grant date, adjusted for minority shareholder discount, liquidity discount and other applicable factors that are generally recognized by market participants. The fair value of restricted shares is recognized as an expense over the vesting period based on the best available estimate of the number of restricted shares expected to vest; that estimate will be revised if subsequent information indicates that the number of restricted shares expected to vest differs from previous estimates. Share Options The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of share options. The fair value of share options granted to employees is recognized as an expense over the vesting period with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes, provides services that could be provided by a direct employee, or has authority and responsibility for planning, directing and controlling the activities of the Company, including non-executive directors. The fair value is measured at the grant date and recognized over the period during which the options vest. Consideration received on the exercise of share options is recorded as issued capital and the related share-based compensation reserve is transferred to issued capital. Significant accounting policy judgments and sources of estimation uncertainty The preparation of these consolidated financial statements requires management to make accounting policy judgments and make estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. On an ongoing basis, management evaluates its accounting policy judgments and estimates in relation to assets, liabilities, income and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its estimates. Actual outcomes may differ from these estimates under different assumptions and conditions. Management is required to make judgements in the application of the Company’s accounting policies. The significant accounting policy judgements relevant to the current period are as follows: Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Significant accounting judgments and estimates (continued) ● The Company’s business is the acquisition of royalties. Each royalty has its own unique terms and judgement is required to assess the appropriate accounting treatment. The assessment of whether an acquisition meets the definition of a business or whether assets are acquired is an area of judgement. In evaluating whether a transaction is a business combination management must consider if the acquired assets or entities encompass an integrated set of activities and assets that is capable of being conducted and managed for the purpose of generating income. Additionally, an optional asset concentration test may be applied. If deemed to be a business combination, applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition date fair value. The excess, if any, of the fair value of the consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. ● The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve judgment to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment. Information about significant sources of estimation uncertainty are described below. ● The Company is required to make a number of estimates in the application of business combination accounting. The determination of the acquisition date fair values often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of royalty interests generally require a high degree of judgement, and include estimates of mineral reserves and resources acquired, future metal prices, discount rates and conversion of reserves and resources. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets and liabilities. ● The Company estimates the attributable reserve and resource relating to the mineral properties underlying the royalties that are held by the Company. Reserves and Resources are estimates of the amount of minerals that can be economically and legally extracted from the mining properties at which the Company has royalty interests, adjusted where applicable to reflect the Company’s percentage entitlement to minerals produced from such mines. The public disclosures of Reserves and Resources that are released by the operators of the interests involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. The estimates of Reserves and Resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the Reserve or Resource estimates may impact the carrying value of the Company’s royalty interests. ● The Company values its investments in private entities at fair value at each reporting date. When the fair values of these financial instruments cannot be measured based upon quoted prices in active markets, their fair value is based on estimates made by management using valuation techniques. The inputs to these valuation models are taken from observable market data where possible, including concurrent third-party investments, but where this is not feasible, a degree of judgement is required in establishing fair value. Changes in assumptions related to these inputs could affect the reported fair value of the financial instruments. ● In March 2020, the World Health Organization declared a global pandemic related to COVID-19. The current and future impact on global commerce is far-reaching. To date there has been significant stock market volatility, significant volatility in commodity and foreign exchange markets, restrictions on the conduct of business in many jurisdictions including the temporary suspension of mining activities and mine development, and the global movement of people and some goods has become restricted. There is significant ongoing uncertainty surrounding COVID-19 and the extent and duration of the impacts that it may have on demand and prices for the commodities relating to the Company’s royalties, on the operations in which it holds royalty interests, on its employees and on global financial markets. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated)

Acquisition of Ely

Acquisition of Ely	12 Months Ended
	Sep. 30, 2021
Acquisition of Ely	3. Acquisition of Ely On August 23, 2021, the Company completed the acquisition of all of the outstanding common shares Ely (the “Ely Shares”) by way of a statutory plan of arrangement (the “Ely Arrangement”) under the Business Corporations Act (British Columbia). The Company issued 30,902,176 65 84 15,946,732 0.2450 0.0001 The Ely Warrants are exercisable into 3,906,949 5,640,669 2,602,967 Share-based Payment 3,037,702 Financial Instruments: Presentation The following table summarizes the fair value of the consideration paid and the preliminary fair values of the assets acquired, and liabilities assumed on the closing date: Summary of Fair Value of Assets Acquired and Liabilities Assumed ($) Consideration paid Cash paid to Ely shareholders (1) 65,016,496 GRC Shares issued to Ely shareholders (1) 130,193,499 15,946,732 5,640,669 Total consideration 200,850,664 Allocation of consideration Cash and cash equivalents 6,769,469 Short-term investments 1,291,022 Accounts receivable 261,897 Prepaid and other receivables 193,055 Reclamation bond 21,915 Property, plant & equipment 47,714 Royalties 231,172,628 Exploration and evaluation assets 7,691,535 Accounts payable and accrued liabilities (3,847,216 ) Lease obligation (51,355 ) Deferred income tax liability (42,700,000 ) Net assets acquired 200,850,664 (1) Consideration excludes a portion of cash ($ 329,450 213,684 The GRC shares issued to Ely shareholders were measured based on a share price of $ 4.22 0.40% 1.91 37% 0% 0% 0.35 Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 3. Acquisition of Ely (continued) The fair value of short-term investments acquired was estimated using their quoted market prices. The fair values of producing and development stage royalties were estimated using discounted cash flow models. Expected future cash flows used to estimate the fair value of these royalties are based on estimates of future gold prices, projected future production, estimated quantities of mineral reserves and resources, expected future production costs, and discount rates at the closing date. The fair values of exploration stage royalties were estimated using a market approach based on comparable market transactions. The fair value of receivables and payables are equal to their gross contractual amounts at the closing date. Transaction costs of $ 2.9 1.9 1.0 543,134 329,450 213,684 The Company’s preliminary purchase accounting was based upon preliminary valuations performed to determine the fair value of the net assets as of the acquisition date and is subject to adjustments for up to one year after the closing date of the acquisition to reflect final valuations. The accounting for the business combination is not complete as the valuation for certain acquired employee related liabilities have not been finalized. These final valuations of the assets and liabilities could have a material impact on the preliminary purchase price allocation disclosed above.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Sep. 30, 2021
Cash and cash equivalents	4. Cash and cash equivalents Summary of Cash and Cash Equivalents September 30, September 30, 2021 2020 ($) ($) Cash and cash equivalents consist of: Cash at bank 5,905,480 37,539 Guaranteed Investment Certificates 4,000,000 - Total 9,905,480 37,539

Short-term investments

Short-term investments	12 Months Ended
	Sep. 30, 2021
Short-term Investments
Short-term investments	5. Short-term investments The Company’s short-term investments comprise of common shares of the following companies: Summary of Short-Term Investments Comprise of Common Shares September 30, 2021 Number of Shares ($) Contact Gold Corp. 2,362,941 93,434 Eminent Gold Corp. 200,000 131,858 Fortitude Gold Corp. 74,946 506,635 Lahontan Gold Corp. 325,000 89,279 McEwen Mining Inc. 53,600 55,952 Sanatana Resources Inc. 1,666,666 150,433 Solitario Royalty & Exploration Corp. 119,352 66,240 VR Resources Ltd. 100,000 23,938 1,117,769 Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 5. Short-term investments (continued) The short-term investments were acquired as part of the Company’s acquisition of Ely. At the time of acquisition, these investments had a fair value of $ 1,291,022 168,431 Nil

Prepaids and other receivables

Prepaids and other receivables	12 Months Ended
	Sep. 30, 2021
Prepaids And Other Receivables
Prepaids and other receivables	6. Prepaids and other receivables As at September 30, 2021, the amount of prepaid insurance premiums and marketing fees was $ 998,489 Nil 296,208 Nil 75,000 303,748 Nil

Royalties

Royalties	12 Months Ended
	Sep. 30, 2021
Schedule Of Royalties
Royalties	7. Royalties Schedule of Royalties ($) Balance at September 30, 2020 - Additions 25,445,415 Acquisition from Ely (Note 3) 231,172,628 Depletion (163,817 ) Functional currency translation 379,230 Balance at September 30, 2021 256,833,456 Summary of Royalties Opening Additions Ending Opening Depletion Ending Translation Amount Cost Accumulated Depletion Foreign Currency Carrying Opening Additions Ending Opening Depletion Ending Translation Amount September 30, 2021 ($) ($) ($) ($) ($) ($) ($) ($) Depletable Royalties Isabella Pearl - 2,820,538 2,820,538 - 5,579 5,579 - 2,814,959 Jerritt Canyon - 8,920,908 8,920,908 - 73,948 73,948 - 8,846,960 Marigold 1,261,207 1,261,207 - 84,290 84,290 - 1,176,917 Subtotal - 13,002,653 13,002,653 - 163,817 163,817 - 12,838,836 Non-depletable Royalties Beaufor - 1,235,414 1,235,414 - - - - 1,235,414 Croinor - 5,329,811 5,329,811 - - - - 5,329,811 Fenelon - 41,552,905 41,552,905 - - - - 41,552,905 Gold Rock - 3,275,322 3,275,322 - - - - 3,275,322 Hog Ranch - 12,879,239 12,879,239 - - - - 12,879,239 Lincoln Hill - 5,288,677 5,288,677 - - - - 5,288,677 McKenzie Break - 4,010,405 4,010,405 - - - - 4,010,405 Railroad-Pinion - 3,032,071 3,032,071 - - - - 3,032,071 Rawhide - 3,820,573 3,820,573 - - - - 3,820,573 REN (Net Profit Interest) - 21,016,741 21,016,741 - - - - 21,016,741 REN (Net Smelter Return) - 42,364,755 42,364,755 - - - - 42,364,755 São Jorge - 2,194,333 2,194,333 - - - 79,793 2,274,126 Titiribi - 2,904,333 2,904,333 - - - 105,625 3,009,958 Whistler - 2,575,033 2,575,033 - - - - 2,575,033 Yellowknife - 1,804,433 1,804,433 - - - 65,607 1,870,040 Others - 90,331,345 90,331,345 - - - 128,205 90,459,550 Subtotal - 243,615,390 243,615,390 - - - 379,230 243,994,620 Total - 256,618,043 256,618,043 163,817 163,817 379,230 256,833,456 On November 27, 2020, the Company entered into a royalty purchase agreement with GoldMining, the Company’s former parent, pursuant to which GoldMining caused its applicable subsidiaries to create and issue to the Company net smelter return (“NSR”) royalties ranging from 0.5% 2.0% 13,076,000 15,000,000 Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 7. Royalties (continued) On February 1, 2021, the Company entered into a royalty purchase agreement with Quartz Mountain Resources Ltd. and Wavecrest Resources Inc. Pursuant to the terms of the agreement, the Company acquired a 1% 150,000 On July 23, 2021, the Company entered into a definitive agreement with Monarch to acquire a portfolio of gold royalty interests, including a C$2.50 per tonne royalty on material processed through Monarch’s Beacon mill originating from the Beaufor mine operations, a 2.5% NSR on each of Monarch’s Croinor Gold, McKenzie Break and Swanson properties, and a 1% NSR on Monarch’s Beaufor property. 12 15 9 11.25 3 3.75 Monarch has the right to repurchase a 1.25% NSR on each of the Croinor Gold, McKenzie Break and Swanson properties for C$2 million per property. Such rights may only be exercised by Monarch for a period of 30 days after December 31, 2027 after the gold price as quoted by the London Bullion Market exceeds $2,000 per ounce continuously for 30 consecutive days. The transaction closed on August 5, 2021. On August 23, 2021, the Company completed its acquisition of Ely and acquired a portfolio of royalties in Canada and the U.S.A for a total fair value of $ 231,172,628 The following is a summary of selected royalties own by the Company as of September 30, 2021: Summary of Selected Royalties Own by the Company Property Property Jurisdiction Property Stage Royalty Isabella Pearl Project Isabella Pearl Mine Nevada, USA Producing 0.375% Gross Revenue Royalty Jerritt Canyon Mine Jerritt Canyon Mine Nevada, USA Producing 0.5% NSR and Per Ton Royalty (sliding scale based on metal price) Beaufor Project Beaufor Project Québec, Canada Development 1.0% NSR Croinor Gold Project Croinor Gold Project Québec, Canada Advanced - Exploration 2.5% NSR Fenelon Project Fenelon Gold Property Québec, Canada Development 2.0% NSR Gold Rock Project Gold Rock Project Nevada, USA Development 0.5% NSR Hog Ranch Project Hog Ranch Project Nevada, USA Development 2.25% NSR Lincoln Hill Project Lincoln Hill Project Nevada, USA Development 2.0% NSR Railroad-Pinion Project Railroad-Pinion Project Nevada, USA Development 0.44% NSR Rawhide Mine Rawhide Mine Nevada, USA Producing 15% Net Profit Interest (“NPI”) REN Project REN Project Nevada, USA Development 1.5% NSR, 3.5% NPI Sao Jorge Project Sao Jorge Project Para State, Brazil Development 1.0% NSR

Exploration and evaluation asse

Exploration and evaluation assets	12 Months Ended
	Sep. 30, 2021
Exploration and evaluation assets	8. Exploration and evaluation assets Summary of Exploration and Evaluation Assets ($) Balance at September 30, 2020 - Acquisition of Ely (Note 3) 7,691,535 Addition 50,000 Option payments received (30,000 ) Balance at September 30, 2021 7,711,535 Mineral properties in the exploration and evaluation stage were acquired as part of the Company’s acquisition of Ely. Fixed option payments were received in relation to certain exploration and evaluation assets.

Long-term investments

Long-term investments	12 Months Ended
	Sep. 30, 2021
Long-term investments	9. Long-term investments On August 31, 2021, the Company made a $ 1,586,600 2,000,000 12.5%

Derivative liability

Derivative liability	12 Months Ended
	Sep. 30, 2021
Derivative liability	10. Derivative liability As at September 30, 2021, 9,105,000 Ely Warrants were classified as derivative liabilities in accordance with IAS 32 Financial Instruments: Presentation As at September 30, 2021, the fair value of the Ely Warrants has been estimated based on the Black-Scholes option pricing model using the following weighted average assumptions: risk-free interest rate of 0.23 1.64 43 0 0 1,511,372 The movement in derivative liability is as follows: Summary of Movement in Derivative Liability ($) Balance at September 30, 2020 - Fair value of derivative liability assumed on Ely acquisition (Note 3) 3,037,702 Change in fair value during the year 1,511,372 Balance at September 30, 2021 4,549,074 Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated)

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2021
Income Taxes	11. Income Taxes The Company had no Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 11. Income Taxes (continued) Summary of Income taxes Period from incorporation on Year ended June 23, 2020 to September 30, 2021 September 30, 2020 (S) ($) Net loss for the year before taxes (15,006,235 ) (140,631 ) Canadian federal and provincial income tax rates 27 % 27 % Income tax recovery based on Canadian federal and provincial income tax rates (4,051,683 ) (37,970 ) Reconciling items: Difference in foreign tax rates 5,852 - Deferred tax asset not recognized 2,507,125 37,966 Stock-based compensation 750,911 - Fair value change in warrant liability 408,070 - Permanent differences and other 379,725 4 Income tax expense (income) - - The significant components of deferred income tax assets and liabilities were as follows: Summary of Deferred Income Tax Assets and Liabilities 2021 2020 September 30 2021 2020 ($) ($) Deferred tax assets and (liabilities): Non-capital losses 590,968 - Marketable securities 3,587 - Undeducted financing fees 114,064 - Other deferred tax assets 192,302 - Royalty assets (41,762,451 ) - Mineral and royalty interests (1,634,863 ) - Other deferred tax liabilities (203,607 ) - Deferred income tax liabilities, net (42,700,000 ) - At September 30, 2021 and 2020, deductible temporary differences for which no deferred tax assets are recognized are below: Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 11. Income Taxes (continued) Summary of Deductible Temporary Differences Not Recognized 2021 2020 September 30 2021 2020 ($) ($) Deductible temporary differences not recognized: Non-capital losses 9,341,488 38,034 Marketable securities 759,068 - Mineral and royalty interests - - Other deferred tax assets 1,326 12 Deductible temporary differences not recognized 10,101,882 38,046 The deferred tax assets have not been recognized in the consolidated financial statements, as the Company does not consider it more likely than not that those assets will be realized in the future. As of September 30, 2021, the Company had Canadian net operating loss carryforwards of $ 9,458,151 2,664,138 2,050,857

Issued Capital

Issued Capital	12 Months Ended
	Sep. 30, 2021
Issued Capital	12. Issued Capital 12.1 Initial Public Offering On March 8, 2021, the Company entered into an underwriting agreement with H.C. Wainwright & Co., LLC and BMO Capital Markets Corp. (collectively the “Underwriters”) for an offering of 18,000,000 5.00 7.50 The Company granted the Underwriters the over-allotment option (the “Over-Allotment Option”) to purchase up to 2,700,000 1,350,000 4.995 0.01 On March 11, 2021, the Company issued 18,000,000 5.00 90,000,000 721,347 3,603,128 1,350,000 13,500 5,570,844 5,081,064 The net proceeds from the issuance of the Units were allocated to the Company’s common shares and common share purchase warrants on a relative fair value basis. Inputs used to calculate the relative fair value of the common shares and common share purchase warrants are based on the quoted closing prices of the Company’s common shares and common share purchase warrants on the first day of trading on the NYSE American. The fair value of common shares and common share purchase warrants issued upon exercise of the Over-Allotment Option are equal to the net proceeds received by the Company. The allocation of the fair value of the Company’s common shares and common share purchase warrants is as follows: Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 12. Issued Capital (continued) 12.1 Initial Public Offering (continued) Summary of Fair Value and Gross Proceed from Initial Public Offering ($) Fair value of common shares 86,571,878 Fair value of commons share purchase warrants 7,044,750 Total gross proceeds from the IPO 93,616,628 Gross proceeds 93,616,628 Common share issuance costs (5,154,455 ) Common share purchase warrant issuance costs (416,389 ) Net proceeds received 88,045,784 Fair value allocation to: Common shares 81,417,423 Common share purchase warrants 6,628,361 88,045,784 12.2 Common Shares The authorized share capital of the Company consists of an unlimited number of common shares and an unlimited number of preferred shares issuable in series without par value. The Company issued one GRC Share for consideration of $ 1.00 5,000,000 50,000 On December 4, 2020, the Company completed a private placement of 1,325,000 2,848,750 On April 19, 2021, the Company entered into an agreement with a service provider for the provision of digital marketing and advertising services. The total fee was paid in cash and 75,000 4.60 172,500 On August 23, 2021, the Company completed its acquisition of Ely by issuing 30,902,176 130,407,183 During the year ended September 30, 2021, the Company issued 15,086 61,576 39,005 12.3 Restricted Shares On October 19, 2020, the Company issued 1,500,000 (1) with respect to one-third of the Restricted Shares awarded to the holder, if the Company’s initial public offering or any liquidity event (being any liquidation, dissolution or winding-up of the Company or distribution of all or substantially all of the Company’s assets among shareholders or a change of control transaction) occurs that values the Company at a minimum of $50,000,000 (condition met) Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 12. Issued Capital (continued) 12.3 Restricted Shares (continued) (2) with respect to one-third of the Restricted Shares awarded to the holder, if the Company receives $1,000,000 of royalty payments under any of the Company’s royalty interests prior to October 19, 2023 (condition partially met) (3) with respect to one-third of the Restricted Shares awarded to the holder, if the holder continues to be a director, officer, employee or consultant of the Company or an entity that is under common control with the Company for a period of one year after the initial public offering is completed (condition partially met). During the year ended September 30, 2021, the Company recognized share-based compensation expense of $ 408,815 12.4 Reserves The following outlines the movements of the Company’s common share purchase warrants and share options: Summary of Warrants and Share Options Reserves Warrants Share Options Total ($) ($) ($) Balance at June 23, 2020 and September 30, 2020 - - - Initial public offering: Common share purchase warrants issued to for cash (Note 12.1) 7,044,750 - 7,044,750 Underwriters’ fees and issuance costs (Note 12.1) (416,389 ) - (416,389 ) Ely Warrants recognized in equity (Note 3) 2,602,967 - 2,602,967 Exercise of Ely Warrants (27,354 ) - (27,354 ) Share-based compensation - share options - 2,199,837 2,199,837 Balance at September 30, 2021 9,203,974 2,199,837 11,403,811 Common Share Purchase Warrants During the year ended September 30, 2021, the Company issued 10,350,000 7.50 10,350,000 7.50 2.44 As at September 30, 2021, there were 15,885,153 3,891,862 0.245 4.17 1.80 Share Options The Company adopted a long-term incentive plan (the “LTIP”) which provides that the Board of Directors may, from time to time, in its discretion, grant awards of restricted share units, performance share units, deferred share units and share options to directors, officers, employees and consultants. The aggregate number of common shares issuable under the LTIP in respect of awards shall not exceed 10% The following outlines movements of the Company’s share options: Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 12. Issued Capital (continued) 12.4 Reserves (continued) Share Options (continued) Summary of Share Options Activities Number of Weighted Average Balance at September 30, 2020 - - Granted 3,016,200 4.97 Balance at September 30, 2021 3,016,200 4.97 On March 7, 2021, the Company granted 2,505,000 5.00 five years vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter. On May 20, 2021, the Company granted 305,000 4.78 five years vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter. On August 25, 2021, the Company granted 206,200 4.85 five years vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter. The fair value of the share options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Summary of Fair Value Assumptions Risk-free interest rate 0.34 % Expected life (years) 2.99 Expected volatility 37.0 % Expected dividend yield 0.00 % Estimated forfeiture rate 1.98 % As there is no trading history of the Company’s common shares prior to the date of grant, the expected volatility is based on the historical share price volatility of a group of comparable companies in the sector in which the Company operates over a period similar to the expected life of the share options. A summary of share options outstanding and exercisable at September 30, 2021, are as follows: Summary of Range of Options Outstanding and Exercisable Options Outstanding Options Exercisable Exercise Price Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of Options exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life 4.78 305,000 0.48 4.64 76,250 0.26 4.64 5.00 2,505,000 4.15 4.44 1,252,500 4.54 4.44 4.85 206,200 0.33 4.90 51,550 0.18 4.90 3,016,200 4.97 4.49 1,380,300 4.98 4.46 The fair value of share options recognized as share-based compensation expense during the year ended September 30, 2021 was $ 2,187,545 Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 12. Issued Capital (continued) 12.4 Reserves (continued) Share Options (continued) Pursuant to the agreement with an officer of the Company, the officer received options to purchase 25,000 2.88 five years vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter. 0.30% 2.87 57% 0% 0% 12,292

Capital Risk Management

Capital Risk Management	12 Months Ended
	Sep. 30, 2021
Capital Risk Management
Capital Risk Management	13. Capital Risk Management The Company’s objectives are to safeguard the Company’s ability to continue as a going concern in order to support the Company’s normal operating requirements and future acquisitions of royalty and mineral stream interests, and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust its capital structure, the Company may issue new shares, debt, acquire or dispose of assets or adjust the amount of cash. At September 30, 2021, the Company’s capital structure consists of the equity of the Company (Note 12). The Company is not subject to any externally imposed capital requirements. In order to maximize ongoing development efforts, the Company does not pay dividends.

Financial Instruments

Financial Instruments	12 Months Ended
	Sep. 30, 2021
Financial Instruments	14. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, short-term and long-term investments, accounts receivable, accounts payable and accrued liabilities, lease obligation, obligation under royalty acquisition and derivative liability. The Company uses the following hierarchy for determining and disclosing fair value of financial instruments: ● Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. ● Level 2: other techniques for which all inputs have a significant effect on the recorded fair value which are observable, either directly or indirectly. ● Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The Company’s short and long-term investments are initially recorded at fair value and subsequently revalued to their fair market value at each period end based on inputs such as equity prices. The Company’s short-term investments are measured at fair value on a recurring basis and classified as level 1 within the fair value hierarchy. The fair value of short-term investments is based on the quoted market price of the short-term investments. The fair value of the long-term investment is classified as Level 3 and measured based on data such as the price paid by arm’s length parties in a recent transaction. The fair values of the derivative liabilities are determined using the Black-Scholes valuation model. The significant inputs used in this model are readily available in public markets and therefore have been classified as Level 2. Inputs used in the Black-Scholes model for derivative liabilities include risk-free interest rate, volatility, and dividend yield. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 14. Financial Instruments (continued) The fair value of the Company’s other financial instruments, which include cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities approximate their carrying values due to their short term to maturity. 14.1 Financial risk management objectives and policies The financial risk arising from the Company’s operations are credit risk, liquidity risk, commodity price risk and currency risk. These risks arise from the normal course of operations and all transactions undertaken are to support the Company’s ability to continue as a going concern. The risks associated with these financial instruments and the policies on how the Company mitigates these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner. 14.2 Credit risk Credit risk is the risk of an unexpected loss if a customer or third-party to a financial instrument fails to meet its contractual obligations. Credit risk for the Company is primarily associated with the Company’s bank balances and accounts receivable. The Company mitigates credit risk associated with its bank balance by holding cash with large, reputable financial institutions. The Company’s maximum exposure to credit risk is equivalent to the carrying value of its cash and cash equivalents and accounts receivable. 14.3 Liquidity risk Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. To manage liquidity risk, the Company closely monitors its liquidity position and ensures it has adequate sources of funding to finance its projects and operations. The Company’s working capital (current assets less current liabilities) as at September 30, 2021 was $ 6,379,790 The Company’s future profitability will be dependent on the royalty income to be received from mine operators. Royalties are based on a percentage of the minerals or the products produced, or revenue or profits generated from the property which is typically dependent on the prices of the minerals the property operators are able to realize. Mineral prices are affected by numerous factors such as interest rates, exchange rates, inflation or deflation and global and regional supply and demand. 14.4 Currency risk The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currency. The Company currently does not engage in foreign exchange currency hedging. The currency risk on the Company’s cash and cash equivalents are minimal. 14.5 Equity price risk The Company is exposed to equity price risk associated with its investment in other mining companies. The Company’s short-term investments consisting of common shares are exposed to significant equity price risk due to the potentially volatile and speculative nature of the businesses in which the investments are held. Based on the Company’s short-term investments held as at September 30, 2021, a 10% 117,000 Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated)

Related Party Transactions

Related Party Transactions	12 Months Ended
	Sep. 30, 2021
Related Party Transactions	15. Related Party Transactions 15.1 Related Party Transactions During the year ended September 30, 2021, the Company incurred $ 70,699 In addition, the Company settled the amount of $ 37,358 Related party transactions are based on the amounts agreed to by the parties. During the year ended September 30, 2021, the Company did not enter into any contracts or undertake any commitment or obligation with any related parties other than as described herein. 15.2 Transactions with Key Management Personnel Key management personnel are persons responsible for planning, directing and controlling the activities of an entity. Total management salaries and directors’ fees incurred for services provided by key management personnel of the Company for the three and twelve months ended September 30, 2021 and September 30, 2020 are as follows: 15.2 Transactions with Key Management Personnel (continued) Summary of Key Management Transactions Period from incorporation on For the year ended June 23, 2020 to September 30, 2021 September 30, 2020 ($) ($) Management salaries 938,880 15,698 Directors’ fees 233,406 - Share-based compensation 2,154,325 - Total 3,326,611 15,698 The amount payable to management and directors of $ 632,026 9,364

Operating Segments

Operating Segments	12 Months Ended
	Sep. 30, 2021
Operating Segments	16. Operating Segments The Company conducts its business as a single operating segment, being the investment in royalty and mineral stream interests. Except for the royalties on gold projects located in Brazil, Colombia, Turkey and Peru, substantially all of the Company’s assets and liabilities are held in Canada and the United States.

Subsequent Events

Subsequent Events	12 Months Ended
	Sep. 30, 2021
Subsequent Events	17. Subsequent Events On October 12, 2021, the Company issued 120,000 On November 5, 2021, the Company completed business combinations with Golden Valley Mines and Royalties Ltd. (“Golden Valley”) and Abitibi Royalties Inc. (“Abitibi”) by way of statutory plans of arrangement (the “Arrangements”). Pursuant to the Arrangements, the Company acquired all the issued and outstanding Golden Valley and Abitibi common shares, whereby: 17. Subsequent Events (continued) ● GRC issued 2.1417 ● GRC issued 4.6119 The total consideration paid by the Company to holders of Golden Valley and Abitibi shares on the closing date consisted of an aggregate of 61,104,200 1,166,389 2,498,045 Based on the GRC share price, GRC Shares issued, and the estimated fair value of GRC share options issued in exchange for Golden Valley options, the total consideration for the acquisition was approximately $ 306 million. The Company also incurred consulting fees payable to financial advisors of approximately $ 3 35 million. The Company began consolidating the operating results, cash flows and net assets of Golden Valley and Abitibi beginning on November 5, 2021. On December 20, 2021, the Company announced its intention to pursue an offer to acquire all of the outstanding common shares (the “Elemental Shares”) of Elemental Royalties Corp. (“Elemental”) for consideration consisting of 0.27 GRC Shares in exchange for each Elemental Share (the “Offer”). The Offer will be subject to certain customary conditions of completion, including, among others: there having been validly deposited under the Offer, and not withdrawn, that number of Elemental Shares representing more than 50% of the outstanding Elemental Shares, excluding those Elemental Shares beneficially owned, or over which control or direction is exercised, by the Company or by any person acting jointly or in concert with the Company; there having been validly deposited under the Offer and not withdrawn that number of Elemental Shares representing at least 66 2/3% of the outstanding Elemental Shares (calculated on a fully diluted basis), excluding Elemental Shares held by the Company; receipt of all necessary regulatory approvals; customary approval of the NYSE American in relation to the issuance and listing of the additional GRC Shares under the Offer; and the absence of material changes to the business of Elemental.

