An anonymous director reports

$2 BILLION LOWER AMBER ENERGY BID RECOMMENDED BY SPECIAL MASTER IN CITGO SALE PROCESS

Gold Reserve Ltd.'s Delaware subsidiary, Dalinar Energy Corp., has not been selected by the special master as the recommended bidder for the purchase of the shares of PDV Holding Inc., the indirect parent company of Citgo Petroleum Corp., in the sales process being conducted by the U.S. District Court for the District of Delaware. Amber Energy Inc. was named in the updated final recommendation.

The net purchase price of Amber Energy's bid is approximately $5.9-billion, which is approximately $2-billion less than Dalinar Energy's revised $7.9-billion price.

The company believes it has strong grounds to object to the updated final recommendation, and it intends to do so vigorously. Objections are required to be filed with the court on Sept. 6, 2025, and will be considered by the court at the sale hearing scheduled to commence Sept. 15, 2025.

On Aug. 28, 2025, Dalinar Energy submitted an improved bid to the special master. The terms of the improved bid are described in the updated final recommendation. In summary, the total economic value of Dalinar Energy's improved bid exceeded $11.2-billion, composed of:

• A net purchase price of $7.9-billion, representing a $520-million increase of the price of its prior successful bid;
• An additional potential $400-million increase in purchase price through the offer of $20-million in cash and securities to junior creditors;
• Increased financing support to provide flexibility to address and resolve the approximately $2.9-billion potential liability of the 2020 bondholder claims as needed, and a restatement that Dalinar Energy is assuming the risk associated with the 2020 bondholder claims in its proposal to purchase the PDVH shares.

Gold Reserve also made a series of substantial non-economic improvements to the bid to resolve objections and thereby improve its certainty of closing.

The Dalinar Energy bid remains fully financed and supported by a lending consortium that includes three leading financial institutions. It provides for committed debt financing, additional asset-based lending available postclosing and equity financing.

Further information regarding the Amber Energy bid and Dalinar Energy's improved bid, and a copy of all bid documents, can be found in the updated final recommendation.

A complete description of the Delaware sale proceedings can be found on the public access to court electronic records system in Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings.

We seek Safe Harbor.