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PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Firm”) is happy to announce that in a not too long ago printed choice, Portugal’s Supreme Court docket upheld a choice recognizing the Firm’s 2014 worldwide arbitration award (the “Award”) towards the Bolivarian Republic of Venezuela (“Venezuela”) and rejecting the state’s sovereign immunity and public coverage defenses.
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The whole quantity owed by Venezuela below the Award, inclusive of curiosity, exceeds $1.1 billion. In February 2025, the Lisbon Court docket of Enchantment issued an order granting the Firm’s software to substantiate the Award in Portugal and entered judgment for the Firm towards Venezuela within the quantity of the Award. Within the current choice, the Supreme Court docket of Justice affirmed the Court docket of Enchantment’s choice. Venezuela additionally was ordered to pay prices.
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A duplicate of the Supreme Court docket’s choice will be discovered right here. An English translation of the choice is being ready and the Firm’s web site.
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Prime Tales
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The Firm’s recognition and enforcement efforts in Portugal are along with these being undertaken in the US, together with the Firm’s being named on July 2, 2025 because the Ultimate Really useful Bidder within the U.S. District Court docket for the District of Delaware for the sale of the shares of PDV Holdings, Inc. (“PDVH”), the oblique guardian firm of CITGO Petroleum Corp. Any satisfaction of the Firm’s judgment within the Delaware proceedings could set-off and scale back the quantity that may be recovered on the Award within the Portugal authorized proceedings, and vice-versa.
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Cautionary Assertion Relating to Ahead-Wanting statements
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This launch comprises “forward-looking statements” inside the which means of relevant U.S. federal securities legal guidelines and “forward-looking info” inside the which means of relevant Canadian provincial and territorial securities legal guidelines and state Gold Reserve’s and its administration’s intentions, hopes, beliefs, expectations or predictions for the longer term. Ahead-looking statements are essentially based mostly upon quite a few estimates and assumptions that, whereas thought-about affordable by administration at the moment, are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies. They’re steadily characterised by phrases reminiscent of “anticipates”, “plan”, “proceed”, “anticipate”, “undertaking”, “intend”, “imagine”, “anticipate”, “estimate”, “could”, “will”, “potential”, “proposed”, “positioned” and different comparable phrases, or statements that sure occasions or circumstances “could” or “will” happen. Ahead-looking statements contained on this press launch embody, however aren’t restricted to, statements regarding any bid submitted by the Firm for the acquisition of the PDVH shares (the “Bid”).
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We warning that such forward-looking statements contain recognized and unknown dangers, uncertainties and different dangers which will trigger the precise occasions, outcomes or outcomes of Gold Reserve to be materially completely different from our estimated outcomes, outcomes, efficiency, or achievements expressed or implied by these forward-looking statements, together with however not restricted to restoration just isn’t sure within the Portugal or Delaware authorized proceedings as a consequence of a number of components, together with that, in Portugal, additional court docket orders are required to aim to gather towards any of the hooked up funds, the precedence of the Firm’s attachments on every account just isn’t similar and isn’t particular, and the precedence of the Firm’s attachments vis-à-vis different collectors just isn’t similar and isn’t particular; and, in Delaware, the discretion of the Particular Grasp to think about the Bid, to enter into any discussions or negotiation with respect thereto; the Bid is not going to be authorised by the Court docket because the “Ultimate Advocate Bid” below the Bidding Procedures, and if authorised by the Court docket could not shut, together with on account of not acquiring obligatory regulatory approvals, together with however not restricted to any obligatory approvals from the U.S. Workplace of International Asset Management (“OFAC”), the U.S. Committee on International Funding in the US, the U.S. Federal Commerce Fee or the TSX Enterprise Change; failure of the Firm or some other celebration to acquire ample fairness and/or debt financing or any required shareholders approvals for, or fulfill different circumstances to impact, any transaction ensuing from the Bid; that the Firm could forfeit any money quantity deposit made as a consequence of failing to finish the Bid or in any other case; that the making of the Bid or any transaction ensuing therefrom could contain sudden prices, liabilities or delays; that, previous to or on account of the completion of any transaction contemplated by the Bid, the enterprise of the Firm could expertise vital disruptions as a consequence of transaction associated uncertainty, business circumstances, tariff wars or different components; the flexibility to implement the writ of attachment granted to the Firm; the timing set for varied experiences and/or different issues with respect to the Sale Course of might not be met; the flexibility of the Firm to in any other case take part within the Sale Course of (and associated prices related therewith); the quantity, if any, of proceeds related to the Sale Course of; the competing claims of different collectors of Venezuela, PDVSA and the Firm, together with any curiosity on such collectors’ judgements and any precedence afforded thereto; uncertainties with respect to attainable settlements between Venezuela and different collectors and the influence of any such settlements on the quantity of funds which may be accessible below the Sale Course of; and the proceeds from the Sale Course of might not be ample to fulfill the quantities excellent below the Firm’s September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the ramifications of chapter with respect to the Sale Course of and/or the Firm’s claims, together with on account of the precedence of different claims.
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Buyers are cautioned to not put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or individuals appearing on its behalf are expressly certified of their entirety by this discover. Gold Reserve disclaims any intent or obligation to replace publicly or in any other case revise any forward-looking statements or the foregoing record of assumptions or components, whether or not on account of new info, future occasions or in any other case, topic to its disclosure obligations below relevant guidelines promulgated by relevant Canadian provincial and territorial securities legal guidelines.
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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.
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View supply model on businesswire.com:
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For additional info concerning Gold Reserve Ltd., go to https://www.goldreserve.bm or contact:
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Kathryn Houlden
(441) 295-4653
A.S. Cooper Constructing, seventh Flooring, 26 Reid Avenue, Hamilton, HM 11, Bermuda
investorrelations@goldreserve.bm#distro
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