Basis of Preparation and Sign_2

Basis of Preparation and Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2021
Royalties	Royalties Royalties consist of acquired royalty interests in producing, development and exploration and evaluation stage properties. Royalties are recorded at cost and capitalized as tangible assets on a property-by-property basis. They are subsequently measured at cost less accumulated depletion and depreciation and accumulated impairment losses, if any. The Company assesses the carrying costs for impairment when indicators of impairment exist. Project due diligence costs that are not related to a specific agreement are expensed in the period incurred. Producing royalty interests are recorded at cost in accordance with IAS 16, Property, Plant and Equipment On acquisition of a royalty, an allocation of its cost or fair value may be attributed to the exploration potential of the interest. The value of the exploration potential is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources Property, Plant and Equipment
Exploration and Evaluation Assets	Exploration and Evaluation Assets All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are expensed in the period incurred. Exploration and evaluation costs arising following the acquisition of an exploration license are capitalized on a project-by-project basis. Costs incurred include appropriate technical and administrative overheads. Exploration assets are carried at historical cost less any impairment losses recognized. Exploration and evaluation activity includes geological and geophysical studies, exploratory drilling and sampling and resource development. Upon demonstration of the technical and commercial feasibility of a project and a development decision, any past exploration and evaluation costs related to that project are subject to an impairment test and are reclassified in accordance with IAS 16, Property Plant and Equipment Management assesses exploration assets for impairment at each reporting period or when facts and circumstances suggest that the carrying value of capitalized exploration costs may not be recoverable. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Exploration and Evaluation Assets (continued) For option payments received pursuant to mineral property option agreements where the Company acts as the optionor in the agreement, option proceeds are recognized as a credit to the amounts previously capitalized as exploration and evaluation asset acquisition costs. Any amounts received in excess of amounts capitalized are recorded as a credit in the consolidated statements of comprehensive loss. When the optionee fulfills all option requirements and acquires interest in the property in which the Company retains a royalty, the property is transferred from exploration and evaluation assets to royalties.
Impairment of non-financial assets	Impairment of non-financial assets At the end of each reporting period, the Company reviews the carrying amounts of its royalties and exploration and evaluation assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists or when annual impairment testing for an asset is required, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the assets belong. Impairment reviews for exploration and evaluation assets are carried out on a property-by-property basis, with each property representing a single cash generating unit. An impairment review is undertaken when indicators of impairment arise, but typically, when one of the following circumstances apply: ● The right to explore the area has expired or will expire in the near future with no expectation of renewal; ● Substantive expenditure on further exploration for and evaluation of mineral resources in the area is neither planned nor budgeted; ● No commercially viable deposits have been discovered, and the decision had been made to discontinue exploration in the area; and Sufficient work has been performed to indicate that the carrying amount of the expenditure carried as an asset will not be fully recovered. Recoverable amount is the higher of an asset’s (or cash-generating unit’s) fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statements of comprehensive loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount, net of depreciation, that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents comprise of cash on deposit with banks and highly liquid short-term interest-bearing investments with a term to maturity at the date of purchase of 90 days or less which are subject to an insignificant risk of change in value. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued)
Foreign currencies	Foreign currencies Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities are translated using period end exchange rates. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of loss and comprehensive loss.
Revenue recognition	Revenue recognition Revenue is comprised of revenue earned in the period from royalty interests. For royalty interests, revenue recognition occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.
Related party transactions	Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Net loss per share	Net loss per share Basic net loss per share includes no potential dilution and is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. The basic and diluted net loss per share are the same as there are no instruments that have a dilutive effect on earnings.
Segment Reporting	Segment Reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. The Company’s operating segments are components of the Company’s business for which discrete financial information is available and which are reviewed regularly by the Company’s Chief Executive Officer to make decisions about resources to be allocated to the segment and assess its performance.
Business combinations	Business combinations ordinary activities. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Business combinations (continued) Business combinations in which the Company is identified as the acquirer are accounted for using the acquisition method of accounting, whereby identifiable assets acquired, and liabilities assumed, including contingent liabilities, are recognized at their fair values at the acquisition date. The acquisition date is the date at which the Company obtains control over the acquiree, which is generally the date that consideration is transferred, and the Company acquires the assets and assumes the liabilities of the acquiree. It generally requires time to obtain the information necessary to identify and measure the assets acquired and liabilities assumed as of the acquisition date. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the business combination occurs, the Company reports in its consolidated financial statements provisional amounts for the items for which the fair value measurement is incomplete. During the period from the acquisition date to the time the Company receives the relevant information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable (the “measurement period”), the Company will retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new relevant information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized as of that date, including recognizing additional assets or liabilities. The measurement period does not exceed one year from the acquisition date. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, the liabilities, including contingent consideration, incurred and payable by the Company to former owners of the acquiree and the equity interests issued by the Company. Acquisition-related costs, other than costs to issue debt or equity securities of the Company, are expensed as incurred. At the acquisition date, non-controlling interests are recorded at their proportionate share of the fair value of identifiable net assets acquired. When the cost of the acquisition exceeds the fair value of the identifiable net assets acquired, the difference is recognized as goodwill. The results of businesses acquired during the period are included in the consolidated financial statements from the date of acquisition.
Income taxes	Income taxes Income tax expense represents the sum of tax currently payable and deferred tax. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of each reporting period. Deferred income tax is provided using the liability method on temporary differences, at the end of each reporting period, between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except: ● where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and ● in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized except: Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Income taxes (continued) ● where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and ● in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of each reporting period. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statements of comprehensive loss. Deferred income tax assets and deferred income tax liabilities are offset if, and only if, a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to either settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
Financial Instruments	Financial Instruments Financial instruments are recognized in the consolidated statements of financial position on the trade date, being the date in which the Company becomes a party to the contractual provisions of the financial instrument. The Company’s financial instruments consist of cash and cash equivalents, short-term and long-term investments, accounts receivable, accounts payable and accrued liabilities, lease obligation, obligation under royalty acquisition and derivative liability. The Company determines the classification of financial assets at initial recognition. Short-term investments are equity instruments held for trading and are classified as fair value through profit and loss (“FVTPL”). Long-term investments in common shares are held for long-term strategic purposes and not for trading. The Company has made an irrevocable election to designate all these investments as fair value through other comprehensive income (“FVTOCI”) in order to provide a more meaningful presentation based on management’s intention, rather than reflecting changes in fair value in net income. Such investments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognized as a component of other comprehensive income under the classification of gain (loss) on revaluation of investments. Cumulative gains and losses are not subsequently reclassified to profit or loss. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or where the Company has opted to measure them at FVTPL. All financial instruments are initially recorded at fair value and designated as follows: Summary of Financial Instruments At Fair Value Financial Assets Classification Cash and cash equivalents Financial assets at amortized cost Short-term investments FVTPL Accounts receivables Financial assets at amortized cost Long-term investments FVTOCI Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Financial Instruments (continued) Financial Liabilities Classification Accounts payable and accrued liabilities Financial liabilities at amortized cost Lease obligation Financial liabilities at amortized cost Derivative liability FVTPL Financial assets are derecognized when the contractual rights to the cash flows from the asset expire. Financial liabilities are derecognized only when the Company’s obligations are discharged, cancelled or otherwise expire. On derecognition, the difference between the carrying amount (measured at the date or derecognition) and the consideration received (including any new asset obtained less any new liability obtained) is recognized in profit or loss.
Share-based payments	Share-based payments Restricted Shares The fair value of restricted shares is measured at grant date and recognized over the period during which the restricted shares vest. When restricted shares are conditional upon the achievement of a performance condition, the Company estimates the length of the expected vesting period at the grant date, based on the most likely outcome of the performance condition. The fair value of the restricted shares is determined based on the fair value of the common shares on the grant date, adjusted for minority shareholder discount, liquidity discount and other applicable factors that are generally recognized by market participants. The fair value of restricted shares is recognized as an expense over the vesting period based on the best available estimate of the number of restricted shares expected to vest; that estimate will be revised if subsequent information indicates that the number of restricted shares expected to vest differs from previous estimates. Share Options The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of share options. The fair value of share options granted to employees is recognized as an expense over the vesting period with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes, provides services that could be provided by a direct employee, or has authority and responsibility for planning, directing and controlling the activities of the Company, including non-executive directors. The fair value is measured at the grant date and recognized over the period during which the options vest. Consideration received on the exercise of share options is recorded as issued capital and the related share-based compensation reserve is transferred to issued capital.
Significant accounting policy judgments and sources of estimation uncertainty	Significant accounting policy judgments and sources of estimation uncertainty The preparation of these consolidated financial statements requires management to make accounting policy judgments and make estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. On an ongoing basis, management evaluates its accounting policy judgments and estimates in relation to assets, liabilities, income and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its estimates. Actual outcomes may differ from these estimates under different assumptions and conditions. Management is required to make judgements in the application of the Company’s accounting policies. The significant accounting policy judgements relevant to the current period are as follows: Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Significant accounting judgments and estimates (continued) ● The Company’s business is the acquisition of royalties. Each royalty has its own unique terms and judgement is required to assess the appropriate accounting treatment. The assessment of whether an acquisition meets the definition of a business or whether assets are acquired is an area of judgement. In evaluating whether a transaction is a business combination management must consider if the acquired assets or entities encompass an integrated set of activities and assets that is capable of being conducted and managed for the purpose of generating income. Additionally, an optional asset concentration test may be applied. If deemed to be a business combination, applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition date fair value. The excess, if any, of the fair value of the consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. ● The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve judgment to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment. Information about significant sources of estimation uncertainty are described below. ● The Company is required to make a number of estimates in the application of business combination accounting. The determination of the acquisition date fair values often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of royalty interests generally require a high degree of judgement, and include estimates of mineral reserves and resources acquired, future metal prices, discount rates and conversion of reserves and resources. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets and liabilities. ● The Company estimates the attributable reserve and resource relating to the mineral properties underlying the royalties that are held by the Company. Reserves and Resources are estimates of the amount of minerals that can be economically and legally extracted from the mining properties at which the Company has royalty interests, adjusted where applicable to reflect the Company’s percentage entitlement to minerals produced from such mines. The public disclosures of Reserves and Resources that are released by the operators of the interests involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. The estimates of Reserves and Resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the Reserve or Resource estimates may impact the carrying value of the Company’s royalty interests. ● The Company values its investments in private entities at fair value at each reporting date. When the fair values of these financial instruments cannot be measured based upon quoted prices in active markets, their fair value is based on estimates made by management using valuation techniques. The inputs to these valuation models are taken from observable market data where possible, including concurrent third-party investments, but where this is not feasible, a degree of judgement is required in establishing fair value. Changes in assumptions related to these inputs could affect the reported fair value of the financial instruments. ● In March 2020, the World Health Organization declared a global pandemic related to COVID-19. The current and future impact on global commerce is far-reaching. To date there has been significant stock market volatility, significant volatility in commodity and foreign exchange markets, restrictions on the conduct of business in many jurisdictions including the temporary suspension of mining activities and mine development, and the global movement of people and some goods has become restricted. There is significant ongoing uncertainty surrounding COVID-19 and the extent and duration of the impacts that it may have on demand and prices for the commodities relating to the Company’s royalties, on the operations in which it holds royalty interests, on its employees and on global financial markets. Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated)

Basis of Preparation and Sign_3

Basis of Preparation and Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2021
Summary of Financial Instruments At Fair Value	All financial instruments are initially recorded at fair value and designated as follows: Summary of Financial Instruments At Fair Value Financial Assets Classification Cash and cash equivalents Financial assets at amortized cost Short-term investments FVTPL Accounts receivables Financial assets at amortized cost Long-term investments FVTOCI Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 2.4 Significant accounting policies (continued) Financial Instruments (continued) Financial Liabilities Classification Accounts payable and accrued liabilities Financial liabilities at amortized cost Lease obligation Financial liabilities at amortized cost Derivative liability FVTPL

Acquisition of Ely (Tables)

Acquisition of Ely (Tables)	12 Months Ended
	Sep. 30, 2021
Summary of Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of the consideration paid and the preliminary fair values of the assets acquired, and liabilities assumed on the closing date: Summary of Fair Value of Assets Acquired and Liabilities Assumed ($) Consideration paid Cash paid to Ely shareholders (1) 65,016,496 GRC Shares issued to Ely shareholders (1) 130,193,499 15,946,732 5,640,669 Total consideration 200,850,664 Allocation of consideration Cash and cash equivalents 6,769,469 Short-term investments 1,291,022 Accounts receivable 261,897 Prepaid and other receivables 193,055 Reclamation bond 21,915 Property, plant & equipment 47,714 Royalties 231,172,628 Exploration and evaluation assets 7,691,535 Accounts payable and accrued liabilities (3,847,216 ) Lease obligation (51,355 ) Deferred income tax liability (42,700,000 ) Net assets acquired 200,850,664 (1) Consideration excludes a portion of cash ($ 329,450 213,684

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Sep. 30, 2021
Summary of Cash and Cash Equivalents	Summary of Cash and Cash Equivalents September 30, September 30, 2021 2020 ($) ($) Cash and cash equivalents consist of: Cash at bank 5,905,480 37,539 Guaranteed Investment Certificates 4,000,000 - Total 9,905,480 37,539

Short-term investments (Tables)

