Mr. Dragos Tanase reports

GABRIEL RESOURCES LTD. CORPORATE UPDATE

Gabriel Resources Ltd. announced on March 8, 2024, that the company's ICSID arbitration claims against the Romanian government were dismissed by a two to one majority of the tribunal members, who also awarded Romania approximately $10-million (U.S.) in legal fees and expenses. The cost order incurs simple interest from the date of the award at the three-month U.S. Treasury rate.

Following further analysis of the tribunal's decision with its professional advisers, the company continues to believe that the tribunal's decision is deeply flawed. Accordingly, the company is evaluating the possibility of challenging the decision through the annulment process prescribed by the ICSID Convention. Any annulment application must be filed within 120 days of the date of the tribunal's decision.

The government of Romania has requested the company and its co-claimant in the ICSID arbitration, Gabriel Resources (Jersey) Ltd., to settle the cost order and noted that it will take action to enforce the same. In this regard, from public records, it appears that the Romanian state has sought precautionary measures in Romania to impose restrictions on the sale or transfer of the shares held by Gabriel Jersey in its Romanian subsidiary, Rosia Montana Gold Corporation SA, pending settlement of the cost order. The company believes that these actions are premature and suffer from procedural infirmities. Gabriel will vigorously defend its rights and interest in Romania and elsewhere.

The company currently has available funds of approximately $2.0-million ($1.5-million (U.S.)) and would expect such balance to be exhausted in the normal course of business by the end of May, 2024. Gabriel continues to manage its cash resources and its current and future financial obligations carefully. The company is in discussions with existing investors and other interested parties to source additional funds to finance its future strategic objectives (which may include, as appropriate, costs of any potential annulment proceedings) and for general working capital purposes. There is a significant risk that sufficient additional financing may not be available to the company on acceptable terms, or at all. The failure to raise funds as and when needed would have a negative impact on the company's financial condition and its ability to continue as a going concern.

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, 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 SA, a Romanian state-owned mining company.

Following issuance of the exploitation 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. Gabriel invested over $760-million (U.S.) to develop the Rosia Montana project and to define two promising gold, silver and porphyry copper-gold mineral deposits in the Bucium concession area located in the vicinity of Rosia Montana.

The Rosia Montana project had the potential to be a flagship development project in Romania presenting opportunities to:

• Boost the Romanian economy through direct and indirect contributions to gross domestic product;
• Create several thousands of much needed direct and indirect jobs in an area that has record unemployment, thus ensuring Rosia Montana's sustainable economic development;
• Make Romania the leading producer of gold and silver in the European Union;
• Remediate, through significant investment in infrastructure and environmental rehabilitation, the severe environmental degradation that besieges Rosia Montana's landscape today as a consequence of unregulated historical state mining operations;
• Add further significant investments to the preservation and restoration of Rosia Montana's important cultural heritage (beyond the significant investments already made by Gabriel).

We seek Safe Harbor.