About Gold Reserve

Gold Reserve Inc. (Gold Reserve), an exploration stage company, engages in the evaluating, acquiring, exploring, and developing mining projects. Exploration Prospects Siembra Minera In August 2016, the company executed the Contract for the Incorporation and Administration of the Mixed Company with the government of Venezuela and in October 2016, together with an affiliate of the government of Venezuela, the company incorporated Siembra Minera by subscribing for shares in Siembra Minera for a nominal amount. The primary purpose of this entity is to develop the Siembra Minera Project. Siembra Minera is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by Gold Reserve. Siembra Minera was granted by the government of Venezuela certain gold, copper, silver, and other strategic mineral rights (primarily includes the historical Brisas and Cristinas areas) contained within Bolivar State comprising the Siembra Minera Project. In March 2022, the Ministry issued a Resolution to revoke the mining rights of Siembra Minera for alleged non-compliance by Siembra Minera with certain Venezuelan mining regulations. Siembra Minera filed a reconsideration request in May 2022 which was denied by the Ministry. The company disagrees with both the substantive and procedural grounds claimed by the Venezuelan government regarding the revocation of mining rights and the reconsideration request. The company is evaluating all legal rights and remedies that are available to it under Venezuelan and other laws, under the Settlement Agreement and otherwise, and in late 2022, the company filed for an appeal of the Resolution with the Venezuelan Supreme Court of Justice. The company also requested a precautionary measure of suspension of the effects of the Resolution, which was denied. LMS Gold Project On March 1, 2016, the company completed the acquisition of certain wholly-owned mining claims known as the LMS Gold Project (the 'LMS Property'), together with certain personal property, pursuant to a Purchase and Sale Agreement with Raven Gold Alaska Inc. (Raven), a wholly-owned subsidiary of Corvus Gold Inc. Raven retains Net Smelter Returns (NSRs) with respect to Precious Metals produced and recovered from the LMS Property equal to 3% of NSRs on such metals (the Precious Metals Royalty) and Base Metals produced and recovered from the LMS Property equal to 1% of NSRs on such metals, however it has the option, for a period of 20 years from the date of closing of the acquisition, to buy back a one-third interest (i.e. 1 %) in the Precious Metals Royalty. In 2019, Raven assigned the NSRs to Bronco Creek Exploration, Inc. The LMS Property, located in Alaska, remains at an early stage of exploration with limited annual on-site activities being conducted by the company. History Gold Reserve Inc. was founded in 1956. The company was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in 2014.