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Gold Reserve Provides Update in Citgo Sale Process: Gold Reserve Files Reply Brief With the Third Circuit
PEMBROKE, Bermuda, March 02, 2026--Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) ("Gold Reserve" or the "Company") announces that the Company has filed its Reply Brief with the U.S. Court of Appeals for the Third Circuit (the "Third Circuit") in connection with the proposed judicial sale of PDVH Shares to Elliott/Amber Energy.
About this update from Gold Reserve Ltd.
[{"type":"text","content":"PEMBROKE, Bermuda, March 02, 2026--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) ("Gold Reserve" or the "Company") announces that the Company has filed its Reply Brief with the U.S. Court of Appeals for the Third Circuit (the "Third Circuit") in connection with the proposed judicial sale of PDVH Shares to Elliott/Amber Energy.","length":389,"tagName":"p"},{"type":"text","content":"Gold Reserve’s Reply Brief asserts that the Delaware court was not permitted to approve Elliott/Amber Energy’s $5.9 billion bid (which was $2 billion less than Gold Reserve’s final $7.9 billion bid) as it did not satisfy the overbid-minimum requirement embodied in the court-ordered bidder protections, and moreover, violated the Delaware law requirement that the shares be sold to the highest bidder. Gold Reserve also asserts that, contrary to appellees’ arguments, its disqualification motion was both meritorious and timely as the continued engagements between the Special Master’s Advisors and Elliott outside of the sales process created an appearance of bias, the extent of which did not come to light until September 2025.","length":730,"tagName":"p"},{"type":"text","content":"Briefing in connection with the appeal is now complete and the parties expect the Third Circuit to set a date for oral arguments in due course.","length":143,"tagName":"p"},{"type":"text","content":"A copy of the Company’s filing can be found here.","length":49,"tagName":"p"},{"type":"text","content":"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.","length":258,"tagName":"p"},{"type":"text","content":"Cautionary Statement Regarding Forward-Looking statements","length":57,"tagName":"p"},{"type":"text","content":"This release contains "forward-looking statements" within the meaning of applicable U.S. federal securities laws and "forward-looking information" within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve’s and its management’s intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessari...