Disqualification Motions Filed by Gold Reserve and the Venezuela Parties in the Citgo Sale Process

Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that, pursuant to the schedule set by the U.S. District Court for the District of Delaware (the “Court”), the Company filed a motion to disqualify the two professional advisors to the Special Master – the law firm of Weil, Gotshal & Manges LLP (“Weil”) and the investment banking firm of Evercore, Inc. (“Evercore”) – the Special Master Robert B. Pincus, and the district court judge in the Citgo Sale Process.

Gold Reserve also requested a temporary stay of all decisions concerning any bids submitted in the Sale Process pending resolution of its disqualification motion.

Gold Reserve is seeking full transparency on these issues for its shareholders as well as additional discovery from the Special Master and his advisors, Weil and Evercore.

The disqualification motion is based upon recently discovered information that Weil has been representing Elliott Management while the Citgo Sale Process has been ongoing. Gold Reserve also discovered that Weil and Evercore have ongoing relationships with certain of the 2020 Bondholders that stand to receive substantial monetary payments under the terms of the Elliott Management bid.

Gold Reserve’s disqualification motion was filed under seal and a redacted copy will be posted to the Company website under Citgo Proceedings when it is filed.

The Venezuela Parties – the Bolivarian Republic of Venezuela, PDVSA, PDVH and Citgo Petroleum – also filed under seal a motion to disqualify the Special Master, Weil and Evercore, and a redacted copy will be posted to the Company website under Citgo Proceedings when it is filed.

In other developments, opening post-Sale Hearing briefs were submitted by the parties on October 8, 2025, copies of which will be posted here.

A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings.

Cautionary Statement Regarding Forward-Looking statements

This release contains “forward-looking statements” within the meaning of applicable U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve’s and its management’s intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to any bid submitted by the Company for the purchase of the PDVH shares (the “Bid”).