Rusoro Updates CITGO Auction Process

The most recent news release from November 13, 2025, states that the Delaware Court of Chancery and the Delaware Federal Court have issued rulings favorable to Rusoro in the ongoing legal proceedings related to the CITGO share auction. Specifically, the courts denied motions filed by Gold Reserve, another creditor of Venezuela. These motions sought expedited treatment for a preliminary injunction and aimed to disqualify the special master and recuse the judge overseeing the sale process. The denial of these motions prevents a potential disruption or alteration of the current auction process.

This news is materially positive. Rusoro's entire value proposition is contingent on the successful collection of its arbitral award against Venezuela through the court-ordered auction of PDV Holding (CITGO's parent) shares. Gold Reserve is a significant competing creditor in this process. Their legal motions represented a direct challenge that could have delayed, complicated, or altered the auction in a way that might have been detrimental to Rusoro's position and recovery prospects.

The court's denial of these motions removes a key near-term legal obstacle and allows the established sale process to continue as planned. While this ruling does not guarantee any specific recovery amount for Rusoro, it is a significant procedural victory that maintains the status quo and path towards monetization. It reinforces the integrity of the current process, which is the company's only viable avenue to realize the value of its legal claim. This is not a game-changer as no funds have been awarded, but it is a crucial de-risking event within the complex legal framework.

Looking at the historical context: - March 24, 2025: A consortium including Rusoro and Gold Reserve saw their credit bid for CITGO not recommended as the "stalking horse" bid. This was a setback. The stock reacted negatively, falling from over $1.00 to the low $0.80s. - April 30, 2025: The company announced a late filing of its annual financials and the resignations of three directors, resulting in a Management Cease Trade Order (MCTO). This signaled significant internal turmoil and governance issues, which added considerable risk. - July 28, 2025: Rusoro secured a critical $1.7M note financing to cover legal expenses and working capital, highlighting its precarious financial state. - August 29, 2025: Q2 financials revealed a cash balance of only $21,000 as of June 30, confirming the absolute necessity of the July financing.

The current news is a welcome positive development after a year of mixed and often concerning news. It demonstrates progress in the core legal battle, which is the only thing that matters for this company.

Rusoro Mining Ltd. is not an operating mining company. Its primary activity and sole source of potential value is the enforcement of a US$1.3 billion arbitral award (including interest) against the Bolivarian Republic of Venezuela. This award was granted as compensation for the unlawful expropriation of the company's gold mining investments in Venezuela.

The "flagship project" is the legal battle to collect this award. The main avenue for collection is through a U.S. District Court of Delaware-supervised auction of the shares of PDV Holding, Inc., the indirect parent company of U.S. oil refiner CITGO Petroleum Corp. Rusoro is one of many international creditors seeking to attach these shares to satisfy their claims against Venezuela.