Short-term investments (Tables)	12 Months Ended
	Sep. 30, 2021
Short-term Investments
Summary of Short-Term Investments Comprise of Common Shares	The Company’s short-term investments comprise of common shares of the following companies: Summary of Short-Term Investments Comprise of Common Shares September 30, 2021 Number of Shares ($) Contact Gold Corp. 2,362,941 93,434 Eminent Gold Corp. 200,000 131,858 Fortitude Gold Corp. 74,946 506,635 Lahontan Gold Corp. 325,000 89,279 McEwen Mining Inc. 53,600 55,952 Sanatana Resources Inc. 1,666,666 150,433 Solitario Royalty & Exploration Corp. 119,352 66,240 VR Resources Ltd. 100,000 23,938 1,117,769

Royalties (Tables)

Royalties (Tables)	12 Months Ended
	Sep. 30, 2021
Schedule Of Royalties
Schedule of Royalties	Schedule of Royalties ($) Balance at September 30, 2020 - Additions 25,445,415 Acquisition from Ely (Note 3) 231,172,628 Depletion (163,817 ) Functional currency translation 379,230 Balance at September 30, 2021 256,833,456
Summary of Royalties	Summary of Royalties Opening Additions Ending Opening Depletion Ending Translation Amount Cost Accumulated Depletion Foreign Currency Carrying Opening Additions Ending Opening Depletion Ending Translation Amount September 30, 2021 ($) ($) ($) ($) ($) ($) ($) ($) Depletable Royalties Isabella Pearl - 2,820,538 2,820,538 - 5,579 5,579 - 2,814,959 Jerritt Canyon - 8,920,908 8,920,908 - 73,948 73,948 - 8,846,960 Marigold 1,261,207 1,261,207 - 84,290 84,290 - 1,176,917 Subtotal - 13,002,653 13,002,653 - 163,817 163,817 - 12,838,836 Non-depletable Royalties Beaufor - 1,235,414 1,235,414 - - - - 1,235,414 Croinor - 5,329,811 5,329,811 - - - - 5,329,811 Fenelon - 41,552,905 41,552,905 - - - - 41,552,905 Gold Rock - 3,275,322 3,275,322 - - - - 3,275,322 Hog Ranch - 12,879,239 12,879,239 - - - - 12,879,239 Lincoln Hill - 5,288,677 5,288,677 - - - - 5,288,677 McKenzie Break - 4,010,405 4,010,405 - - - - 4,010,405 Railroad-Pinion - 3,032,071 3,032,071 - - - - 3,032,071 Rawhide - 3,820,573 3,820,573 - - - - 3,820,573 REN (Net Profit Interest) - 21,016,741 21,016,741 - - - - 21,016,741 REN (Net Smelter Return) - 42,364,755 42,364,755 - - - - 42,364,755 São Jorge - 2,194,333 2,194,333 - - - 79,793 2,274,126 Titiribi - 2,904,333 2,904,333 - - - 105,625 3,009,958 Whistler - 2,575,033 2,575,033 - - - - 2,575,033 Yellowknife - 1,804,433 1,804,433 - - - 65,607 1,870,040 Others - 90,331,345 90,331,345 - - - 128,205 90,459,550 Subtotal - 243,615,390 243,615,390 - - - 379,230 243,994,620 Total - 256,618,043 256,618,043 163,817 163,817 379,230 256,833,456
Summary of Selected Royalties Own by the Company	Summary of Selected Royalties Own by the Company Property Property Jurisdiction Property Stage Royalty Isabella Pearl Project Isabella Pearl Mine Nevada, USA Producing 0.375% Gross Revenue Royalty Jerritt Canyon Mine Jerritt Canyon Mine Nevada, USA Producing 0.5% NSR and Per Ton Royalty (sliding scale based on metal price) Beaufor Project Beaufor Project Québec, Canada Development 1.0% NSR Croinor Gold Project Croinor Gold Project Québec, Canada Advanced - Exploration 2.5% NSR Fenelon Project Fenelon Gold Property Québec, Canada Development 2.0% NSR Gold Rock Project Gold Rock Project Nevada, USA Development 0.5% NSR Hog Ranch Project Hog Ranch Project Nevada, USA Development 2.25% NSR Lincoln Hill Project Lincoln Hill Project Nevada, USA Development 2.0% NSR Railroad-Pinion Project Railroad-Pinion Project Nevada, USA Development 0.44% NSR Rawhide Mine Rawhide Mine Nevada, USA Producing 15% Net Profit Interest (“NPI”) REN Project REN Project Nevada, USA Development 1.5% NSR, 3.5% NPI Sao Jorge Project Sao Jorge Project Para State, Brazil Development 1.0% NSR

Exploration and evaluation as_2

Exploration and evaluation assets (Tables)	12 Months Ended
	Sep. 30, 2021
Summary of Exploration and Evaluation Assets	Summary of Exploration and Evaluation Assets ($) Balance at September 30, 2020 - Acquisition of Ely (Note 3) 7,691,535 Addition 50,000 Option payments received (30,000 ) Balance at September 30, 2021 7,711,535

Derivative liability (Tables)

Derivative liability (Tables)	12 Months Ended
	Sep. 30, 2021
Summary of Movement in Derivative Liability	The movement in derivative liability is as follows: Summary of Movement in Derivative Liability ($) Balance at September 30, 2020 - Fair value of derivative liability assumed on Ely acquisition (Note 3) 3,037,702 Change in fair value during the year 1,511,372 Balance at September 30, 2021 4,549,074

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2021
Summary of Income taxes	Summary of Income taxes Period from incorporation on Year ended June 23, 2020 to September 30, 2021 September 30, 2020 (S) ($) Net loss for the year before taxes (15,006,235 ) (140,631 ) Canadian federal and provincial income tax rates 27 % 27 % Income tax recovery based on Canadian federal and provincial income tax rates (4,051,683 ) (37,970 ) Reconciling items: Difference in foreign tax rates 5,852 - Deferred tax asset not recognized 2,507,125 37,966 Stock-based compensation 750,911 - Fair value change in warrant liability 408,070 - Permanent differences and other 379,725 4 Income tax expense (income) - -
Summary of Deferred Income Tax Assets and Liabilities	The significant components of deferred income tax assets and liabilities were as follows: Summary of Deferred Income Tax Assets and Liabilities 2021 2020 September 30 2021 2020 ($) ($) Deferred tax assets and (liabilities): Non-capital losses 590,968 - Marketable securities 3,587 - Undeducted financing fees 114,064 - Other deferred tax assets 192,302 - Royalty assets (41,762,451 ) - Mineral and royalty interests (1,634,863 ) - Other deferred tax liabilities (203,607 ) - Deferred income tax liabilities, net (42,700,000 ) -
Summary of Deductible Temporary Differences Not Recognized	At September 30, 2021 and 2020, deductible temporary differences for which no deferred tax assets are recognized are below: Gold Royalty Corp. Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise stated) 11. Income Taxes (continued) Summary of Deductible Temporary Differences Not Recognized 2021 2020 September 30 2021 2020 ($) ($) Deductible temporary differences not recognized: Non-capital losses 9,341,488 38,034 Marketable securities 759,068 - Mineral and royalty interests - - Other deferred tax assets 1,326 12 Deductible temporary differences not recognized 10,101,882 38,046

Issued Capital (Tables)

Issued Capital (Tables)	12 Months Ended
	Sep. 30, 2021
Summary of Fair Value and Gross Proceed from Initial Public Offering	Summary of Fair Value and Gross Proceed from Initial Public Offering ($) Fair value of common shares 86,571,878 Fair value of commons share purchase warrants 7,044,750 Total gross proceeds from the IPO 93,616,628 Gross proceeds 93,616,628 Common share issuance costs (5,154,455 ) Common share purchase warrant issuance costs (416,389 ) Net proceeds received 88,045,784 Fair value allocation to: Common shares 81,417,423 Common share purchase warrants 6,628,361 88,045,784
Summary of Warrants and Share Options	The following outlines the movements of the Company’s common share purchase warrants and share options: Summary of Warrants and Share Options Reserves Warrants Share Options Total ($) ($) ($) Balance at June 23, 2020 and September 30, 2020 - - - Initial public offering: Common share purchase warrants issued to for cash (Note 12.1) 7,044,750 - 7,044,750 Underwriters’ fees and issuance costs (Note 12.1) (416,389 ) - (416,389 ) Ely Warrants recognized in equity (Note 3) 2,602,967 - 2,602,967 Exercise of Ely Warrants (27,354 ) - (27,354 ) Share-based compensation - share options - 2,199,837 2,199,837 Balance at September 30, 2021 9,203,974 2,199,837 11,403,811
Summary of Share Options Activities	Summary of Share Options Activities Number of Weighted Average Balance at September 30, 2020 - - Granted 3,016,200 4.97 Balance at September 30, 2021 3,016,200 4.97
Summary of Fair Value Assumptions	The fair value of the share options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Summary of Fair Value Assumptions Risk-free interest rate 0.34 % Expected life (years) 2.99 Expected volatility 37.0 % Expected dividend yield 0.00 % Estimated forfeiture rate 1.98 %
Summary of Range of Options Outstanding and Exercisable	A summary of share options outstanding and exercisable at September 30, 2021, are as follows: Summary of Range of Options Outstanding and Exercisable Options Outstanding Options Exercisable Exercise Price Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of Options exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life 4.78 305,000 0.48 4.64 76,250 0.26 4.64 5.00 2,505,000 4.15 4.44 1,252,500 4.54 4.44 4.85 206,200 0.33 4.90 51,550 0.18 4.90 3,016,200 4.97 4.49 1,380,300 4.98 4.46

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Sep. 30, 2021
Summary of Key Management Transactions	Key management personnel are persons responsible for planning, directing and controlling the activities of an entity. Total management salaries and directors’ fees incurred for services provided by key management personnel of the Company for the three and twelve months ended September 30, 2021 and September 30, 2020 are as follows: 15.2 Transactions with Key Management Personnel (continued) Summary of Key Management Transactions Period from incorporation on For the year ended June 23, 2020 to September 30, 2021 September 30, 2020 ($) ($) Management salaries 938,880 15,698 Directors’ fees 233,406 - Share-based compensation 2,154,325 - Total 3,326,611 15,698

Summary of Financial Instrument

Summary of Financial Instruments At Fair Value (Details)	12 Months Ended
	Sep. 30, 2021
Cash And Cash Equivalent [Member]
IfrsStatementLineItems [Line Items]
Financial classification	Financial assets at amortized cost
Short Term Investment [Member]
IfrsStatementLineItems [Line Items]
Financial classification	FVTPL
Account Receivable [Member]
IfrsStatementLineItems [Line Items]
Financial classification	Financial assets at amortized cost
Long Term Investments [Member]
IfrsStatementLineItems [Line Items]
Financial classification	FVTOCI
Accounts Payables And Accrued Liabilities [Member]
IfrsStatementLineItems [Line Items]
Financial classification	Financial liabilities at amortized cost
Lease Obligation [Member]
IfrsStatementLineItems [Line Items]
Financial classification	Financial liabilities at amortized cost
Derivative Liability [Member]
IfrsStatementLineItems [Line Items]
Financial classification	FVTPL

