Gold Reserve Welcomes Venezuela's New Mining Law

• Headline: Gold Reserve Welcomes Venezuela's New Mining Law (April 22, 2026).
• Core Event: Venezuela formally enacted and published a new Organic Mining Law on April 16, 2026.
• Key Changes: The law repeals the 2015 Gold Law, eliminating mandatory state-majority participation in gold and strategic minerals sectors. It allows for concession terms up to 30 years (extendable to 50) and contractual royalty rates within statutory ceilings.
• US Regulatory Alignment: Concurrently, the U.S. Department of the Treasury (OFAC) issued General License 55 (GL-55), authorizing negotiation and entry into contracts for new investments in Venezuela's gold sector under specific conditions.
• Management Stance: Vice-Chair Paul Rivett stated these measures create conditions for responsible development and express authorization to sell minerals internationally.

• Fundamental Shift: This news removes the primary legal barrier (mandatory state ownership) that has historically prevented private foreign investment in Venezuelan gold mining, directly impacting Gold Reserve's flagship Siembra Minera joint venture potential.
• Operational Enablement: Combined with OFAC GL-55, U.S.-listed entities can now legally negotiate contracts without violating sanctions, transforming the company from a litigation-heavy play to an operational mining candidate.
• Risk Mitigation: While not immediate revenue, it de-risks the long-term thesis of returning to Venezuela operations which has been stalled since 2014.
• Market Reaction Context: The stock price ($5.68) is down from the March high ($7.58), suggesting the market may have priced in some optimism during the financing and Citgo appeal phase, but this news provides a new fundamental pillar for valuation beyond the Citgo sale proceeds.

• Overview: Gold Reserve Ltd. is a mineral exploration and development company focused on Venezuela, specifically the Las Cristinas and Siembra Minera projects. The company has been primarily engaged in legal enforcement of its $1.1 billion arbitration award against Venezuela since 2014.
• Flagship Project: The Siembra Minera joint venture (formerly Las Cristinas) represents a significant gold-copper resource. Historically stalled due to Venezuelan state ownership laws and sanctions, the new Mining Law aims to reactivate this asset.
• Secondary Asset: The company holds an interest in PDV Holding Inc. shares (Citgo Petroleum parent), currently subject to a Delaware court-supervised sale process where Gold Reserve is appealing a lower bid award.