Fourth Quarter and Year-End 2025 Results

• Earnings Release: Gabriel Resources reported Q4 and Full Year 2025 results on April 29, 2026.
• Financial Performance: Net loss for the year ended Dec 31, 2025 was C$9.4 million, an improvement from C$11.3 million in 2024. Q4 2025 net loss was C$1.5 million compared to C$3.6 million in Q4 2024.
• Liquidity Position: Cash and cash equivalents stood at C$1.018 million as of Dec 31, 2025. Working capital deficiency is significant at C$17.497 million.
• Bridge Financing: The company secured a US$1.5 million unsecured bridge loan from existing principal shareholders (Electrum Global Holdings L.P. and Paulson & Co., Inc.) at 12% interest per annum. Maturity is April 28, 2027, or upon completion of a financing >=US$2 million.
• Restatement: 2024 comparative financials were restated due to an understatement of Romanian minimum turnover tax (IMCA) by approximately C$442k.
• Legal Status: ICSID annulment hearing scheduled for May 11-12, 2026. Roșia Montană exploitation license extension application was rejected by NAMR; legal challenge hearing set for May 20, 2026.

• Liquidity Stress Confirmed: The news confirms a precarious liquidity position with only C$1 million in cash against a C$17.5 million working capital deficiency. While the bridge loan provides immediate relief, it is high-cost (12%) and contingent on future financing success.
• Expected Outcome: The results align with previous quarterly reports (Q3 2025) which highlighted similar losses and reliance on private placements. The market has been pricing in continuous dilution and legal costs throughout 2025.
• Legal Risk: The proximity of the ICSID annulment hearing (May 11, 2026) creates a binary risk event. Failure to secure financing or win the annulment could lead to insolvency given the cash runway is insufficient without external capital.
• Dilution: Continued reliance on insider bridge loans and private placements indicates an inability to access public markets at favorable terms, further diluting existing shareholders over time.

• Company: Gabriel Resources Ltd. is a gold exploration and development company focused on the Roșia Montană Project in Romania.
• Flagship Project: The Roșia Montană Gold Project is one of Europe's largest undeveloped gold deposits. It has been stalled for decades due to legal, environmental, and political challenges.
• Development Status: Currently in a legal dispute phase rather than active development. The company is pursuing arbitration against the Romanian government following the revocation of its exploitation license. No production or revenue generation from mining operations exists at this time.