Mr. Dave Onzay reports

GOLD RESERVE ANNOUNCES INTENTION TO COMMENCE NORMAL COURSE ISSUER BID

Gold Reserve Ltd. intends to commence a normal course issuer bid (NCIB) through the facilities of the TSX Venture Exchange and any alternative authorized Canadian trading systems to repurchase, for cancellation, up to 7,393,451 common shares of the company, representing 5 per cent of the company's presently issued and outstanding common shares.

The NCIB will commence on Sept. 4, 2026, and will terminate upon the earliest of: (i) the company purchasing 7,393,451 common shares; (ii) the company providing notice of termination of the NCIB; and (iii) Sept. 4, 2027. Under the NCIB, the company may not acquire more than 2 per cent of its issued and outstanding common shares in any 30-day period.

The company believes that, from time to time, the market price of its common shares does not adequately reflect the company's underlying value and prospects, and that, at such times, the purchase of the company's common shares represents an appropriate use of the company's financial resources and will enhance shareholder value.

The company has engaged TD Securities Inc. to act as its broker for the NCIB. The NCIB will be made through the facilities of the TSX-V and alternative authorized Canadian trading systems, and the purchase and payment for the common shares will be made from the company's existing working capital at the market price of the applicable securities at the time of acquisition, plus brokerage fees, if any, charged by the broker. All common shares purchased by the company under the NCIB will be cancelled.

In connection with the NCIB, the company has entered into an automatic purchase plan (APP) with the broker as the designated broker. The APP provides a set of standard instructions to the broker to make purchases under the NCIB in accordance with the limits and other terms set out in the APP. The broker will determine the timing of these purchases in its sole discretion based on purchasing parameters set by the company, and subject to the policies of the TSX-V, applicable securities laws and the terms of the APP.

All purchases pursuant to the NCIB will be made through the facilities of the TSX-V. If, at any time during the NCIB, the company wishes to purchase through the facilities of the Bermuda Stock Exchange, prior approval of the TSX-V will be required.

To the company's knowledge, none of the directors, senior officers or insiders of the company, or any associate of such person, or any associate or affiliate of the company, has any present intention to sell any securities to the company during the course of the NCIB.

A copy of the Form 5G, Notice of Intention to make a Normal Course Issuer Bid, filed by the company with the TSX-V in respect of the NCIB can be obtained from the company upon request without charge.

We seek Safe Harbor.