Gold Reserve Provides Update on Legal Proceedings in Delaware

Executive Summary

• The U.S. District Court for the District of Delaware denied Gold Reserve’s motion to disqualify the Special Master, his advisors (Weil, Gotshal & Manges and Evercore), and the presiding judge in the Citgo sale proceeding.
• The court also denied a similar motion filed by the Venezuela Parties and indicated it will not rule on the Amber Energy bid before 21 Nov 2025.
• In a separate Delaware Chancery matter, the court declined to expedite Gold Reserve’s request for a preliminary injunction against Rusoro Mining Ltd., opting to await further developments in the Citgo process.

Key Details

• Court Decision: Motion to disqualify Special Master and advisors denied; same outcome for counterpart motion by Venezuela Parties.
• Future Ruling Timeline: Court will not address the Amber Energy bid until after 21 Nov 2025.
• Conflict Concerns Highlighted: Gold Reserve cites $170 million in fees paid to Special Master’s advisors and alleged conflicts of interest involving counsel representing Elliott and Apollo Global Management.
• Legal Strategy: Company intends to pursue appellate remedies regarding the disqualification denial and broader concerns about fairness of the Citgo sale process.
• Related Litigation: Delaware Court of Chancery refused to expedite a preliminary injunction against Rusoro Mining Ltd.; decision pending further Citgo‑related developments.
• Reference Materials: Written opinion and order available via public court records (Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17‑mc‑00151‑LPS).

Notable Quotes

“Gold Reserve respectfully disagrees with the ruling and continues to believe that the sale process was plagued with significant conflicts of interest…” – Gold Reserve statement

Materiality Assessment: Material – Negative (court rulings adverse to Gold Reserve’s litigation strategy and potential impact on the Citgo sale outcome).