Gold Reserve Announces Stock Option Grants

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PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that it has granted an aggregate of 1,525,000 stock options (“Options”) to directors, certain officers, and key employees of the Company. The options are exercisable for a period of five years at an exercise price of US$3.64 per share. The options were issued pursuant to the Company’s 2012 Equity Incentive Plan, as amended, and pursuant to the requirements of the TSX Venture Exchange and the Bermuda Stock Exchange.

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The Company also announced that effective January 8, 2026, Sai Ahmed has been appointed as the Company’s Chief Operating Officer and Mackenzie Clark has been appointed as the Company’s Chief Legal Officer.

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Cautionary Statement Regarding Forward-Looking Statements

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This release contains “forward-looking statements” within the meaning of applicable federal securities laws of the US and “forward-looking information” within the meaning of the applicable laws of the provinces and territories of Canada and the Gold Reserve of the country and its management’s objectives, hopes, beliefs, expectations or predictions of the future. Forward-looking statements are actually based on a number of estimates and assumptions that, although management considers reasonable at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are often characterized by words such as “anticipate”, “plan”, “continue”, “anticipate”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will happen”, “probable”, “proposed”, “positioned” and other similar words, or statements that “will happen” or “certain events” will occur.

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Such information and statements reflect the current views of the Company’s management, as the case may be, with respect to future events, and are based on information currently available to the Company, as the case may be, and are subject to certain risks, uncertainties and assumptions, including those discussed below. Many factors could cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements that may be expressed or implied by such forward-looking information or statements. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking information or statements prove incorrect, actual results may differ materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

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For a more detailed discussion of the risk factors affecting the Company’s business, see the Company’s Discussion and Analysis for the year ended December 31, 2024 and other reports filed on SEDAR+ and available under the Company’s profile at www.sedarplus.ca.

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Investors are cautioned not to place undue reliance on forward-looking statements. All written and oral forward-looking statements relating to Gold Reserve or its representatives are qualified in their entirety by this notice. Gold Reserve disclaims any intention or obligation to publicly update or revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable laws promulgated by applicable laws of the provinces and territories of Canada.

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NEITHER THE TSX VENTURE EXCHANGE NOR ITS ADMINISTRATIVE SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE TERMS OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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For more information about Gold Reserve Ltd., visit https://www.goldreserve.bm.

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