Ms. Kathryn Houlden reports

GOLD RESERVE WINS APPEAL AT PORTUGAL SUPREME COURT

Gold Reserve Ltd. has received official confirmation that in a recently published decision, Portugal's supreme court upheld a decision recognizing the company's 2014 international arbitration award against the Bolivarian Republic of Venezuela and rejecting the state's sovereign immunity and public policy defences.

The total amount owed by Venezuela under the award, inclusive of interest, exceeds $1.1-billion. In February, 2025, the Lisbon court of appeal issued an order granting the company's application to confirm the award in Portugal and entered judgment for the company against Venezuela in the amount of the award. In the present decision, the supreme court of justice affirmed the court of appeal's decision. Venezuela also was ordered to pay costs.

A copy of the supreme court's decision can be found on-line. An English translation of the decision is being prepared and the company's website.

The company's recognition and enforcement efforts in Portugal are in addition to those being undertaken in the United States, including the company's being named on July 2, 2025, as the final recommended bidder in the U.S. District Court for the District of Delaware for the sale of the shares of PDV Holdings, Inc., the indirect parent company of CITGO Petroleum Corp. Any satisfaction of the company's judgment in the Delaware proceedings may set off and reduce the amount that can be recovered on the award in the Portugal legal proceedings, and vice-versa.

We seek Safe Harbor.