Gold Reserve Files Emergency Court Request Over OFAC License Affecting CITGO Sale

Gold Reserve Ltd., through its subsidiary Dalinar Energy Corporation, has submitted a further revised topping bid to purchase shares of PDV Holding, Inc., the parent company of CITGO Petroleum Corp., as part of a court-supervised sale process. The company has also filed an emergency request with the U.S. District Court for the District of Delaware seeking clarification on the extension of General License 5S by the Office of Foreign Assets Control (OFAC), which suspends certain 2020 Bondholders' rights over CITGO Holding shares until December 20, 2025. Gold Reserve aims to confirm whether OFAC intends to continue this suspension beyond the expected closing of the sale transaction, believing that clearer guidance will help the court achieve a value-maximizing sale. The sale hearing is scheduled for August 18, 2025, with the Special Master set to make a final recommendation by July 2, 2025, subject to court approval and regulatory conditions including OFAC approval. Despite some short-term stock momentum, Gold Reserve faces financial challenges with weak profitability and negative cash flows, leading to a cautious outlook from analysts. The ongoing legal proceedings are part of the broader Crystallex International Corporation v. Bolivarian Republic of Venezuela case, with detailed records accessible through the Public Access to Court Electronic Records system.