GOLD Reserve Provides Update ON Court Decision in Citgo Sale Process
GOLD RESERVE PROVIDES UPDATE ON
COURT DECISION IN CITGO SALE PROCESS
Pembroke, Bermuda – September 18, 2025 – Gold Reserve Ltd. (TSX.V: GRZ) (BSX:
GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that on
September 18, 2025, Judge Leonard Stark of the U.S. District Court for the District of
Delaware (“Judge Stark”) issued a decision denying Gold Reserve’s Motion to Strike the
Special Master’s Notice of Superior Proposal and granting the Special Master’s Request
to Terminate Gold Reserve’s Dalinar Energy SPA and Sign Elliott’s Amber Energy SPA.
Judge Stark stated that he viewed his ruling on the Request to Terminate as “entirely
ministerial” and intended only to bring “the paperwork” of the SPA in-line with the current
status of the Special Master’s recommendation.
Judge Stark confirmed that he was not reaching a decision on the merits of the ultimate
question of what bid he would approve.
The decision was delivered orally from the bench. Gold Reserve expects a written opinion
and order to be issued shortly.
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 outstanding 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 affec t 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