Gold Reserve Updates on CITGO Sale Process Objections, Parties File Memoranda and Statements.

Gold Reserve provides an update on responses to objections to the Special Master's Final Recommendation in the CITGO sale process. Parties have filed memoranda and statements in response to objections, including the Special Master, Gold Reserve, Rusoro Mining, Koch Minerals, and others. Briefing on objections is set to take place on August 13 and 16, ahead of the August 18 sale hearing.

Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) has provided an update on the responses to objections to the Special Master's Final Recommendation in the CITGO sale process. The company announced that various parties have filed memoranda and statements in response to the objections. These parties include the Special Master, Gold Reserve, Rusoro Mining Ltd., Koch Minerals Sàrl and Koch Nitrogen International Sàrl, Siemens Energy Inc., Crystallex International Corporation, the ConocoPhillips companies, OI European Group B.V., the "Venezuela Parties" (the Bolivarian Republic of Venezuela, PDVSA, PDVH and CITGO), and Black Lion Capital Advisors [1].

Under the Court's schedule, further briefing on the objections is set to take place on August 13 and August 16, ahead of the August 18 sale hearing. A copy of the filings will be posted shortly on the company's website [1].

Gold Reserve has cautioned investors that the release contains forward-looking statements, which are subject to significant uncertainties and risks. These risks include the discretion of the Special Master to consider the bid, the potential for the bid to not be approved by the Court, and the possibility of regulatory approvals not being obtained. The company also notes that the business may experience significant disruptions due to transaction-related uncertainty, industry conditions, and other factors [1].

Investors are advised not to put undue reliance on forward-looking statements. For a more detailed discussion of the risk factors affecting the company's business, see the Company's Management's Discussion & Analysis for the year ended December 31, 2024 and other reports that have been filed on SEDAR+ and are available under the Company's profile at www.sedarplus.ca [1].

References:
[1] Gold Reserve Ltd. (2025). Gold Reserve provides update on responses to objections to the Special Master's Final Recommendation. Business Wire. Retrieved from [https://www.businesswire.com/news/home/20250808973793/en/](https://www.businesswire.com/news/home/20250808973793/en/)