Gold Reserve Provides Update on Legal Proceedings in Delaware

Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) today provided an update on recent developments in its ongoing legal proceedings related to the Citgo sale process.

The U.S. District Court for the District of Delaware issued a decision today denying Gold Reserve’s motion to disqualify the Special Master overseeing the Citgo Sale Process, his advisors — the law firm of Weil, Gotshal & Manges LLP (“Weil”) and Evercore Inc. — as well as the District Court Judge. The Court also denied a similar motion filed by the Venezuela Parties. The Court also stated that it does not intend to rule on the Amber Energy bid before November 21, 2025. Copies of the Court’s written opinion and order will be posted here.

Gold Reserve respectfully disagrees with the ruling and continues to believe that the sale process was plagued with significant conflicts of interest, including the $170 million in fees collected by the Special Master’s advisors from affiliates of Elliott and the 2020 bondholders involved in Elliott’s bid, as revealed through the Company’s limited court-authorized discovery. These concerns were referenced in the Court’s written opinion, which noted:

“One lawyer, Jeffrey Saferstein, has represented Elliott and also Apollo Global Management, a major investor in the Elliott Bid; prior to joining Weil, Saferstein worked at another law firm, Paul, Weiss, Rifkind, Wharton, & Garrison, LLP, with Michael Turkel, now of Elliott Management…In discovery, the Movants obtained an email, showing that on the day before Topping Bids were due in the Sale Process, a frustrated Turkel called Saferstein, seeking some level of assistance with a bid Elliott planned to make…Saferstein thereafter wrote to his Weil colleagues working with the Special Master to intone: ‘I [would] hate for them [i.e., Elliott] to not want to work with us.’ ”

The Company maintains its view that these and other conflicts undermine the fairness and integrity of the Citgo sale process and intends to seek all appropriate appellate remedies.

Separately, in Gold Reserve’s pending action in the Delaware Court of Chancery against Rusoro Mining Ltd. for breach of the parties’ Consortium Agreement, the court declined to expedite Gold Reserve’s motion for a preliminary injunction. The Court of Chancery determined that it would await developments in the Citgo sale process before addressing this.