Gold Reserve Successfully Overcomes Rusoro Mining Ltd.'s Motion to Dismiss in Court of Chancery Proceedings

Gold Reserve Inc. announced on August 17, 2026, that a Delaware Court of Chancery judge dismissed five of its six claims in litigation against Rusoro Mining Ltd., but allowed a breach of contract claim to proceed. The surviving claim centers on Rusoro’s alleged breach of confidentiality and failure to use commercially reasonable efforts to support the Dalinar Bid during the Citgo/PDVH judicial sale.

Earlier the same day, the company announced the release of José Ignacio Moreno Suárez, its former attorney and legal representative in Venezuela, after more than three years of political imprisonment. Management confirmed that the company will now prepare to return personnel to Venezuela to participate in the recovery stage of the Siembra Minera project, aligning with U.S. Secretary of State Rubio’s outlined framework.

The Court of Chancery’s ruling represents a partial victory for Gold Reserve Inc. (GRZ), allowing a breach of contract claim to proceed while dismissing five other claims. This decision provides a pathway to potentially recover damages related to the consortium agreement but significantly narrows the scope of the litigation. The ruling is a procedural step in a multi-year legal battle rather than a fundamental shift in the company's valuation or cash position.

The release of the legal representative is operationally significant, clearing a previously stated prerequisite for resuming on-the-ground activities in Venezuela. Combined with the new Venezuelan mining law, which removes mandatory state-majority participation, and the Augusta Capital earn-in agreement, these developments de-risk the timeline for project revitalization.

However, the market has already priced in the gradual normalization of Venezuela operations and the ongoing legal appeals. The company remains pre-revenue and heavily dependent on the collection of a ~$1.26 billion arbitral award and successful project execution.

Gold Reserve Inc. (GRZ) is a pre-revenue junior exploration company focused on the Siembra Minera Project in Venezuela. The company’s primary value driver is the pursuit of a ~$1.26 billion 2014 arbitral award against the Bolivarian Republic of Venezuela, alongside enforcement proceedings in Portugal.

Strategic focus has shifted toward restructuring via a spin-out of Venezuelan mining and Alaskan assets into a new U.S.-domiciled entity, American Heralds Mining Corp., while simultaneously partnering with Augusta Capital to fund the revitalization of Siembra Minera. The company operates without commercial production, relying entirely on capital raises, legal recoveries, and strategic partnerships for liquidity.