Gold Reserve's Dalinar SPA cancellation granted

Executive Summary

• A Delaware federal judge denied Gold Reserve Ltd.’s motion to strike the special master’s notice of a superior proposal and granted the request to terminate Gold Reserve’s Dalinar Energy SPA, allowing execution of Elliott’s Amber Energy SPA.
• The ruling was described as “entirely ministerial,” focusing on paperwork alignment rather than substantive merits of the competing bids.
• A written opinion and order are expected shortly.

Key Details

• Judge & Court: Judge Leonard Stark, U.S. District Court for the District of Delaware.
• Date of Decision: September 18, 2025 (oral ruling from the bench).
• Denied Motion: Gold Reserve’s motion to strike the special master’s notice of a superior proposal was denied.
• Granted Motion: The judge granted the special master’s request to terminate Gold Reserve’s Dalinar Energy SPA and to sign Elliott’s Amber Energy SPA.
• Nature of Ruling: Characterized by the judge as “entirely ministerial,” intended solely to align contractual paperwork with the special master’s recommendation.
• Merits Not Addressed: The court did not decide on the substantive merits regarding which bid should be approved.
• Next Steps: Gold Reserve anticipates a written opinion and formal order to be issued in the near future.

Notable Quotes

• Judge Stark: “The ruling on the request to terminate is entirely ministerial and intended only to bring the paperwork of the SPA in line with the current status of the special master’s recommendation.”