Mr. Andre Agapov reports

RUSORO ANNOUNCES LEGAL UPDATES

Last year, the United States Court of Appeals for the Third Circuit ruled that various parties holding judgments against the Republic of Venezuela, including Rusoro Mining Ltd., were entitled to enforce their judgments against property owned by Petroleos de Venezuela (PDVSA), the Venezuelan state-owned oil conglomerate, on the grounds that PDVSA was the corporate alter ego of the Venezuelan state. On this basis, the U.S. District Court for the District of Delaware has commenced a sale process whereby the shares of PDV Holding Inc., a company 100 per cent owned by PDVSA and the indirect owner of Citgo Petroleum Corp., are to be sold in satisfaction of the Venezuela creditors' judgments. Venezuela and PDVSA asked the U.S. Supreme Court to review this ruling, and on Jan. 8, 2024, the Supreme Court refused to hear the case, meaning that the Third Circuit's ruling is final and unappealable.

Further, on Jan. 8, 2024, the Delaware court designated certain of the judgment creditors in the case, including Rusoro, to be "additional judgment creditors," meaning that they are entitled to share in the proceeds of the sale of the PDV Holding shares when they are auctioned. Non-binding bids are due on Jan. 22, 2024, and the auction is scheduled to take place in July, 2024.