Basis of Preparation and Sign_4

Basis of Preparation and Significant Accounting Policies (Details Narrative) - USD ($)	Mar. 11, 2021	Sep. 30, 2020	Sep. 30, 2021
Cash proceeds	$ 88,000,000	$ 1

Summary of Fair Value of Assets

Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details)	Sep. 30, 2021USD ($)
Cash paid to Ely shareholders(1)	$ 65,016,496
GRC Shares issued to Ely shareholders(1)	130,193,499
15,946,732 Ely Warrants deemed to be exchanged for GRC Shares	5,640,669
Total consideration	200,850,664
Cash and cash equivalents	6,769,469
Short-term investments	1,291,022
Accounts receivable	261,897
Prepaid and other receivables	193,055
Reclamation bond	21,915
Property, plant & equipment	47,714
Royalties	231,172,628
Exploration and evaluation assets	7,691,535
Accounts payable and accrued liabilities	(3,847,216)
Lease obligation	(51,355)
Deferred income tax liability	(42,700,000)
Net assets acquired	$ 200,850,664

Summary of Fair Value of Asse_2

Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) (Parenthetical)	12 Months Ended
	Sep. 30, 2021USD ($)shares
IfrsStatementLineItems [Line Items]
Consideration transferred, acquisition	$ 213,684
Cash flow hedges [member]
IfrsStatementLineItems [Line Items]
Consideration transferred, acquisition	$ 329,450
Ely [member]
IfrsStatementLineItems [Line Items]
Number of warrants issued | shares	15,946,732

Summary of Cash and Cash Equiva

Summary of Cash and Cash Equivalents (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Jun. 22, 2020
Cash at bank	$ 5,905,480	$ 37,539
Guaranteed Investment Certificates	4,000,000
Total	$ 9,905,480	$ 37,539

Acquisition of Ely (Details Nar

Acquisition of Ely (Details Narrative) $ / shares in Units, $ / shares in Units, $ in Millions	Aug. 23, 2021USD ($)shares$ / shares	Aug. 23, 2021USD ($)shares$ / shares$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Aug. 23, 2021CAD ($)shares
IfrsStatementLineItems [Line Items]
Cash paid on acquisition				$ 65,016,496
15,946,732 Ely Warrants deemed to be exchanged for GRC Shares				5,640,669
Total consideration				$ 200,850,664
Risk-free interest rate				0.34%
Expected volatility				37.00%
Expected dividend yield				0.00%
Consultingl fees				$ 2,677,189
Recognized share-based compensation				2,994,836
Share consideration				213,684
Ely [member]
IfrsStatementLineItems [Line Items]
15,946,732 Ely Warrants deemed to be exchanged for GRC Shares	$ 5,640,669	$ 5,640,669
Total consideration	$ 2,602,967	$ 2,602,967
GRC Shares [member]
IfrsStatementLineItems [Line Items]
Number of shares issued on acquisition | shares	30,902,176	30,902,176
Cash paid on acquisition	$ 65,000,000	$ 65,000,000			$ 84
Share price | $ / shares	$ 4.22	$ 4.22
Risk-free interest rate	0.40%	0.40%
Expected life	1 year 10 months 28 days	1 year 10 months 28 days
Expected volatility	37.00%	37.00%
Expected dividend yield	0.00%	0.00%
Estimated forfeiture rate	0.00%	0.00%
Weighted average fair value | $ / shares	$ 0.35
Ely Warrant [member]
IfrsStatementLineItems [Line Items]
Number of warrants issued to purchase shares | shares	15,946,732	15,946,732
Exercise price of shares | $ / shares	$ 0.2450
Exercise price of shares | $ / shares		$ 0.0001
Warrants exercisable | shares	3,906,949	3,906,949			3,906,949
15,946,732 Ely Warrants deemed to be exchanged for GRC Shares	$ 3,037,702	$ 3,037,702
Ely Shares [member]
IfrsStatementLineItems [Line Items]
Transaction costs				2,900,000
Advisory and consulting fees				1,900,000
Consultingl fees				1,000,000
Recognized share-based compensation				543,134
Payment from cash consideration				329,450
Share consideration				$ 213,684

Summary of Short-Term Investmen

Summary of Short-Term Investments Comprise of Common Shares (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Reserve Quantities [Line Items]
Investment	$ 1,117,769
Contact Gold Corp. [member]
Reserve Quantities [Line Items]
Investment, shares	2,362,941
Investment	$ 93,434
Eminent Gold Corp. [member]
Reserve Quantities [Line Items]
Investment, shares	200,000
Investment	$ 131,858
Fortitude Gold Corp. [member]
Reserve Quantities [Line Items]
Investment, shares	74,946
Investment	$ 506,635
Lahontan Gold Corp. [member]
Reserve Quantities [Line Items]
Investment, shares	325,000
Investment	$ 89,279
McEwen Mining Inc. [member]
Reserve Quantities [Line Items]
Investment, shares	53,600
Investment	$ 55,952
Sanatana Resources Inc. [member]
Reserve Quantities [Line Items]
Investment, shares	1,666,666
Investment	$ 150,433
Solitario Royalty And Exploration Corp. [member]
Reserve Quantities [Line Items]
Investment, shares	119,352
Investment	$ 66,240
VR Resources Ltd [member]
Reserve Quantities [Line Items]
Investment, shares	100,000
Investment	$ 23,938

Short-term investments (Details

Short-term investments (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
IfrsStatementLineItems [Line Items]
Fair value investment of acquisition		$ 1,291,022
Change in fair value of investments		168,431
Ely [member]
IfrsStatementLineItems [Line Items]
Fair value investment of acquisition		1,291,022
Change in fair value of investments		$ 168,431

Prepaids and other receivables

Prepaids and other receivables (Details Narrative) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Prepaids And Other Receivables
Prepaid insurance expenses	$ 998,489
Prepaid marketing fees	$ 296,208
issuance of common shares	75,000
Other tax receivable	$ 303,748

Schedule of Royalties (Details)

Schedule of Royalties (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
Schedule Of Royalties
Balance at September 30, 2020
Additions		25,445,415
Acquisition from Ely (Note 3)		231,172,628
Depletion		(163,817)
Functional currency translation		379,230
Balance at September 30, 2021		$ 256,833,456

Summary of Royalties (Details)

Summary of Royalties (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		256,618,043
Royalty cost		256,618,043
Royalty accumulated depletion
Depreciation expense		163,817
Royalty accumulated depletion		163,817
Functional currency translation		379,230
Balance at September 30, 2021		256,833,456
Depletable Royalties [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		13,002,653
Royalty cost		13,002,653
Royalty accumulated depletion
Depreciation expense		163,817
Royalty accumulated depletion		163,817
Functional currency translation
Balance at September 30, 2021		12,838,836
Depletable Royalties [member] | Isabella Pearl [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		2,820,538
Royalty cost		2,820,538
Royalty accumulated depletion
Depreciation expense		5,579
Royalty accumulated depletion		5,579
Functional currency translation
Balance at September 30, 2021		2,814,959
Depletable Royalties [member] | Jerritt Canyon [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		8,920,908
Royalty cost		8,920,908
Royalty accumulated depletion
Depreciation expense		73,948
Royalty accumulated depletion		73,948
Functional currency translation
Balance at September 30, 2021		8,846,960
Depletable Royalties [member] | Marigold [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		1,261,207
Royalty cost		1,261,207
Royalty accumulated depletion
Depreciation expense		84,290
Royalty accumulated depletion		84,290
Functional currency translation
Balance at September 30, 2021		1,176,917
Non-depletable Royalties [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		243,615,390
Royalty cost		243,615,390
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation		379,230
Balance at September 30, 2021		243,994,620
Non-depletable Royalties [member] | Beaufor [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		1,235,414
Royalty cost		1,235,414
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		1,235,414
Non-depletable Royalties [member] | Croinor [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		5,329,811
Royalty cost		5,329,811
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		5,329,811
Non-depletable Royalties [member] | Fenelon [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		41,552,905
Royalty cost		41,552,905
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		41,552,905
Non-depletable Royalties [member] | Gold Rock [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		3,275,322
Royalty cost		3,275,322
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		3,275,322
Non-depletable Royalties [member] | Hog Ranch [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		12,879,239
Royalty cost		12,879,239
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		12,879,239
Non-depletable Royalties [member] | Lincoln Hill [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		5,288,677
Royalty cost		5,288,677
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		5,288,677
Non-depletable Royalties [member] | McKenzie Break [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		4,010,405
Royalty cost		4,010,405
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		4,010,405
Non-depletable Royalties [member] | Railroad-Pinion [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		3,032,071
Royalty cost		3,032,071
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		3,032,071
Non-depletable Royalties [member] | Rawhide [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		3,820,573
Royalty cost		3,820,573
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		3,820,573
Non-depletable Royalties [member] | REN (Net Profit Interest) [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		21,016,741
Royalty cost		21,016,741
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		21,016,741
Non-depletable Royalties [member] | REN (Net Smelter Return) [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		42,364,755
Royalty cost		42,364,755
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		42,364,755
Non-depletable Royalties [member] | S?o Jorge [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		2,194,333
Royalty cost		2,194,333
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation		79,793
Balance at September 30, 2021		2,274,126
Non-depletable Royalties [member] | Titiribi [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		2,904,333
Royalty cost		2,904,333
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation		105,625
Balance at September 30, 2021		3,009,958
Non-depletable Royalties [member] | Whistler [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		2,575,033
Royalty cost		2,575,033
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation
Balance at September 30, 2021		2,575,033
Non-depletable Royalties [member] | Yellowknife [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		1,804,433
Royalty cost		1,804,433
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation		65,607
Balance at September 30, 2021		1,870,040
Non-depletable Royalties [member] | Others [member]
IfrsStatementLineItems [Line Items]
Royalty cost
Additions		90,331,345
Royalty cost		90,331,345
Royalty accumulated depletion
Depreciation expense
Royalty accumulated depletion
Functional currency translation		128,205
Balance at September 30, 2021		$ 90,459,550

