06:08 AM EST, 11/26/2025 (MT Newswires) -- Gold Reserve ( GDRZF ) late on Tuesday said it obtained a favorable final award in its pending international arbitration proceedings against Banco De Desarrollo Economico Y Social De Venezuela, the state development bank of the Maduro regime.

The arbitration was brought to recover amounts held in trust by BANDES for Gold Reserve ( GDRZF ). The arbitration tribunal awarded about C$29 million, inclusive of pre-award interest, plus 434,000 euros in costs, as well as post-award interest from the date of the final award until full payment.

Gold Reserve ( GDRZF ) will work to recover the amounts awarded in ongoing recognition and enforcement proceedings pending in the courts of Portugal.

Separately, Gold Reserve ( GDRZF ) said the U.S. District Court for the District of Delaware issued an order and opinion adopting the recommendation of the special master that shares in PDV Holding, which owns Citgo Holding, should be sold to Elliott/Amber Energy.

This decision comes despite Elliott/Amber Energy's bid being $2 billion lower than the $7.9 billion bid submitted by Gold Reserve ( GDRZF )/Dalinar Energy and despite objections filed by Gold Reserve ( GDRZF ) and Venezuela parties. The Venezuela parties include Venezuela's opposition government, Petroleos de Venezuela, PDVSA Holding and Citgo Holding.

The Delaware court also ordered the parties to file a joint status report on Nov. 28, after which the court indicated it will issue a final sale order by Dec. 1.

Gold Reserve ( GDRZF ) said it disagrees with the court's decision and maintains that its bid should have been selected, citing reasons stated in its filed objections. The company also said the sale process was plagued with conflicts of interest.

The company said it plans to evaluate and pursue appellate remedies and other possible options to protect its rights.

To close the PDVH share acquisition, Elliott/Amber Energy must obtain approval from the U.S. government through a license issued by the Office of Foreign Assets Control and other regulatory approvals.