Gabriel Resources Ltd. 2023 Third Quarter Results

LONDON, UK / ACCESSWIRE / November 14, 2023 / Gabriel Resources Ltd. (TSXV:GBU)("Gabriel" or the "Company") announces the publication of its Third Quarter Financial statements and Management's Discussion and Analysis Report for the period ended September 30, 2023.

Summary

• Gabriel and its wholly-owned indirect subsidiary, Gabriel Resources (Jersey) Limited (together "Claimants"), remain focused on their arbitration case against the Romanian State ("Respondent") under the rules of the International Centre for Settlement of Investment Disputes ("ICSID"), part of the World Bank ("ICSID Arbitration").
  • The Claimants and Respondent (together "Parties") currently await a final decision from the presiding arbitral tribunal ("Tribunal") in the ICSID Arbitration proceedings (an arbitral award ("Award")).
  • In a procedural order made by the Tribunal on June 27, 2023, the Tribunal noted that its decision-making at this stage is almost complete.
  • On September 14, 2023, the President of the Tribunal advised the Parties that the proceedings had been ‘closed'. The Tribunal must issue its final decision to the parties within 120 days of the closure of the proceedings, i.e., on or before January 12, 2024. However, the Tribunal is permitted to take a further 60 days if it is otherwise unable to draw up the Award in such timeframe.
• As at September 30, 2023, the Company held $4.6 million of cash and cash equivalents (Q2 2023 $7.0 million).
• The Company believes that it has sufficient funding necessary to cover its planned activities through to the end of December 2023 and will need to raise additional financing thereafter to fund ICSID Arbitration costs and working capital requirements.
• The net loss for the third quarter of 2023 was $3.4 million (Q2 2023 $2.6 million).

Dragos Tanase, Gabriel's President and Chief Executive Officer, stated:

"Gabriel appreciates that the ICSID Arbitration process has been a true test of patience and stamina for all stakeholders and is pleased that the proceedings are now closed. We look forward to the prospect of receiving a binding and enforceable judgment in our favour from the ICSID Arbitration tribunal soon. We will then assess the strategic direction and tactical steps of the business post Award."

Further information and commentary on the results in the third quarter of 2023 is given below. The Company has filed its Unaudited Condensed Interim Consolidated Financial Statements for Q3 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.