Summary of Selected Royalties O

Summary of Selected Royalties Own by the Company (Details)	12 Months Ended
	Sep. 30, 2021
Isabella Pearl Mine [Member]
IfrsStatementLineItems [Line Items]
Property description	Isabella Pearl Mine
Jurisdiction	Nevada, USA
Property Stage	Producing
Royalty Percentage Own Description	0.375% Gross Revenue Royalty
Jerritt Canyon Mine [member]
IfrsStatementLineItems [Line Items]
Property description	Jerritt Canyon Mine
Jurisdiction	Nevada, USA
Property Stage	Producing
Royalty Percentage Own Description	0.5% NSR and Per Ton Royalty (sliding scale based on metal price)
Beaufor Project [member]
IfrsStatementLineItems [Line Items]
Property description	Beaufor Project
Jurisdiction	Québec, Canada
Property Stage	Development
Royalty Percentage Own Description	1.0% NSR
Croinor Gold Project [member]
IfrsStatementLineItems [Line Items]
Property description	Croinor Gold Project
Jurisdiction	Québec, Canada
Property Stage	Advanced - Exploration
Royalty Percentage Own Description	2.5% NSR
Fenelon Gold Property [Member]
IfrsStatementLineItems [Line Items]
Property description	Fenelon Gold Property
Jurisdiction	Québec, Canada
Property Stage	Development
Royalty Percentage Own Description	2.0% NSR
Gold Rock Project [member]
IfrsStatementLineItems [Line Items]
Property description	Gold Rock Project
Jurisdiction	Nevada, USA
Property Stage	Development
Royalty Percentage Own Description	0.5% NSR
Hog Ranch Project [member]
IfrsStatementLineItems [Line Items]
Property description	Hog Ranch Project
Jurisdiction	Nevada, USA
Property Stage	Development
Royalty Percentage Own Description	2.25% NSR
Lincoln Hill Project [member]
IfrsStatementLineItems [Line Items]
Property description	Lincoln Hill Project
Jurisdiction	Nevada, USA
Property Stage	Development
Royalty Percentage Own Description	2.0% NSR
Railroad-Pinion Project [member]
IfrsStatementLineItems [Line Items]
Property description	Railroad-Pinion Project
Jurisdiction	Nevada, USA
Property Stage	Development
Royalty Percentage Own Description	0.44% NSR
Rawhide Mine [member]
IfrsStatementLineItems [Line Items]
Property description	Rawhide Mine
Jurisdiction	Nevada, USA
Property Stage	Producing
Royalty Percentage Own Description	15% Net Profit Interest (“NPI”)
REN Project [member]
IfrsStatementLineItems [Line Items]
Property description	REN Project
Jurisdiction	Nevada, USA
Property Stage	Development
Royalty Percentage Own Description	1.5% NSR, 3.5% NPI
Sao Jorge Project [member]
IfrsStatementLineItems [Line Items]
Property description	Sao Jorge Project
Jurisdiction	Para State, Brazil
Property Stage	Development
Royalty Percentage Own Description	1.0% NSR

Royalties (Details Narrative)

Royalties (Details Narrative) $ in Thousands	Jul. 23, 2021USD ($)	Jul. 23, 2021CAD ($)	Sep. 30, 2021USD ($)	Aug. 23, 2021USD ($)	Jul. 23, 2021CAD ($)	Feb. 01, 2021USD ($)	Nov. 27, 2020USD ($)shares
IfrsStatementLineItems [Line Items]
Fair value of puchase consideration			$ 200,850,664
Cash consideration			65,016,496
Consideration paid			$ 213,684
USA And Canada [Member]
IfrsStatementLineItems [Line Items]
Fair value of puchase consideration				$ 231,172,628
Royalty Purchase Agreement [member] | GoldMining [member]
IfrsStatementLineItems [Line Items]
Fair value of puchase consideration							$ 13,076,000
Shares issued to satisfy purchase consideration | shares							15,000,000
Royalty Purchase Agreement [member] | Quartz Mountain Resources Ltd. [member]
IfrsStatementLineItems [Line Items]
Net smaller return royalty percentage						1.00%
Cash consideration						$ 150,000
Definitive Agreement [member] | Monarch Mining Corporation [member]
IfrsStatementLineItems [Line Items]
Fair value of puchase consideration	$ 12,000,000				$ 15,000
Acquisition description	Monarch has the right to repurchase a 1.25% NSR on each of the Croinor Gold, McKenzie Break and Swanson properties for C$2 million per property. Such rights may only be exercised by Monarch for a period of 30 days after December 31, 2027 after the gold price as quoted by the London Bullion Market exceeds $2,000 per ounce continuously for 30 consecutive days. The transaction closed on August 5, 2021.	Monarch has the right to repurchase a 1.25% NSR on each of the Croinor Gold, McKenzie Break and Swanson properties for C$2 million per property. Such rights may only be exercised by Monarch for a period of 30 days after December 31, 2027 after the gold price as quoted by the London Bullion Market exceeds $2,000 per ounce continuously for 30 consecutive days. The transaction closed on August 5, 2021.	On July 23, 2021, the Company entered into a definitive agreement with Monarch to acquire a portfolio of gold royalty interests, including a C$2.50 per tonne royalty on material processed through Monarch’s Beacon mill originating from the Beaufor mine operations, a 2.5% NSR on each of Monarch’s Croinor Gold, McKenzie Break and Swanson properties, and a 1% NSR on Monarch’s Beaufor property.
Consideration paid	$ 9,000,000	$ 11,250
Consideration payable	$ 3,000,000				$ 3,750
Bottom of range [member] | Royalty Purchase Agreement [member] | GoldMining [member]
IfrsStatementLineItems [Line Items]
Net smaller return royalty percentage							0.50%
Top of range [member] | Royalty Purchase Agreement [member] | GoldMining [member]
IfrsStatementLineItems [Line Items]
Net smaller return royalty percentage							2.00%

Summary of Exploration and Eval

Summary of Exploration and Evaluation Assets (Details)	12 Months Ended
	Sep. 30, 2021USD ($)
Balance at September 30, 2020
Acquisition of Ely (Note 3)	7,691,535
Addition	50,000
Option payments received	(30,000)
Balance at September 30, 2021	$ 7,711,535

Long-term investments (Details

Long-term investments (Details Narrative)	Sep. 30, 2021USD ($)	Aug. 31, 2021USD ($)	Aug. 31, 2021CAD ($)
IfrsStatementLineItems [Line Items]
Investment on equity interest	$ 200,850,664
Prospector Royalty Corp. [Member]
IfrsStatementLineItems [Line Items]
Investment on equity interest		$ 1,586,600	$ 2,000,000
Equity interest invested		12.50%	12.50%

Summary of Movement in Derivati

Summary of Movement in Derivative Liability (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
Balance at September 30, 2020
Fair value of derivative liability assumed on Ely acquisition (Note 3)		3,037,702
Change in fair value during the year		1,511,372
Balance at September 30, 2021		$ 4,549,074

Derivative liability (Details N

Derivative liability (Details Narrative)	3 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)
IfrsStatementLineItems [Line Items]
Expected volatility		37.00%
Expected dividend yield		0.00%
Change in fair value of derivative liability		$ 1,511,372
Ely Warrants [member]
IfrsStatementLineItems [Line Items]
Derivative financial liabilities		$ 9,105,000
Expected Life Of Warrant		1 year 7 months 20 days
Ely Warrants [member] | Interest rate, measurement input [member]
IfrsStatementLineItems [Line Items]
Significant unobservable input, liabilities		0.0023
Ely Warrants [member] | Historical volatility for shares, measurement input [member]
IfrsStatementLineItems [Line Items]
Expected volatility		43.00%
Ely Warrants [member] | Expected dividend yield [member]
IfrsStatementLineItems [Line Items]
Expected dividend yield		0.00%
Ely Warrants [member] | Estimated forfeiture rate [member]
IfrsStatementLineItems [Line Items]
Estimated forfeiture rate		0.00%

Summary of Income taxes (Detail

Summary of Income taxes (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
Net loss for the year before taxes	$ (140,631)	$ (15,006,235)
Canadian federal and provincial income tax rates	27.00%	27.00%
Income tax recovery based on Canadian federal and provincial income tax rates	$ (37,970)	$ (4,051,683)
Difference in foreign tax rates		5,852
Deferred tax asset not recognized	37,966	2,507,125
Stock-based compensation		750,911
Fair value change in warrant liability		408,070
Permanent differences and other	4	379,725
Income tax expense (income)

Summary of Deferred Income Tax

Summary of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Deferred tax assets and (liabilities):
Non-capital losses	$ 590,968
Marketable securities	3,587
Undeducted financing fees	114,064
Other deferred tax assets	192,302
Royalty assets	(41,762,451)
Mineral and royalty interests	(1,634,863)
Other deferred tax liabilities	(203,607)
Deferred income tax liabilities, net	$ (42,700,000)

Summary of Deductible Temporary

Summary of Deductible Temporary Differences Not Recognized (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Non-capital losses	$ 9,341,488	$ 38,034
Marketable securities	759,068
Mineral and royalty interests
Other deferred tax assets	1,326	12
Deductible temporary differences not recognized	$ 10,101,882	$ 38,046

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
IfrsStatementLineItems [Line Items]
Assessable profit	$ 0	$ 0
Canadian net operating loss carryforwards	9,458,151
Net operating loss carryforwards indefinitely	2,664,138
Expire between 2034 and 2037 [Member]
IfrsStatementLineItems [Line Items]
Net operating loss carryforwards indefinitely	$ 2,050,857

Summary of Fair Value and Gross

Summary of Fair Value and Gross Proceed from Initial Public Offering (Details)	Mar. 11, 2021USD ($)
Fair value of common shares	$ 86,571,878
Fair value of commons share purchase warrants	7,044,750
Total gross proceeds from the IPO	93,616,628
Gross proceeds	93,616,628
Common share issuance costs	(5,154,455)
Common share purchase warrant issuance costs	(416,389)
Net proceeds received	88,045,784
Fair value allocation to common shares purchase warrants	81,417,423
Fair value allocation to common share purchase warrants	$ 6,628,361

Summary of Warrants and Share O

Summary of Warrants and Share Options (Details) - USD ($)	12 Months Ended	15 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
IfrsStatementLineItems [Line Items]
Balance	$ (140,926)
Underwriters’ fees and issuance costs (Note 12.1)	(5,570,844)
Exercise of Ely Warrants	39,005
Share-based compensation - share options	2,199,837
Balance	225,317,477	225,317,477
Warrant reserve [member]
IfrsStatementLineItems [Line Items]
Balance
Common share purchase warrants issued to for cash (Note 12.1)		7,044,750
Underwriters’ fees and issuance costs (Note 12.1)		(416,389)
Ely Warrants recognized in equity (Note 3)		2,602,967
Exercise of Ely Warrants		(27,354)
Share-based compensation - share options
Balance	9,203,974	9,203,974
Share Options Reserve [member]
IfrsStatementLineItems [Line Items]
Balance
Common share purchase warrants issued to for cash (Note 12.1)
Underwriters’ fees and issuance costs (Note 12.1)
Ely Warrants recognized in equity (Note 3)
Exercise of Ely Warrants
Share-based compensation - share options		2,199,837
Balance	2,199,837	2,199,837
Other reserves [member]
IfrsStatementLineItems [Line Items]
Balance
Common share purchase warrants issued to for cash (Note 12.1)		7,044,750
Underwriters’ fees and issuance costs (Note 12.1)	(416,389)	(416,389)
Ely Warrants recognized in equity (Note 3)		2,602,967
Exercise of Ely Warrants	(27,354)	(27,354)
Share-based compensation - share options	2,199,837	2,199,837
Balance	$ 11,403,811	$ 11,403,811

