GOLD Reserve Files Notice of Objection to Amber Energy Bid and Provides Update ON Other Recent Filings in Citgo Sale Process
GOLD RESERVE FILES NOTICE OF OBJECTION TO AMBER ENERGY BID AND
PROVIDES UPDATE ON OTHER RECENT FILINGS IN CITGO SALE PROCESS
Pembroke, Bermuda – September 2, 2025 – Gold Reserve Ltd. (TSX.V: GRZ) (BSX:
GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) provides an update on
three recent filings in the CITGO Sale Process being run by the U.S. District Court for the
District of Delaware (the “Court”):
1. On September 2, 2025, the Company filed a Notice of Competing Objection and
Disclosure of Bid Material s in which it confirmed that it is a Competing Objector, and
therefore that it will present its Improved Bid to the Court and request that it be approved
instead of the $2 billion lower -priced Amber Energy bid. In conjunction therewith, the
Company filed bid materials that had not already been filed on the public docket. A copy
of the filing will be posted here.
2. On September 2, 2025, the Company filed a letter with the Court in which it joined
the Venezuela Parties’ request that the Court direct the Special Master to serve fully
unredacted versions of the transcripts of the Special Master’s August 11 and 13 ex parte
conferences with the Court on parties that have signed a confidentiality agreement with
the Special Master. A copy of the letter will be posted here.
3. On August 30, 2025, the Company filed a letter with the Court requesting, in
connection with the Special Master’s Updated Final Recommendation, that the Court stay
its decision on the Special Master’s request to terminate the Dalinar Energy bid until the
Court rules on Gold Reserve’s pending Motion to Strike the Amber Energy bid or, in the
alternative, that the Court set a briefing schedule for the Special Master’s r equest that
tracks the existing schedule for objections to the Updated Final Recommendation. A copy
of the filing will be posted here.
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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”).
We caution that such forward- looking statements involve known and unknown risks,
uncertainties and other risks that may cause the actual events, outcomes or results of
Gold Reserve to be materially different from our estimated outcomes, results,
performance, or achievements expressed or implied by those forward- looking
statements, including but not limited to: the discretion of the Special Master to consider
the Bid, to enter into any discussions or negotiation with respect thereto; the Special
Master may not recommend the Bid in the Final Recommendation; an objection to the Bid
may be upheld by the Court; the Bid will not be approved by the Court as the “Final
Recommend Bid” under the Bidding Procedures, and if approved by the Court may not
close, including as a result of not obtaining necessary regulatory approvals, including but
not limited to any necessary approvals from the U.S. Office of Foreign Asset Control
(“OFAC”), the U.S. Committee on Foreign Investment in the United States, the U.S.
Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any
other party to obtain sufficient equity and/or debt financing or any required shareholders
approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid;
that the Company may forfeit any cash amount deposit made due to failing to complete
the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may
involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion
of any transaction contemplated by the Bid, the business of the Company may experience
significant disruptions due to transaction related uncertainty, industry conditions, tariff
wars or other factors; the ability to enforce the writ of attachment granted to the Company;
the timing set for various reports and/or other matters with respect to the Sale Process
may not be met; the ability of the Company to otherwise participate in the Sale Process
(and related costs associated therewith); the amount, if any, of proceeds associated with
the Sale Process; the competing claims of other creditors of Venezuela, PDVSA and the
Company, including any interest on such creditors’ judgements and any priority afforded
thereto; uncertainties with respect to possible settlements between Venezuela and other
creditors and the impact of any such settlements on the amount of funds that may be
available under the Sale Process; and the proceeds from the Sale Process may not be
sufficient to satisfy the amounts out standing under the Company’s September 2014
arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the
ramifications of bankruptcy with respect to the Sale Process and/or the Company’s
claims, including as a result of the priority of other claims. This list is not exhaustive of the
factors that may affect any of 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’s Discussion & Analysis for the year ended December 31, 2024
and other reports that have been filed on SEDAR+ and are available under the
Company’s profile at www.sedarplus.ca.
Investors are cautioned not to put undue reliance on forward- looking statements. All
subsequent written and oral forward- looking statements attributable to Gold Reserve or
persons acting on its behalf are expressly qualified in their entirety by this notic e. Gold
Reserve disclaims any intent or obligation to update publicly or otherwise revise any
forward-looking statements or the foregoing list of assumptions or factors, whether as a
result of new information, future events or otherwise, subject to its disclosure obligations
under applicable rules promulgated by applicable Canadian provincial and territorial
securities laws.
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.
For further information regarding Dalinar Energy, visit: https://www.dalinarenergy.com.
For further information regarding Gold Reserve Ltd., visit https://www.goldreserve.bm or
contact:
(441) 295-4653
A.S. Cooper Building, 7th Floor, 26 Reid Street, Hamilton, HM 11, Bermuda