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Exhibit 8.1

LIST OF SIGNIFICANT SUBSIDIARIES AS AT DECEMBER 31, 2024

The following are the significant subsidiaries of Gold Royalty Corp. as at December 31, 2024, and the jurisdictions of incorporation in which they are organized. Gold Royalty Corp. owns, directly or indirectly, 100% of the voting securities of each subsidiary.

Subsidiaries

State or Jurisdiction of Incorporation

Ely Gold Royalties Inc.

British Columbia, Canada

Nevada Select Royalty, Inc.

Nevada, USA

REN Royalties LLC

Nevada, USA

VEK Associates

Nevada, USA

Gold Royalty Holdings Ltd.

 

British Columbia, Canada

Groyco Mex, S.A. de C.V.

 

Chihuahua, Mexico