Mr. Dragos Tanase reports

GABRIEL RESOURCES LTD. UPDATE ON ICSID ARBITRATION

Gabriel Resources Ltd. has previously announced that the proceedings in its World Bank International Centre for Settlement of Investment Disputes (ICSID) claim against Romania had been declared closed by the arbitral tribunal on Sept. 14, 2023.

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, provided however that the tribunal may take a further 60 days if it is otherwise unable to draw up the award in such time frame.

The tribunal has today notified the parties that, in accordance with arbitration Rule 46, it has extended the period to draw up and sign the award for a further 60 days. Accordingly, the tribunal must issue the award on or before March 12, 2024.

Dragos Tanase, Gabriel's president and chief executive officer, stated, "This further potential delay to the issuance of a decision by the tribunal is frustrating to all stakeholders, however we hope the decision is made earlier than the final deadline date."

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 Corporation 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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