GOLD Reserve Retains Cantor Fitzgerald as Strategic Financial Advisor
GOLD RESERVE RETAINS CANTOR FITZGERALD AS STRATEGIC FINANCIAL
ADVISOR
Pembroke, Bermuda – August 22, 2025 – Gold Reserve Ltd. (TSX.V: GRZ) (BSX:GRZ.BH)
(OTCQX: GDRZF) Gold Reserve is pleased to announce it has engaged Cantor Fitzgerald &
Co. as its strategic financial advisor in connection with the Company’s bid to purchase the
shares of PDV Holding, Inc., the indirect parent company of CITGO Petroleum Corp.
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, performanc e, 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 Bid will not be appr oved 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 claim s 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 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 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 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