Gabriel Resources Ltd. 2023 First Quarter Results - Seite 2

"We continue to look forward to the prospect of receiving a binding and enforceable judgment from the ICSID Arbitration tribunal this year. Our immediate goal is to complete the announced private placement to finance the continued operations of Gabriel for the short term and then to assess the strategic direction and tactical steps of the business post Award. We remain thankful for the financial support and patience of our shareholders as Gabriel awaits a final decision from the Tribunal."

Further information and commentary on the results in the first quarter of 2023 is given below. The Company has filed its Unaudited Condensed Interim Consolidated Financial Statements for Q1 2023 and related Management's Discussion & Analysis on SEDAR at www.sedar.com and each is available for review on the Company's website at www.gabrielresources.com.

For information on this press release, please contact:

Dragos Tanase President & CEO Phone: [phone] [e-mail]

Richard Brown Chief Financial Officer Mobile: [phone] [e-mail]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Further Information

Status of the ICSID Arbitration

• The ICSID Arbitration seeks compensation for all of the loss and damage suffered by the Claimants resulting from the Respondent's wrongful conduct and its breaches of the protections afforded by certain treaties for the promotion and protection of foreign investment to which Romania is a party, including against expropriation, unfair and inequitable treatment, discrimination and other unlawful treatment in respect of the Roșia Montană gold and silver project, together with the gold, silver and porphyry copper deposits defined in the Bucium concession area ("Projects") and related licenses.
• On November 8, 2022, the Tribunal informed the Parties that it was still deliberating and invited the Parties to agree on the exchange of their cost statements, which were filed with the Tribunal by the Parties simultaneously in two rounds of submissions on December 16, 2022 and January 6, 2023.
• In April 2023, the President of the Tribunal advised the Parties that the Tribunal's latest deliberations took place in December 2022 and March 2023 and that the Tribunal was working hard to prepare an Award and deliver it to the Parties in a timely manner.
• There is no specified timeframe in the ICSID Rules applicable to this case in which an Award is to be rendered by the Tribunal. Accordingly, there is no certainty as to when the Award will be issued or whether further procedural steps may be required by the Tribunal prior to the issuance of an Award.
• Any Award may be subject to a request for annulment by either party (albeit such annulment application can only be made on very limited grounds under the ICSID Convention). The process for annulment, enforcement and recovery of an Award may present material challenges and take a number of years. There can be no assurances that the ICSID Arbitration will advance in a customary or predictable manner or be completed or settled within any specific or reasonable period of time.

Liquidity