Gold Reserve submits improved bid for PDV Holding

An anonymous director reports GOLD RESERVE SUBMITS IMPROVED PROPOSAL IN CITGO SALE PROCESS Pursuant to the schedule set by the U.S. District Court for the District of Delaware, Gold Reserve Ltd. has submitted an improved proposal for the purchase of the shares of PDV Holding Inc., the indirect parent company of Citgo Petroleum. The terms of the company's improved proposal are confidential, per the bidding procedures, but the company can confirm that it has materially increased its proposed purchase price, arranged for additional financial support and increased the certainty of its bid in non-economic ways. Per the court's schedule, the special master is required to consider the company's improved proposal in good faith before filing an amended final recommendation on Aug. 29, 2025. The company's improved proposal was submitted under a reservation of rights as to its objection that the special master's notice of determination of superior proposal is invalid for the reasons set forth in the company's pending motion to strike. A complete description of the Delaware sale proceedings can be found on the public access to court electronic records system in Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings. We seek Safe Harbor.