Gold Reserve Files Response to Citgo Appeal, Supports Venezuela’s Request for Abeyance, Subject to US Support

by

Content of the article

PEMBROKE, Bermuda – Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold reserves“or”Company“) announced that it has filed a Response to Venezuela’s motion to dismiss the appeal regarding the proposed sale of PDVH shares to Elliott/Amber Energy (“appealVenezuela’s motion, filed on October 1, 2026, calls for the Appeal to be expedited, with periodic status reports every six months, to allow Venezuela and its counsel to pursue and enforce repayment of Delaware’s creditors.

Content of the article

Advertisement 1

Content of the article

The Gold Reserve’s response supported Venezuela’s move for a limited six-month abeyance, subject to the mutual support of the United States. As noted in the Response, the US Administration’s actions in Venezuela resulted in a significant increase in Citgo’s value and Venezuela’s ability to finance the repayment of Delaware’s creditors. Therefore, the Gold Reserve believes that the purchase led by Venezuela, and supported by the US Administration, can provide a quick and comprehensive solution to settle the demands of creditors in the best interest of everyone, including Venezuela and the United States.

Content of the article

Content of the article

Content of the article

Earlier this week, the US Court of Appeals for the Third Circuit issued an Order inviting the United States to express its views and interests in the Appeal, with a submission deadline of October 13, 2026. As of the date of this news release, the United States has not submitted a submission.

Content of the article

A copy of Gold Reserve’s Response, along with all other submissions on the motion for abeyance, can be found here.

Content of the article

A complete description of the Delaware sale process can be found in 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 related proceedings.

Content of the article

About Gold Reserves

Content of the article

Gold Reserve is a primarily US-owned mineral exploration and development company focused on developing high-quality mineral assets with the goal of creating sustainable long-term value for shareholders. The company is listed on the TSX Venture Exchange (TSX-V: GRZ), the Bermuda Stock Exchange (BSX: GRZ.BH), and trades in the United States on the OTCQX (OTCQX: GDRZF).

Content of the article

Cautionary Statement Regarding Forward-Looking Statements

Content of the article

This release contains “forward-looking statements” within the meaning of applicable US federal securities laws and “forward-looking information” within the meaning of applicable Canadian provincial and territorial securities laws and the intentions, hopes, beliefs, expectations, or predictions of Gold Reserve Country and management for the future. Forward-looking statements must be based on a number of estimates and assumptions that, even if deemed reasonable by management at this time, are subject to business, economic and competitive uncertainties and contingencies. They are often characterized by words such as “anticipates”, “plans”, “continues”, “expects”, “projects”, “expects”, “believes”, “anticipates”, “estimates”, “can”, “will”, “potential”, “proposes”, “positioned” and other similar words, or statements of certain events or situations “can” or “will”. Forward-looking statements contained in this press release include, but are not limited to, statements regarding the potential abeyance of the Appeal; the potential for Venezuela and its counsel to pursue and enforce repayment from Delaware creditors; the potential for the purchase of PDVH shares led by Venezuela and supported by the US Administration; the potential for such transactions to provide a prompt and comprehensive resolution of creditor claims; and the potential impact of the actions of the US Administration in Venezuela on the value of CITGO, the value of PDVH shares and the ability to finance the repayment of creditors’ claims.

Content of the article

Advertising 2

Content of the article

We caution that such forward-looking statements include known and unknown risks, uncertainties and other risks that may cause actual events, results or results of Gold Reserve to be materially different from our estimated results, results, performance, or achievements expressed or implied by forward-looking statements, including but not limited to: the outcome and timing of the Appeal and any related process; the decision of the Third Circuit on the motion for abeyance and the views or position of the United States; the actions of the US Administration in Venezuela, the political or economic situation in Venezuela, or the legal or regulatory environment applicable to CITGO or Venezuela; the ability of Venezuela and its counsel to negotiate, finance and implement repayment of Delaware’s creditors; The value of CITGO and PDVH shares, including the potential impact of changes in oil prices, refining margins, operating performance, market conditions and other factors; and the terms, timing and agreement for repayment, settlement or restructuring involving Venezuela or its creditors. This list is not exhaustive of factors that could affect the Company’s forward-looking statements. For a more detailed discussion of the risk factors affecting the Company’s business, see the Company’s Management Discussion & Analysis for the period ended June 30, 2026, and other reports that have been filed on SEDAR+ and are available on the Company’s profile at www.sedarplus.ca.

Content of the article

Investors are cautioned not to place undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements made by Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any intention or obligation to publicly update or revise any forward-looking statements or list of assumptions or factors above, as a result of new information, future events or otherwise, subject to disclosure obligations under applicable rules promulgated by applicable Canadian provincial and territorial securities laws.

Content of the article

NEITHER THE TSX VENTURE EXCHANGE OR REGULATORY SERVICE PROVIDERS (AS THOSE TERMS ARE DEFINED IN TSX VENTURE EXCHANGE POLICY) ACCEPT ANY RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Content of the article

For more information about Gold Reserve Ltd., visit www.goldreserve.bm.

Content of the article

Content of the article

Content of the article

Content of the article

See the source version on businesswire.com:

Content of the article

https://www.businesswire.com/news/home/20261008315274/en/

Content of the article

Content of the article

Dave Onzay
Email: investorrelations@goldreserve.bm
Phone: +1 (441) 295-4653

Content of the article