Mr. Rockne Timm reports

GOLD RESERVE ANNOUNCES FURTHER MANAGEMENT AND BOARD CHANGES

Further to its press release of Nov. 27, 2023, announcing the retirement of Rockne J. Timm as chief executive officer of Gold Reserve Inc. effective Feb. 13, 2024, the company is pleased to announce further changes that will become effective upon Mr. Timm's retirement. James H. Coleman, currently executive chairman of Gold Reserve, will become president and chairman emeritus, and continue his role as a senior executive of the company in that capacity, and Robert Cohen, currently a director of Gold Reserve, will be appointed chairman of the board. As previously announced, Mr. Timm will continue to serve as a director and adviser to the company following his retirement. The board of directors of Gold Reserve believe that these changes will allow it to effectively manage the transitional issues associated with Mr. Timm's retirement after his more than 35 years of strong leadership. The board also continues to actively search for a full-time chief executive officer to manage the day-to-day affairs of the company as it continues its work to enhance shareholder value.

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