Gold Reserve Inc.

Gold Reserve Inc.¹ has a long history in mining and was formed to acquire, explore and develop mining projects. The Company, the successor issuer to Gold Reserve Corporation which was formed in 1956, was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014.

The Company maintains its executive/administrative office at 999 West Riverside Ave., Suite 401, Spokane, Washington 99201 USA, and is listed on the Toronto Venture Exchange (symbol: GRZ.V) and quoted on the OTCQX Markets Exchange (symbol: GDRZF). The Company employs 8 people and is currently working on collecting the payments contemplated under the Settlement Agreement (See Arbitral Award section) and executing the Mixed Company Agreement (See Mixed Company section).

Venezuela continues to experience substantial social, political and economic turmoil. The country’s overall infrastructure, social services network and economy have generally collapsed. Further, certain non-Venezuelan countries (including the United States and Canada) currently recognize a presidency and government led by Juan Guaidó, instead of Nicolás Maduro, resulting in a “dual” government. In addition, in March 2020, the U.S. Government indicted Venezuelan President Nicolás Maduro and a number of key associates for human rights abuses and drug trafficking.

The existing conditions in Venezuela, along with Sanctions (See Arbitral Award section), are expected to continue, in the foreseeable future, adversely impacting our ability to collect the remaining amount owed to us by Venezuela pursuant to the Settlement Agreement and/or Award and hinder our ability to develop certain gold, copper, silver and other strategic mineral rights contained within Bolivar State comprising what is known as the Siembra Minera Project.

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(1) The terms Gold Reserve and Company are used interchangeably and include, where appropriate, relevant subsidiaries.