Gold Reserve Ltd

On September 18, 2025, a U.S. court ruled against Gold Reserve Ltd. in its bid to acquire PDVH shares, granting the Special Master’s request to terminate Gold Reserve’s share purchase agreement with Dalinar Energy and proceed with a SPA with Elliott’s Amber Energy. The judge emphasized that this decision aligned paperwork with the Special Master’s recommendation and didn’t reflect a final decision on the superior bid. A written order is forthcoming. The case involves competing bids for PDVH shares from Gold Reserve and Elliott.

Gold Reserve Ltd. announced the U.S. Government’s Statement of Interest in the New York federal court litigation regarding the validity of 2020 PDVSA bonds. The U.S. supports the 2015 National Assembly of Venezuela’s claim that the bonds, issued by the Maduro regime, are invalid under Venezuelan law and urges the court to consider the Assembly’s views. While taking no position on pending summary judgment motions, the U.S. affirmed recognition and support for the 2015 National Assembly as the government of Venezuela. Investors are cautioned to review Gold Reserve’s filings for risk factors.

Gold Reserve Ltd. is embroiled in a legal battle over the sale of PDV Holding, Inc. (PDVH), parent of CITGO. After a recommendation for Gold Reserve’s subsidiary to acquire PDVH for $7.382 billion, Red Tree Investments introduced a competing bid from Amber Energy. The Special Master paused proceedings, citing unauthorized disclosure, to reassess. Gold Reserve argues the Amber Energy bid is deficient and violates bidding procedures. The Court rescheduled a status conference amid the ongoing disputes, anticipating further arguments requiring judicial resolution.