Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that, pursuant to the schedule set by the U.S. District Court for the District of Delaware (the “Court”), the Company filed a motion to disqualify the two professional advisors to the Special Master – the law firm of Weil, Gotshal & Manges LLP (“Weil”) and the investment banking firm of Evercore, Inc. (“Evercore”) – the Special Master Robert B. Pincus, and the district court judge in the Citgo Sale Process.
Gold Reserve also requested a temporary stay of all decisions concerning any bids submitted in the Sale Process pending resolution of its disqualification motion.
Gold Reserve is seeking full transparency on these issues for its shareholders as well as additional discovery from the Special Master and his advisors, Weil and Evercore.
The disqualification motion is based upon recently discovered information that Weil has been representing Elliott Management while the Citgo Sale Process has been ongoing. Gold Reserve also discovered that Weil and Evercore have ongoing relationships with certain of the 2020 Bondholders that stand to receive substantial monetary payments under the terms of the Elliott Management bid.
Gold Reserve’s disqualification motion was filed under seal and a redacted copy will be posted to the Company website under Citgo Proceedings when it is filed.
The Venezuela Parties – the Bolivarian Republic of Venezuela, PDVSA, PDVH and Citgo Petroleum – also filed under seal a motion to disqualify the Special Master, Weil and Evercore, and a redacted copy will be posted to the Company website under Citgo Proceedings when it is filed.
In other developments, opening post-Sale Hearing briefs were submitted by the parties on October 8, 2025, copies of which will be posted here.
A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information regarding Dalinar Energy, visit: https://www.dalinarenergy.com.
For further information regarding Gold Reserve Ltd., visit https://www.goldreserve.bm.
