Gold Reserve provides latest information on U.S. government statement of interests on the effectiveness of PDVSA bonds in 2020

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Pembroke, Bermuda – Gold Reserves Co., Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or “Gold Reserve” or “Company”) announced that on August 29, 2025, the U.S. government filed claims regarding the New York federal court lawsuit against the New York federal court lawsuit, which involved the New York federal court lawsuit involving the 2020 Pdvsa pdvsa pdvsa pdvsa.

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The key question in the lawsuit is whether the PDVSA bond in 2020 is invalid and, if so, the consequences of such invalidity. The 2020 PDVSA bond was issued by the Maduro regime in October 2016, but in 2015, the Venezuelan National Assembly has issued several resolutions supporting the conclusion that the 2020 bond is invalid under Venezuelan law.

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In its statement of interest, the U.S. governmentConfirm its recognition and firm support for the Venezuelan National Assembly in 2015” and saidThe National Assembly in 2015 was the only government for the official election of the Venezuelan people.“The New York courts should therefore “respect the deliberation” of the National Assembly’s views on Venezuelan law in 2015. In short, the U.S. government said:

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For the above reasons, the United States (1) provided the court with approval and support for the 2015 National Assembly for the Venezuelan government; (2) urged the court to respect the Republic’s views in accordance with the requirements of animal science products; (3) had no position on legal issues that were still to be cross-action by the parties to make summary judgments.

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A copy of the statement of interest can be found here.

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Warning statements regarding forward-looking statements

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This version contains “forward-looking statements” in the meaning of applicable U.S. federal securities laws and “forward-looking information”, as well as the meaning of applicable Canadian provincial and territorial securities laws and state gold reserves and the intention, hope, hope, belief, expectation or future predictions of its management. Forward-looking statements are necessarily based on many estimates and assumptions that, although at the time management considered reasonable, were inherently affected by important business, economic and competitive uncertainties and unexpected events. They often use the

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occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to any bids filed by the Company for purchases of PDVH shares (“BID”).

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We warn that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may lead to actual events, results, results or results that may cause gold reserves to have material differences with our estimated results, results, performance, performance or achievements, Special Masters may not recommend bidding in the final recommendation; the court may maintain objection to the bid; the bid will not be approved by the court as a “final recommendation bid” and may not be closed if approved by the court, including due to the absence of necessary regulatory approvals, including, but not limited to, any necessary approval from the Office of Foreign Assets Control (“OFAC”), in the U.S. Federal Trade Commission, the U.S. Federal Trade Commission, the U.S. Trade Commission, the U.S. Trade Commission, or TSX SSX; any transaction in which the Company or any other party fails to obtain sufficient equity and/or debt financing or any required shareholder approval or meet other conditions to be implemented, which are caused by bidding; the Company may lose any amount of cash due to incomplete bidding or otherwise; the incurred bidding or the conduct of any transactions incurred may involve unexpected costs, liability or delays; after the completion of any transaction in which the Company’s business may suffer material interference due to uncertainty, industry conditions, tariff wars or other factors related to the transaction; the ability to execute attachment orders granted to the Company; the timing of various reports and/or other matters related to the sales process; the ability of the Company to participate in the sales process in other ways (as associated with the relevant expenses thereto)

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; the amount of proceeds related to the sales process, if any; competition claims by Venezuela, PDVSA and other creditors of the Company, including any interest in such creditor judgments and any priorities provided; uncertainty regarding possible settlements between Venezuela and other creditors and the impact of any such settlement on the amount of funds that may be available in the sales process; and the proceeds from the sales process may not be sufficient to meet the amount of reimbursed by the Company’s September 2014 arbitration award and/or the United States judgment of November 15, 2015; and the impact on the bankruptcy consequences of the sales process and/or the company’s claims, including due to priorities for other claims. This list does not affect in detail the factors that may affect any forward-looking statements of the Company. For a more detailed discussion of the risk factors affecting the company’s business, please refer to the company’s management discussion and analysis, for the year ended December 31, 2024 and other reports submitted on Sedar+, which can be found under the company’s profile at www.sedarplus.ca.

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Investors are reminded not to rely too much on forward-looking statements. All subsequent written and oral forward-looking statements are attributed to the gold reserves or persons acting on their behalf in their entirety qualifying for this notice. Gold reserves violate any intent or obligation to disclose or otherwise modify any forward-looking statements or the above-mentioned list of any forward-looking statements or assumptions or factors, whether due to new information, future events or otherwise, but are subject to applicable rules enacted under the applicable Canadian Provincial and Territorial Securities Act, but provided in accordance with their disclosure rules.

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Neither TSX Venture Exchange nor its regulatory service providers (as the term is defined in the policies of TSX Venture Exchange) assumes responsibility for the adequacy or accuracy of this release.

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For more information about Dalinar Energy, visit: https://www.dalinarenergy.com.

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For more information about Gold Reserves Limited, please visit or contact:

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