An anonymous director reports

GOLD RESERVE PROVIDES UPDATE IN CITGO SALE PROCESS: GOLD RESERVE FILES REPLY BRIEF WITH THE THIRD CIRCUIT

Gold Reserve Ltd. has filed its reply brief with the U.S. Court of Appeals for the Third Circuit in connection with the proposed judicial sale of PDVH shares to Elliott/Amber Energy.

Gold Reserve's reply brief asserts that the Delaware court was not permitted to approve Elliott/Amber Energy's $5.9-billion bid (which was $2-billion less than Gold Reserve's final $7.9-billion bid) as it did not satisfy the overbid-minimum requirement embodied in the court-ordered bidder protections and, moreover, violated the Delaware law requirement that the shares be sold to the highest bidder (all figures U.S.). Gold Reserve also asserts that, contrary to appellees' arguments, its disqualification motion was both meritorious and timely as the continued engagements between the special master's advisers and Elliott outside of the sales process created an appearance of bias, the extent of which did not come to light until September, 2025.

Briefing in connection with the appeal is now complete and the parties expect the Third Circuit to set a date for oral arguments in due course.

A copy of the company's filing can be found on-line.

A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corp. versus Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings.

We seek Safe Harbor.