Corporate Update - Seite 2

 

Change to Chief Financial Officer

Mr. Richard Brown, Chief Financial Officer of the Company, has resigned effective May 19, 2025. Mr. Jeffrey Couch, who is presently a director of the Company and a seasoned finance executive, has been appointed, with immediate effect, as Interim Chief Financial Officer of the Company until a permanent CFO replacement is appointed.

ICSID Annulment

As previously announced, in March 2024, the ad hoc committee (the "Committee") adjudicating the Company's application for annulment of the March 8, 2024 ICSID award (the "Arbitral Decision") ruled that the provisional stay of enforcement of that award, granted in July 2024, would continue only if Gabriel provided a guarantee from a bank or a third party with proven solvency for the full amount of the US$10 million cost award. In April 2025, Gabriel informed the Committee of its unsuccessful efforts to secure such a third-party bank guarantee. Consequently, the Committee confirmed that the stay of enforcement was automatically lifted on April 23, 2025.

Also, as previously announced, Gabriel filed its Memorial on Annulment (the "Memorial") on April 3, 2025, setting out the grounds that support the annulment of the Arbitral Decision. The Memorial has been published on the ICSID website https://icsid.worldbank.org/.

For information on this press release, please contact:

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

Simon Lusty Group General Counsel [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

About Gabriel

Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company's principal business has been the exploration and development of the Roșia Montană gold and silver project in Romania, one of the largest undeveloped gold deposits in Europe. Upon obtaining the License in June 1999, the Group focused substantially all of their management and financial resources on the exploration, feasibility and subsequent development of the Roşia Montană Project. An extension of the exploitation license for the Roşia Montană Project (held by Roșia Montană Gold Corporation S.A., a Romanian company in which Gabriel owns an 80.69% equity interest, with the 19.31% balance held by Minvest Roșia Montană S.A., a Romanian state-owned mining company) was rejected by the competent authority in late June 2024.