Mr. Dragos Tanase reports

PROCEEDINGS IN ICSID ARBITRATION CASE WITH ROMANIA CLOSED BY TRIBUNAL

Gabriel Resources Ltd. has noted that the arbitral tribunal in the World Bank's International Centre for Settlement of Investment Disputes (ICSID) declared the proceedings closed, in accordance with Rule 38(1) of the ICSID arbitration rules, on Sept. 14, 2023.

The company initiated the arbitration before ICSID in July, 2015, under the Canada-Romania and United Kingdom-Romania bilateral investment treaties following Romania's unlawful refusal to permit the Rosia Montana mining project in Romania.

According to Rule 46 of the ICSID arbitration rules, the tribunal must issue its final decision to the parties within 120 days of the closure of the proceedings. However, the tribunal is permitted to take a further 60 days if it is otherwise unable to draw up the award in such time frame.

Dragos Tanase, Gabriel's president and chief executive officer, stated: "The closure of the proceedings by the ICSID tribunal is a welcome development, and signals the end of the parties' presentation of their case and the tribunal's determination that it does not require any further information from the parties. Gabriel now awaits receipt of the tribunal's decision."

About Gabriel Resources Ltd.

Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The company's principal business had been the exploration and development of the Rosia Montana gold and silver project in Romania. The Rosia Montana project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, a historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. The exploitation licence for the Rosia Montana project is held by Rosia Montana Gold Corp. S.A., a Romanian company in which Gabriel owns an 80.69-per-cent equity interest, with the 19.31-per-cent balance held by Minvest Rosia Montana S.A., a Romanian state-owned mining company.

Upon obtaining the licence in June, 1999, the group focused substantially all of its management and financial resources on the exploration, feasibility and subsequent development of the Rosia Montana project. Despite the company's fulfilment of its legal obligations and its development of the Rosia Montana project as a high-quality, sustainable and environmentally responsible mining project, using best available techniques, Romania has unlawfully blocked and prevented implementation of the Rosia Montana project without due process and without compensation. Accordingly, the company's current core focus is the ICSID arbitration.

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