Gold Reserve Offers Update on Citgo’s Sales Process: Gold Reserve Files Reply Brief for Third Circuit

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PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that the Company has filed its Reply Brief with the US Court of Appeals for the Third Circuit (“Third Judge Regarding the Sale of VPD” Elliott/Amber Energy).

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Gold Reserve’s Reply Brief asserts that the Delaware court was not allowed to approve Elliott/Amber Energy’s $5.9 billion bid (which was $2 billion less than Gold Reserve’s final bid of $7.9 billion) because it did not satisfy the overbid-minimum requirement contained in the court order, requiring Delaware protection to sell additional Delaware. the highest bidder. Gold Reserve also asserts that, contrary to plaintiffs’ arguments, its motion to withdraw was proper and timely pending negotiations between Special Claims counsel and Elliott. outside of the sales process created the appearance of bias, the extent of which did not appear until September 2025.

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Briefing on the appeal has now been completed and the parties await the Third Circuit to set a date for oral arguments at a later date.

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A copy of the Company’s filing can be found here.

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A complete description of Delaware’s foreclosure procedures can be found in 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 related proceedings.

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Cautionary Statement Regarding Forward-Looking Statements

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This release contains “forward-looking statements” within the meaning of applicable federal securities laws of the US and “forward-looking information” within the meaning of the applicable laws of the provinces and territories of Canada and the Gold Reserve of the country and its management’s objectives, hopes, beliefs, expectations or predictions of the future. Forward-looking statements are actually based on a number of estimates and assumptions that, although management considers reasonable at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are often characterized by words such as “anticipate”, “plan”, “continue”, “anticipate”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will happen”, “probable”, “proposed”, “positioned” and other similar words, or statements that “will happen” or “certain events” will occur. Forward-looking statements contained in this press release include, but are not limited to, statements regarding any bid submitted by the Company to purchase PDVH shares (the “Bid”); appeal filed in the Third Circuit; the expected outcome and timing of that appeal; the terms, implementation, and expected benefits of settlement agreements reached with certain Financial Institutions; and the Company’s future financial condition, performance, and prospects.

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We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause actual events, results or results of Gold Reserve to differ materially from our estimated results, results, performance, or achievements expressed or implied by such forward-looking statements, including but not limited to: the proceeds of the Elliott/Amber Energy bid, if it will not satisfy any of the Company’s September amount. 2014 arbitral award and/or corresponding November 15, 2015 US judgment; Gold Reserve may not succeed in any stay, appeal or challenge to the Court’s Order and Opinion dated November 25, 2025 upholding the Special Administrator’s recommendation of the Elliott/Amber Energy bid and rejecting the same objections, including objections made by Gold Reserve; that the Sale Process may not result in the sale of PDVH shares to any person, including Elliott/Amber Energy or any other buyer recommended by the Special Master or approved by the Court; that the Company may forfeit any cash deposits made for failure to complete the Bid or otherwise; the ability to enforce a writ of attachment issued by the Company; deadlines for various reports and/or other matters relating to the Sales Process may not be met; the Company’s ability to otherwise participate in the Sales Program (and related costs); the amount, if any, of the proceeds related to the Sales Process; competing claims of other creditors of Venezuela, PDVSA and the Company, including any interest in those judgment creditors or any material award; uncertainty regarding possible settlements between Venezuela and other creditors and the effect of any such settlement on the amount of funds that may be available under the Sale Process; and the effects of bankruptcy in connection with the Sale Process and/or the Company’s claims, including due to the prioritization of other claims. This list is not exhaustive of 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 Discussion and Analysis for the period ended September 30, 2025 and other reports filed on SEDAR+ and available under the Company’s profile at

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Investors are cautioned not to place undue reliance on forward-looking statements. All written and oral forward-looking statements relating to Gold Reserve or its representatives are qualified in their entirety by this announcement. Gold Reserve disclaims any intention or obligation to publicly update or revise any forward-looking statements or the above list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable laws promulgated by applicable laws of the provinces and territories of Canada.

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NEITHER THE TSX VENTURE EXCHANGE NOR ITS ADMINISTRATIVE SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE TERMS OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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For more information about Gold Reserve Ltd., visit https://www.goldreserve.bm.

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