Gold Reserve Gives Replace in CITGO Sale Course of: A number of Events Enchantment Remaining Sale Order

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PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Firm”) proclaims that immediately it filed a discover of attraction to the U.S. Courtroom of Appeals for the Third Circuit (the “appeals courtroom”) from the ultimate sale order entered by the U.S. District Courtroom for the District of Delaware (the “district courtroom”) on November 29, 2025, that licensed the sale of the PDVH Shares to Elliott/Amber Vitality (“Elliott”). The discover of attraction additionally consists of all prior orders and selections giving rise to and integrated throughout the last sale order together with with out limitation the district courtroom’s November 25, 2025 opinion and order approving the Elliott bid as a substitute of the Firm’s $2 billion greater bid.

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Notices of attraction additionally had been filed by the Venezuela Events (the Opposition authorities of the Bolivarian Republic of Venezuela, Petróleos de Venezuela, S.A., PDV Holding, Inc., and CITGO Petroleum Company). The Venezuela Events additionally filed with the appeals courtroom a movement to remain the ultimate sale order pending the end result of the appeals.

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A duplicate of the filings may be discovered right here.

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An entire description of the Delaware sale proceedings may be discovered on the Public Entry to Courtroom Digital Information system in Crystallex Worldwide Company v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its associated proceedings.

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Cautionary Assertion Concerning Ahead-Trying statements

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This launch accommodates “forward-looking statements” throughout the that means of relevant U.S. federal securities legal guidelines and “forward-looking info” throughout the that means of relevant Canadian provincial and territorial securities legal guidelines and state Gold Reserve’s and its administration’s intentions, hopes, beliefs, expectations or predictions for the long run. Ahead-looking statements are essentially primarily based upon quite a few estimates and assumptions that, whereas thought of affordable by administration at the moment, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies. They’re continuously characterised by phrases akin to “anticipates”, “plan”, “proceed”, “anticipate”, “mission”, “intend”, “imagine”, “anticipate”, “estimate”, “could”, “will”, “potential”, “proposed”, “positioned” and different related phrases, or statements that sure occasions or circumstances “could” or “will” happen. Ahead-looking statements contained on this press launch embrace, however aren’t restricted to, statements referring to any bid submitted by the Firm for the acquisition of the PDVH shares (the “Bid”).

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We warning that such forward-looking statements contain recognized and unknown dangers, uncertainties and different dangers which will trigger the precise occasions, outcomes or outcomes of Gold Reserve to be materially totally different from our estimated outcomes, outcomes, efficiency, or achievements expressed or implied by these forward-looking statements, together with however not restricted to: the proceeds from the Elliott/Amber Vitality bid, if it closes, won’t fulfill any quantities excellent beneath the Firm’s September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement; Gold Reserve could also be unsuccessful in any attraction or problem to the Courtroom’s November 25, 2025 Order and Opinion approving the Particular Grasp’s suggestion of the Elliott/Amber Vitality bid and rejecting objections to the identical, together with the objections made by Gold Reserve; that the Sale Course of could not lead to a sale of the PDVH shares to any individual, together with Elliott/Amber Vitality or every other purchaser really useful by the Particular Grasp or authorised by the Courtroom; that the Firm could forfeit any money quantity deposit made on account of failing to finish the Bid or in any other case; the flexibility to implement the writ of attachment granted to the Firm; the timing set for varied reviews and/or different issues with respect to the Sale Course of is probably not met; the flexibility of the Firm to in any other case take part within the Sale Course of (and associated prices related therewith); the quantity, if any, of proceeds related to the Sale Course of; the competing claims of different collectors of Venezuela, PDVSA and the Firm, together with any curiosity on such collectors’ judgements and any precedence afforded thereto; uncertainties with respect to doable settlements between Venezuela and different collectors and the influence of any such settlements on the quantity of funds that could be accessible beneath the Sale Course of; and the ramifications of chapter with respect to the Sale Course of and/or the Firm’s claims, together with because of the precedence of different claims. This checklist isn’t exhaustive of the elements which will have an effect on any of the Firm’s forward-looking statements. For a extra detailed dialogue of the danger elements affecting the Firm’s enterprise, see the Firm’s Administration’s Dialogue & Evaluation for the interval ended September 30, 2025 and different reviews which were filed on SEDAR+ and can be found beneath the Firm’s profile at

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Traders are cautioned to not put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or individuals performing on its behalf are expressly certified of their entirety by this discover. Gold Reserve disclaims any intent or obligation to replace publicly or in any other case revise any forward-looking statements or the foregoing checklist of assumptions or elements, whether or not because of new info, future occasions or in any other case, topic to its disclosure obligations beneath relevant guidelines promulgated by relevant Canadian provincial and territorial securities legal guidelines.

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NEITHER THE 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.

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For additional info concerning Dalinar Vitality, go to: https://www.dalinarenergy.com.

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For additional info concerning Gold Reserve Ltd., go to https://www.goldreserve.bm or contact:

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