GDRZFGold Reserve Ltd. (Bermuda)

About Gold Reserve Ltd. (Bermuda) (GDRZF)

Gold Reserve Ltd. (Bermuda) (GDRZF) is a Gold company headquartered in Pembroke, Bermuda whose shares trade over-the-counter on the OTCQX tier.

Gold Reserve Ltd. ("Gold Reserve" or the "Company") has a history in mining dating back to 1956 and was formed for the purpose of acquiring, exploring, and developing mining properties and placing them into production. On September 30, 2024, the Company continued from the Province of Alberta to Bermuda. In connection with the continuance, the Company's name was changed from "Gold Reserve Inc." to "Gold Reserve Ltd.". The Company is listed on the TSX Venture Exchange and also trades in the OTCQX Markets. In 1992, the Company acquired and developed the Brisas gold and copper project, located in the State of Bolivar in southeastern Venezuela (the "Brisas Project"). In 2008, the Venezuelan government terminated the Brisas Project without compensation to the Company. The Company filed for ICSID arbitration in 2009 and in September 2014, an ICSID Tribunal awarded the Company $740.3 million in damages, including interest and legal costs (the "Award"). In July 2016, we signed a Settlement Agreement, subsequently amended, whereby Venezuela agreed to pay the Company approximately $1.032 billion to satisfy the Award and purchase our Mining Data. Venezuela and the Company also agreed to jointly develop the the Siembra Minera Project, which includes the Brisas Project. As of December 31, 2024, the Company had received a total of approximately $254 million in cash and marketable debt securities in payment under the Settlement Agreement. The Company continues to work on enforcement of the Brisas 2014 Award through legal proceedings in the U.S. District Court of Delaware. By order dated January 8, 2024, the Delaware Court granted the request made by the Company to be designated as an Additional Judgment Creditor under the Sales Process Order governing the terms of potential sale of the shares of PDV Holding Inc., ("PDVH"), the indirect parent company of CITGO Petroleum Corp. Proceeds from the potential sale would be used to pay judgement creditors based on a priority order set by the Delaware Court. On April 3, 2024, the Delaware Court issued its Final Priority Order, which identifies 12 judgments that are senior in priority to the Company's judgment and totaled approximately $5.564 billion as at August, 14, 2023. In January 2025, the Delaware court issued an order on the sales process going forward including the sale hearing which is scheduled for July 2025. The remaining unpaid amount due from Venezuela pursuant to the Award as of December 31, 2024 was estimated at approximately $1.14 billion including interest. Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera"), the entity whose purpose is to develop the Siembra Minera Project, is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation and 45% by Gold Reserve. In March 2022, the Ministry of Mines of Venezuela issued a resolution to revoke the gold, copper, silver and other strategic mineral rights granted to Siembra Minera. In late 2022, we filed for an appeal of the resolution with the Venezuelan Supreme Court of Justice which was subsequently withdrawn. In late 2023, the Company filed a notice of dispute with the Republic of Venezuela related to the Republic's unlawful actions and omissions in relation to the revocation of mining rights that could result in the Company pursuing international arbitration pursuant to which the Company would claim in excess of US $7 billion in damages. To date the Company has not formally commenced such arbitration proceedings. See the Company's website at ***.goldreserve.bm for additional information.

Products and services

Acquiring, exploring and developing mining projects.

GDRZF key facts

Ticker symbol

GDRZF

Market tier

OTCQX

Sector

Basic Materials

Industry

Gold

Headquarters

Pembroke, Bermuda

Country of incorporation

BM

Year of incorporation

2024

Employees

3

Estimated market cap

$197.82M (as of Apr 9, 2025)

Shares outstanding

113,037,414

Reporting standard

U.S. Reporting: SEC Reporting

Audit status

Audited

Fiscal year end

12/31

Gold Reserve Ltd. (Bermuda) leadership

• Paul Rivett — CEO
• David P. Onzay — CFO

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