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GRZ.V ·

BSX Approves Secondary Listing of Common Shares of GOLD Reserve

Corporate Updates

BSX APPROVES SECONDARY LISTING OF COMMON SHARES OF GOLD RESERVE

Pembroke, Bermuda – July 30, 2025 – Gold Reserve Ltd. (TSX.V: GRZ ) (BSX: GRZ.BH)

(OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces t he secondary listing on

the Bermuda Stock Exchange (the “BSX”) of 122,714,914 Common Shares of Gold Reserve

Ltd. effective today. Trading on the BSX will commence on August 4, 2025 under the ticker

(BSX: GRZ.BH). The Company’s primary listing is on the TSX Venture Exchange (TSX.V:

GRZ) and the Company also continues to trade over the counter (OTCQX: GDRZF).

The Company’s Vice-Chair, Paul Rivett, said: “Joining the Bermuda Stock Exchange marks

an important step for Gold Reserve. We are proud to be a part of the Bermuda business

community and delighted to partner with an exchange that is respected globally.”

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.

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 . 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 Gold Reserve Ltd., visit https://www.goldreserve.bm or

contact:

Kathryn Houlden

(441) 295-4653

A.S. Cooper Building, 7th Floor, 26 Reid Street, Hamilton, HM 11, Bermuda

[email protected]