U.S. Supreme Court Denies Venezuela Leave to Appeal Order of Delaware Court and Gold Reserve Designated as Additional Judgement Creditor in Delaware Sale Process

Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) is pleased to announce that in separate decisions: (i) the U.S. Supreme Court has denied the request by the Bolivarian Republic of Venezuela (Venezuela) and Petroleos de Venezuela, S.A. (PDVSA) for permission to appeal the order issued on July 7, 2023 by the U.S. Court of Appeals for the Third Circuit that affirmed the decision of the U.S. District Court of Delaware (the Delaware Court) granting the Company a conditional writ of attachment of the shares of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.; and (ii) the Delaware Court has designated the Company and certain other creditors of Venezuela as “Additional Judgment Creditors” for the purposes of the sale process (the Sale Process) currently underway with respect to the proposed auction of the shares of PDVH. These two decisions clear two significant steps for the Company in its efforts to collect its approximately U.S. $1.1 billion judgment (inclusive of interest) that is the subject of the Company’s litigation in Delaware. The Company currently has 99.5 million Class A Common Shares outstanding (107.3 million shares on a fully-diluted basis).

The Delaware Court previously held that the priority of judgments of Additional Judgment Creditors will be based on the date each such creditor filed a motion for a writ of attachment that was subsequently granted. According to a chart filed with the Delaware Court in December 2023 by the Special Master appointed to manage the Sale Process, there are 12 judgments for which writs of attachment have been granted and for which the motions were filed before the Company’s motion. These judgments, according to the Special Master’s chart, represent an aggregate amount of U.S. $5.564 billion, inclusive of interest through August 2023. The Special Master noted that the amounts and priorities set forth in this chart have not yet been endorsed or validated by the Special Master.

The most recent order of the Delaware Court also confirmed that the designation of Gold Reserve and other creditors as Additional Judgment Creditors now sufficiently protects the Sale Process in the event of any settlement with Crystallex International Corp. and/or ConocoPhillips Company because Additional Judgment Creditors have rights under both the order appointing the Special Master for the Sale Process and the order under which the Sale Process is being carried out.