GOLD Reserve Announces Update ON Irs Audit

NR-23-06

GOLD RESERVE ANNOUNCES UPDATE ON IRS AUDIT

SPOKANE, WASHINGTON, November 20, 2023

Gold Reserve Inc. (TSX.V:GRZ) (OTCQ X:GDRZF) (" Gold Reserve" or the " Company")

announces today that the Company has been advised by the Internal Revenue Service (IRS) that it will

issue Notices of Proposed Adjustment (NOPA) proposing to (i) disallow the worthless stock deductions

(related to investments in the Brisas project) taken by the Company’s U.S. subsidiary for the 2017 tax year

(the "Deduction Disallowance") and (ii) tax income on or related to the arbitration award that may be

received by the Company in the future (the "Arbitration Award Amounts"). As previously disclosed, including

in the Q2 2023 interim financial statements, tax filings of the Company and its U.S. subsidiary are under

examination by Canada Revenue Agency (CRA) and the IRS, respectively.

The Company does not agree with the IRS’s proposed adjustments and currently intends to

vigorously contest them. Moreover, the Company intends to pursue the competent authority process if and

when appropriate to ensure no double taxation of the Arbitration Award Amounts. However, given the IRS’s

position, which now includes alternative arguments not previously asserted by the IRS, and in consideration

of the ongoing CRA audit, the Company determined it appropriate to recognize approximately $17.6 million

in income tax expense, resulting in the reversal of an $8.1 million income tax receivable and the recording

of an income tax payable (including interest) of $9.5 million, in its interim financial statements for the period

ended September 30, 2023, each as related to the Deduction Disallowance item.

As of September 30, 2023 the Company held approximately $38.9 million in cash and short -term

deposits and had approximately $10.8 million in current liabilities including the $9.5 million income tax

payable noted above. Further information regarding the Company can be located at

www.goldreserveinc.com, www.sec.gov, and sedarplus.ca.

This release has been approved by Rockne J. Timm, CEO of the Company.

Gold Reserve Inc. Contact

Jean Charles Potvin

999 W. Riverside Ave., Suite 401

Spokane, WA 99201 USA

Tel: (509) 623-1500

Fax: (509) 623-1634

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.

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We caution that such forward-looking statements involve known and unknown risks, uncertainties and other

risks that may cause the actual outcomes, financial results, performance, or achievements of Gold Reserve

to be materially different from our estimated outcomes, future results, performance, or achievements

expressed or implied by those forward-looking statements, including without limitation, the final outcome of

the current audits of Gold Reserve’s tax filings by U.S. and Canadian tax authorities, including the potential

tax, accounting or financial impacts that may result therefrom, the expectation regarding the income

expense tax, reversal of income tax receivable and income tax recorded to be payable including interest

may differ from the amounts provided for above, the Company’s ability to service outstanding obligations

as they come due and access future additional funding, when required, for ongoing liquidity and capital

resources, risks that estimates and/or assumptions required to be made by management in the course of

preparing the Company’s financial statements are determined to be inaccurate, resulting in a negative

impact on the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at

the date of the financial statements and the reported amounts of revenues and expenses during the

reporting period, and risks associated with the ability of the Company to maintain an effective system of

internal control over financial reporting and disclosure controls and procedures . This list is not exhaustive

of the factors that may affect any of Gold Reserve’s forward- looking statements. For a more detailed

discussion of the risk factors affecting the Company’ s business, see the Company’s Annual Information

Form and Management’s Discussion & Analysis for the year ended December 31, 2022 and other reports

(including the Q2 Interim Financial Statements and related Management’s Discussion & Analysis) which

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 notice. 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 the Securities and Exchange Commission and 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.