GOLD Reserve Prevails IN Icc Arbitration Against Bandes
GOLD RESERVE PREVAILS IN ICC ARBITRATION AGAINST BANDES
Pembroke, Bermuda – November 25, 2025 – Gold Reserve Ltd. (TSX.V: GRZ) (BSX:
GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that today it
received notice that it s affiliate, Gold Reserve Corporation, obtained a favorable Final
Award in its pending international arbitration proceedings against Banco De Desarrollo
Economico Y Social De Venezuela (“BANDES”) , the state development bank of the
Maduro regime. The arbitration was brought to recover amounts held in trust by BANDES
for Gold Reserve. The arbitration tribunal awarded a total of $28,982,568.70, inclusive of
pre-award interest, plus costs in the amount of €434,000 and post-award interest at the
12-month SOFR + 2% from date of the Final Award until full payment.
The full terms of the final award are not subject to public release at present.
Gold Reserve expects to attempt to recover the amounts awarded in the Final Award in
its ongoing recognition and enforcement proceedings pending in the court s of Portugal,
which are described generally here.
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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 effort by the
Company to recognize and enforce the Final Award.
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: Gold Reserve may not succeed in its efforts to
recognize and enforce the Final Award in the courts of Portugal or elsewhere and
therefore may not collect on the monies owing under the Final Award, whether because
of further decisions made by the courts of Portugal, regulatory limitations imposed by the
U.S. Office of Foreign Asset Control (“OFAC”) or other governmental entities, whether the
United States government or other governments , or any other reason; that the efforts to
recognize and enforce the Final Award or any transaction resulting there from may involve
unexpected costs, liabilities or delays; that, prior to or as a result of the completion of any
transaction in connection with recognition and enforcement of the Final Award , the
business of the Company may experience significant disruptions due to transaction
related uncertainty, industry conditions, tariff wars or other factors; u ncertainties with
respect to possible settlements between Venezuela and other creditors in the Lisbon
proceedings, and the impact of any such settlements on the amount of funds that may be
available to satisfy the Final Award; and the proceeds from recognition and enforcement
of the Final Award may not be sufficient to satisfy the amounts owed under the Final
Award; and the ramifications of bankruptcy with respect to any entity involved in the
Portugal court proceedings, including but not limited to BANDES . 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 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