Summary of Share Options Activi

Summary of Share Options Activities (Details)	Aug. 25, 2021shares$ / shares	May 20, 2021shares$ / shares	Mar. 07, 2021shares$ / shares	Sep. 30, 2021shares$ / shares
Number of Options, Beginning Balance | shares
Weighted Average Exercise Price, Beginning Balance | $ / shares
Number of Options, Granted | shares	206,200	305,000	2,505,000	3,016,200
Weighted Average Exercise Price, Granted | $ / shares	$ 4.85	$ 4.78	$ 5	$ 4.97
Number of Options, Ending Balance | shares				3,016,200
Weighted Average Exercise Price, Ending Balance | $ / shares				$ 4.97

Summary of Fair Value Assumptio

Summary of Fair Value Assumptions (Details)	12 Months Ended
	Sep. 30, 2021
Risk-free interest rate	0.34%
Expected life (years)	2 years 11 months 26 days
Expected volatility	37.00%
Expected dividend yield	0.00%
Estimated forfeiture rate	1.98%

Summary of Range of Options Out

Summary of Range of Options Outstanding and Exercisable (Details)	12 Months Ended
	Sep. 30, 2021shares$ / shares	Sep. 30, 2020shares$ / shares
IfrsStatementLineItems [Line Items]
Options Outstanding, Number of Options Outstanding | shares	3,016,200
Options Outstanding, Weighted Average Exercise Price	$ 4.97
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 5 months 26 days
Options Exercisable, Number of Options Exercisable | shares	1,380,300
Options Exercisable, Weighted Average Exercise Price	$ 4.98
Options Exercisable, Weighted Average Remaining Contractual Life	4 years 5 months 15 days
Exercise Price Range 1 [Member]
IfrsStatementLineItems [Line Items]
Exercise Price	$ 4.78
Options Outstanding, Number of Options Outstanding | shares	305,000
Options Outstanding, Weighted Average Exercise Price	$ 0.48
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 7 months 20 days
Options Exercisable, Number of Options Exercisable | shares	76,250
Options Exercisable, Weighted Average Exercise Price	$ 0.26
Options Exercisable, Weighted Average Remaining Contractual Life	4 years 7 months 20 days
Exercise Price Range 2 [Member]
IfrsStatementLineItems [Line Items]
Exercise Price	$ 5
Options Outstanding, Number of Options Outstanding | shares	2,505,000
Options Outstanding, Weighted Average Exercise Price	$ 4.15
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 5 months 8 days
Options Exercisable, Number of Options Exercisable | shares	1,252,500
Options Exercisable, Weighted Average Exercise Price	$ 4.54
Options Exercisable, Weighted Average Remaining Contractual Life	4 years 5 months 8 days
Exercise Price Range 3 [Member]
IfrsStatementLineItems [Line Items]
Exercise Price	$ 4.85
Options Outstanding, Number of Options Outstanding | shares	206,200
Options Outstanding, Weighted Average Exercise Price	$ 0.33
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 10 months 24 days
Options Exercisable, Number of Options Exercisable | shares	51,550
Options Exercisable, Weighted Average Exercise Price	$ 0.18
Options Exercisable, Weighted Average Remaining Contractual Life	4 years 10 months 24 days

Issued Capital (Details Narrati

Issued Capital (Details Narrative)

Aug. 25, 2021shares$ / shares

May 20, 2021shares$ / shares

Mar. 11, 2021USD ($)$ / sharesshares

Mar. 08, 2021$ / sharesshares

Mar. 07, 2021shares$ / shares

Dec. 04, 2020USD ($)shares

Oct. 19, 2020shares

Oct. 16, 2020USD ($)shares

Sep. 30, 2020USD ($)

Sep. 30, 2021USD ($)shares$ / shares

Aug. 23, 2021USD ($)shares

Apr. 19, 2021$ / sharesshares

Jun. 23, 2020$ / shares

IfrsStatementLineItems [Line Items]

Proceeds from issuance of shares | $

$ 2,848,750

$ 2,848,750

Shares issued price per share | $ / shares

$ 1

Number of shares issued

75,000

Number of stock issued for private placement

1,325,000

Share-based compensation expense | $

$ 2,994,836

Shares issued for acquisition, fair value | $

$ 130,193,499

Number of warrants issued

10,350,000

Warrant exercise price | $ / shares

$ 7.50

Weighted average remaining contractual life

4 years 5 months 26 days

Number of Options, Granted

206,200

305,000

2,505,000

3,016,200

Weighted Average Exercise Price, Granted | $ / shares

$ 4.85

$ 4.78

$ 5

$ 4.97

Options exercisable term

5 years

5 years

5 years

Options vesting terms

vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter.

vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter.

vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter.

Fair value of share options | $

$ 2,187,545

Risk-free interest rate

0.34%

Expected life (years)

2 years 11 months 26 days

Expected volatility

37.00%

Expected dividend yield

0.00%

Estimated forfeiture rate

1.98%

Share-based compensation expense | $

$ 750,911

Long-term Incentive Plan [Member]

IfrsStatementLineItems [Line Items]

Percentage of shares issuable under plan

10.00%

Restricted Stock Units [member]

IfrsStatementLineItems [Line Items]

Share-based compensation expense | $

$ 408,815

Number of restricted shares issued

1,500,000

Performance condition one, description

with respect to one-third of the Restricted Shares awarded to the holder, if the Company’s initial public offering or any liquidity event (being any liquidation, dissolution or winding-up of the Company or distribution of all or substantially all of the Company’s assets among shareholders or a change of control transaction) occurs that values the Company at a minimum of $50,000,000 (condition met)

Performance condition two, description

with respect to one-third of the Restricted Shares awarded to the holder, if the Company receives $1,000,000 of royalty payments under any of the Company’s royalty interests prior to October 19, 2023 (condition partially met)

Performance condition three, description

with respect to one-third of the Restricted Shares awarded to the holder, if the holder continues to be a director, officer, employee or consultant of the Company or an entity that is under common control with the Company for a period of one year after the initial public offering is completed (condition partially met).

Warrants [member]

IfrsStatementLineItems [Line Items]

Number of warrants outstanding

10,350,000

Weighted average remaining contractual life

2 years 5 months 8 days

Ely Warrants [member]

IfrsStatementLineItems [Line Items]

Number of warrants outstanding

15,885,153

Weighted average remaining contractual life

1 year 9 months 18 days

Shares issued for warrant exercisable

3,891,862

Warrants exercisable exchange ratio

0.245

Weighted average exercise price | $ / shares

$ 4.17

Gold Mining Options [Member]

IfrsStatementLineItems [Line Items]

Weighted Average Exercise Price, Granted | $ / shares

$ 2.88

Options exercisable term

5 years

Options vesting terms

vest as follows: (a) 25% on the grant date; and (b) 25% on each of the dates that are 6, 12 and 18 months thereafter.

Number of options issued

25,000

Risk-free interest rate

0.30%

Expected life (years)

2 years 10 months 13 days

Expected volatility

57.00%

Expected dividend yield

0.00%

Estimated forfeiture rate

0.00%

Share-based compensation expense | $

$ 12,292

Ely Gold Royalties Inc [member]

IfrsStatementLineItems [Line Items]

Proceeds from issuance of shares | $

$ 39,005

Number of shares issued

15,086

30,902,176

Shares issued for acquisition, fair value | $

$ 130,407,183

Number of warrants exercised

61,576

Gold Mining Inc [member]

IfrsStatementLineItems [Line Items]

Proceeds from issuance of shares | $

$ 50,000

Number of shares issued

5,000,000

Underwriters [member]

IfrsStatementLineItems [Line Items]

Number of shares offered

18,000,000

Issued price per share | $ / shares

$ 5

$ 5

Purchase price of warrants | $ / shares

$ 7.50

Number of shares granted under over-allotment option

2,700,000

Number of shares issued under initial public offering

18,000,000

Proceeds from issuance of shares | $

$ 90,000,000

Securities issuance cost | $

5,570,844

Fees paid to the Underwriters | $

$ 5,081,064

Underwriters [member] | Over Allotment Option [member]

IfrsStatementLineItems [Line Items]

Issued price per share | $ / shares

$ 4.995

Purchase price of warrants | $ / shares

$ 0.01

Number of common shares issued to purchase warrants

1,350,000

1,350,000

Number of shares issued under initial public offering

721,347

Proceeds from issuance of shares | $

$ 3,603,128

Gross proceeds from shares issued to purchase warrants | $

$ 13,500

Service Provider [member]

IfrsStatementLineItems [Line Items]

Shares issued price per share | $ / shares

$ 4.60

Number of shares issued

75,000

Share-based compensation expense | $

$ 172,500

Financial Instruments (Details

Financial Instruments (Details Narrative)	Sep. 30, 2021USD ($)
Liquidity risk [member]
IfrsStatementLineItems [Line Items]
Working capital	$ 6,379,790
Equity price risk [member]
IfrsStatementLineItems [Line Items]
Change in market price, percentage	10.00%
Profit loss include in investment loss	$ 117,000

Summary of Key Management Trans

Summary of Key Management Transactions (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
Management salaries	$ 15,698	$ 938,880
Directors’ fees		233,406
Share-based compensation		2,154,325
Total	$ 15,698	$ 3,326,611

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
IfrsStatementLineItems [Line Items]
General and administrative expenses	$ 5,106	$ 2,937,385
Blender Media Inc. [member]
IfrsStatementLineItems [Line Items]
General and administrative expenses		70,699
Gold Mining Inc [member]
IfrsStatementLineItems [Line Items]
Settled amount to parent comapny		37,358
Management and Directors [member]
IfrsStatementLineItems [Line Items]
Amounts payable, related party transactions	$ 9,364	$ 632,026

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	Oct. 12, 2021shares	Nov. 05, 2021USD ($)shares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020shares
IfrsStatementLineItems [Line Items]
Number of shares issued			75,000
Options outstanding			3,016,200
Total consideration | $			$ 200,850,664
Consulting Fees | $		$ 3,000,000
After Reporting Events [Member]
IfrsStatementLineItems [Line Items]
Stock issued for services, shares	120,000
After Reporting Events [Member] | Golden Valley Shareholders [member]
IfrsStatementLineItems [Line Items]
Number of shares issued		2.1417
After Reporting Events [Member] | Abitibi Shareholders [Member]
IfrsStatementLineItems [Line Items]
Number of shares issued		4.6119
After Reporting Events [Member] | Golden Valley Shareholders & Abitibi Shareholders [Member]
IfrsStatementLineItems [Line Items]
Business acquisition, shares issued		61,104,200
Options outstanding		1,166,389
Number of options issued		2,498,045
Total consideration | $		$ 306,000,000
Acquisitions Through Business Combinations Cash and Marketable Securities | $		$ 35,000,000