Welcome to our dedicated page for Gold Reserve news (Ticker: GDRZF), a resource for investors and traders seeking the latest updates and insights on Gold Reserve stock.
Gold Reserve Ltd. reports developments as a Bermuda public mineral exploration and development company with listings on the TSX Venture Exchange, Bermuda Stock Exchange and OTCQX under GDRZF. Its recurring updates center on Venezuelan mining interests, including efforts connected to the Siembra Minera project, an Alaskan property, and changes in mining-law and sanctions frameworks affecting potential gold and strategic-minerals activity.
Company news also covers capital-structure actions such as private placements, contingent value rights and bonus-plan settlements, proposed shareholder matters, and legal proceedings tied to Venezuelan assets. These updates frame Gold Reserve’s mineral-asset strategy, regulatory environment, and public-company financing activity.
Gold Reserve (OTCQX: GDRZF) announced that the U.S. District Court for the District of Delaware has scheduled a hearing on April 17, 2025, in Wilmington regarding objections to the Special Master's recommendation. The recommendation concerns selecting Red Tree Investments, a subsidiary of Contrarian Capital Management, , as the stalking horse bidder for purchasing PDV Holding, Inc. (PDVH) shares, which is CITGO Petroleum Corp's indirect parent company.
Gold Reserve, along with its consortium members and other parties, filed their objections on March 31, 2025, followed by responses from the Special Master on April 3, and replies supporting the objections on April 4, 2025. The Court has identified specific issues regarding the Special Master's recommendation and scheduled pre-hearing briefing.
Gold Reserve (OTCQX: GDRZF) has initiated two new legal actions in the Lisbon District Court to enforce its arbitral award against Venezuela. The company aims to execute against multiple bank accounts in Lisbon where it has previously obtained attachment orders. The total amount owed under the Award, including interest, exceeds $1.1 billion, while the attached accounts contain more than $1.4 billion.
The Lisbon Court of Appeal has recently granted the company's application to have the Award recognized in Portugal. However, recovery remains uncertain due to several factors, including required additional court orders and undefined priority of attachments. Gold Reserve is also pursuing enforcement efforts in the United States, participating in sales procedures for PDV Holdings Inc. shares in Delaware District Court. Any recovery in either jurisdiction would offset the amount recoverable in the other.
Gold Reserve (OTCQX: GDRZF) has announced multiple objections filed in the U.S. District Court for Delaware regarding the Special Master's recommendation to select Contrarian's $3.699 billion bid over Dalinar Energy's $7.1 billion bid.
The objections were filed by several parties including Gold Reserve, Rusoro Mining, Koch Minerals Sarl, Siemens Energy, and CITGO Petroleum Corp. The disputes center on the significant value gap between the two bids, with objectors arguing for maximizing value for Delaware Court claimants rather than unresolved claims of 2020 bondholders in New York.
Key dates include responses due on April 3, 2025, and replies due on April 4, 2025. CITGO and PDV Holding have additionally filed a motion to stay proceedings pending a ruling from the Southern District of New York regarding PDVSA 2020 Bonds validity.
Gold Reserve (GDRZF) announces that its US subsidiary Dalinar Energy's $7.1 billion bid for PDV Holding (CITGO's parent company) was not selected as the 'Stalking Horse' bid in the Delaware Court-supervised sale process. Instead, the Special Master recommended Red Tree Investments' lower bid of $3.699 billion.
Dalinar Energy's bid included $3.9 billion for senior creditors and $3.2 billion in equity capital from Koch, Rusoro Mining, and Gold Reserve. The proposal featured fully committed financing from JPMorgan Chase and TD Bank, offering up to $6.5 billion in debt financing.
The company has expressed concerns about the recommendation, noting their bid is 91% higher than the selected offer. Gold Reserve has filed an emergency request regarding non-public documents critical to Contrarian's bid, with a potential hearing scheduled for March 27, 2025.
