PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announced that it has filed a response to Venezuela’s motion seeking an abeyance of the appeal regarding the proposed judicial sale of PDVH shares to Elliott/Amber Energy (the “Appeal”). Filed on October 1, 2026, Venezuela’s motion asks that the appeal be placed in abeyance, with status updates every six months, to give Venezuela and its advisors time to pursue and implement repayment of the Delaware creditors.
Gold Reserve’s response backs Venezuela’s request for a limited six‑month abeyance, contingent on support from the United States. As noted in the filing, recent actions by the U.S. administration in Venezuela have boosted Citgo’s value and enhanced Venezuela’s capacity to repay the Delaware creditors. Consequently, Gold Reserve contends that a Venezuela‑led acquisition of PDVH shares, bolstered by U.S. backing, could deliver a swift and complete resolution of creditors’ claims, benefiting all parties involved.
Earlier this week, the United States Court of Appeals for the Third Circuit issued an order inviting the federal government to submit its views on the appeal, setting a deadline of October 13, 2026 for any filing. To date, the United States has not filed a response.
A copy of Gold Reserve’s response and all related filings concerning the abeyance motion are available here.
A full description of the Delaware sale proceedings is available on the Public Access to Court Electronic Records (PACER) system under Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and related cases.
About Gold Reserve
Gold Reserve is a predominantly U.S.–owned mineral exploration and development firm dedicated to advancing high‑grade mineral assets to generate sustainable long‑term value for shareholders. The company’s shares trade on the TSX Venture Exchange (TSX‑V: GRZ), the Bermuda Stock Exchange (BSX: GRZ.BH), and the OTCQX market in the United States (OTCQX: GDRZF).
Cautionary Statement Regarding Forward-Looking statements
This release includes forward‑looking statements as defined by U.S. federal securities law and forward‑looking information under Canadian provincial and territorial securities legislation, reflecting Gold Reserve’s management’s current intentions, expectations, beliefs, and predictions. Such statements rely on estimates and assumptions deemed reasonable by management, yet remain subject to significant business, economic, and competitive uncertainties. They are often identified by terms like “anticipates,” “plan,” “continue,” “expect,” “project,” “intend,” “believe,” “estimate,” “may,” “will,” “potential,” “proposed,” “positioned,” and similar language, or by assertions that certain events “may” or “will” occur. In this release, forward‑looking statements cover, among other topics, the possible abeyance of the appeal, the prospect that Venezuela and its advisors could pursue and implement repayment of the Delaware creditors, the possibility of a Venezuela‑led purchase of PDVH shares backed by the U.S. administration, the potential for such a transaction to resolve creditors’ claims promptly and completely, and the effect of U.S. administrative actions in Venezuela on Citgo’s value, PDVH share value, and the capacity to repay creditors.
We note that these forward‑looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Such risks include, but are not limited to, the outcome and timing of the appeal and any related proceedings; the Third Circuit’s decision on the abeyance motion and the United States’ position; U.S. administrative actions in Venezuela, along with Venezuelan political and economic conditions and the regulatory framework affecting CITGO or Venezuela; the capacity of Venezuela and its advisers to arrange, fund, and execute any repayment of the Delaware creditors; the value of Citgo and the PDVH shares, which may be influenced by oil‑price fluctuations, refining margins, operational performance, market conditions, and other factors; and the terms, timing, and approval of any repayment, settlement, or restructuring involving Venezuela or its creditors. This list is not exhaustive. For a fuller discussion of the risks facing Gold Reserve’s business, refer to the company’s Management’s Discussion & Analysis for the period ended June 30, 2026 and other filings on SEDAR+ accessible via www.sedarplus.ca.
Investors should avoid placing undue reliance on forward‑looking statements. All future written and oral forward‑looking statements from Gold Reserve or anyone acting on its behalf are fully qualified by this caution. Gold Reserve undertakes no obligation to update or revise any forward‑looking statements or the associated assumptions, except as required by applicable Canadian provincial and territorial securities regulations.
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 additional information about Gold Reserve Ltd., please visit www.goldreserve.bm.
Dave Onzay
Email: investorrelations@goldreserve.bm
Phone: +1 (441) 295-4653