Gold Reserve Provides Update on Legal Proceedings in Delaware

Core Viewpoint - Gold Reserve Ltd. is currently engaged in legal proceedings concerning the Citgo sale process, with recent court rulings impacting its position and strategy [2][3]. Legal Proceedings Update - The U.S. District Court for the District of Delaware denied Gold Reserve's motion to disqualify the Special Master and his advisors overseeing the Citgo Sale Process, as well as a similar motion from the Venezuela Parties [2]. - The court indicated it would not rule on the Amber Energy bid until November 21, 2025 [2]. Company’s Position - Gold Reserve disagrees with the court's ruling, citing significant conflicts of interest in the sale process, including $170 million in fees collected by the Special Master's advisors from Elliott and 2020 bondholders [3]. - The company plans to seek appellate remedies to address these concerns regarding the fairness and integrity of the Citgo sale process [3]. Related Legal Actions - In a separate case against Rusoro Mining Ltd. for breach of a Consortium Agreement, the Delaware Court of Chancery declined to expedite Gold Reserve's motion for a preliminary injunction, opting to wait for developments in the Citgo sale process [4].