Gold Reserve (GDRZF) has announced that its Delaware subsidiary, Dalinar Energy , submitted a bid on March 7, 2025, to become the Stalking Horse Bidder for the purchase of PDV Holding, Inc. shares, the indirect parent company of CITGO Petroleum Corp.
The bid is supported by a consortium including senior judgment creditors Koch Minerals Sarl and Koch Nitrogen International Sarl. The proposal combines equity and debt financing, aiming to satisfy all senior waterfall creditors' judgments in cash or non-cash consideration, plus a substantial portion of Gold Reserve's attached judgment.
The Special Master will review all bids and recommend a Stalking Horse Bid by March 14, 2025, with the Court scheduled to rule on objections by March 28, 2025. The bid's consummation, if selected and approved, requires various regulatory approvals, including from the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC).
Gold Reserve (OTCQX: GDRZF) has announced that its subsidiary, GR Mining (Barbados) Inc., has filed for international arbitration against Venezuela with the World Bank's International Centre for Settlement of Investment Disputes. The arbitration stems from Venezuela's alleged unlawful actions that stripped GR Mining of its rights to the Siembra Minera mining project.
The company estimates damages exceeding USD $7 billion, though the final amount will be determined during arbitration proceedings. The dispute centers on Venezuela's measures that materially damaged GR Mining's investment in the multi-billion-dollar mining project.
Gold Reserve (GDRZF) has achieved a significant legal victory as the Lisbon Court of Appeal confirmed its arbitration award against Venezuela. The court entered a judgment of $713,032,000 plus pre-award interest of $22,299,576, post-award interest at LIBOR plus 2% (compounded annually from September 2014), and $5 million in legal fees.
The total judgment now exceeds $1.1 billion. The company has secured attachment orders on multiple Portuguese bank accounts totaling over $1.4 billion. However, recovery remains uncertain due to various factors, including required additional court orders and attachment priority issues.
This enforcement effort runs parallel to proceedings in the United States, including participation in the sales process of PDV Holdings (PDVH), CITGO Petroleum Corp's indirect parent company. Any recovery from either jurisdiction will offset the amount recoverable in the other.
Gold Reserve (TSX.V: GRZ) (OTCQX: GDRZF) has issued a strong response to the Canada Revenue Agency's (CRA) November 14, 2024 proposal letter, contesting all proposed tax reassessments. The CRA seeks to reassess the company's tax returns for 2014, 2016, 2017, and 2018, specifically targeting the September 2014 arbitral award and certain payments from the settlement agreement with Venezuela.
The company argues that many proposed adjustments were made after the expiration of the legal reassessment period under the Income Tax Act (Canada). Gold Reserve maintains that its tax returns were filed accurately and in compliance with Canadian law, highlighting significant flaws in the CRA's position regarding the inclusion of the arbitral award and related amounts in the company's income. The company has committed to vigorously defending its tax filing position.
Gold Reserve (TSX.V: GRZ) (OTCQX: GDRZF) has announced its decision to deregister its Class A common shares from SEC reporting requirements effective January 1, 2025. The company filed a Form 15 with the SEC on January 30, 2025, to suspend its US securities reporting obligations, which would have included annual 10K, quarterly 10Q, and current 8K reports.
Despite this change, the company's Class A common shares will maintain their listings on both the TSX Venture Exchange and the OTCQX® Best Market. Gold Reserve will continue to fulfill its disclosure obligations under Canadian securities laws through SEDAR+.
Gold Reserve (GDRZF) held its annual general meeting on December 12, 2024, where shareholders elected seven directors to the board and approved several key resolutions. The meeting authorized the board to appoint up to three additional directors and increased the maximum number of common shares issuable under the 2012 Equity Incentive Plan from 9,939,500 to 14,932,307. Shareholders also ratified a grant of 2.5 million conditional stock options at US$7.00 to Paul Rivett and appointed CBIZ CPAs P.C. as independent auditors.
Following the meeting, the company appointed two additional Bermuda-resident directors and granted 145,000 stock options each to three directors at an exercise price of US$1.63 per share, totaling 435,000 options with a ten-year term.