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PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) today provided an update on recent developments in its ongoing legal proceedings related to the Citgo sale process.
With kicker Harrison Mevis solidifying their special teams, the Rams on Friday waived Joshua Karty.
Karty, a 2024 sixth-round draft pick, had several kicks blocked early in the season, including one that led to a last-second touchdown by the Philadelphia Eagles. He made 10 of 15 field-goal attempts and 23 of 26 extra-point attempts.
“It was just exclusively a numbers thing,” coach Sean McVay said. “It’s just hard to keep two kickers.”
McVay said that if Karty clears waivers, the Rams would like to sign him to the practice squad.
The Rams have of late been shuffling their roster, putting tight end Tyler Higbee, offensive lineman Rob Havenstein and safety Quentin Lake on injured reserve, bringing receiver Tutu Atwell and cornerback Ahkello Witherspoon back from injured reserve, and signing players such as tight end Nick Vannett and cornerback Derion Kendrick.
Mevis has kicked the last three games. He made 40- and 52-yard field goals in last Sunday’s 34-7 victory over the Tampa Bay Buccaneers and has made all six extra-point attempts.
The Rams also appear to be benefiting from experienced snapper Jake McQuaide, who replaced Alex Ward.
“I’m a lot happier as head coach when we’re kicking extra points, and not field goals,” McVay said of the place-kicking operation that includes holder Ethan Evans, “but I’ve been pleased.”
The Rams welcomed back two key players from injured reserve, placed another player on the injured list and claimed a former player off waivers.
It made for a busy Wednesday as the Rams prepared to play the Carolina Panthers on Sunday in Charlotte, N.C.
The Rams, who are 9-2 and hold the No. 1 seed for the NFC playoffs, designated receiver Tutu Atwell and cornerback Ahkello Witherspoon to return from injured reserve. Atwell was sidelined four games because of a hamstring injury but coach Sean McVay said Atwell is expected to play against the Panthers.
Witherspoon has been out since suffering a broken collarbone in the second game of the season.
Cornerback Roger McCreary, acquired in an October trade with the Tennessee Titans, was placed on injured reserve after suffering a hip injury in the Rams’ victory over the Tampa Bay Buccaneers on Sunday. McCreary had been playing special teams, and he played only one defensive snap against the Buccaneers.
The Rams welcomed back cornerback Derion Kendrick, a 2022 sixth-round draft pick by the Rams, who was claimed off waivers from the Seattle Seahawks.
Kendrick started 18 games for the Rams before suffering a season-ending knee injury on the first day of training camp in 2024. He sat out last season, was released and re-signed before he was cut before the start of this season and claimed by the Seahawks.
The Rams, Super Bowl contenders riding a five-game winning streak, will navigate at least the next four games of the season without three veteran starters.
The Rams on Wednesday placed safety Quentin Lake, tight end Tyler Higbee and right tackle Rob Havenstein on injured reserve.
Lake, who had surgery Tuesday for a dislocated left elbow, Higbee (ankle) and Havenstein (knee/ankle) must sit out at least four games before they are eligible to return. The earliest return would be a Dec. 18 game against the Seahawks in Seattle.
“You don’t replace players like that,” McVay said of the experience and leadership that will be missing when the Rams play the Tampa Bay Buccaneers on Sunday at SoFi Stadium. “You can’t expect others to be able to do that. You expect guys that are getting opportunities to step up to be the best versions of themselves.”
Lake, 26, was injured last Sunday in a victory over the Seattle Seahawks, a win that improved the Rams’ record to 8-2. McVay indicated that if Lake returns, it would possibly be for the playoffs.
Josh Wallace played in Lake’s place as a hybrid nickel corner/linebacker. McVay said the Rams would continue to evaluate and formulate a plan to replace Lake moving forward, but they are expected to consider utilizing a combination that includes safety Kam Kinchens, Wallace and cornerbacks Cobie Durant and Roger McCreary.
Higbee also was injured against the Seahawks.
The 10th-year pro has 20 receptions, including two for touchdowns, as the leader of a tight end group that includes Davis Allen, Colby Parkinson and rookie Terrance Ferguson, who is expected to get an increased role in Higbee’s absence.
Havenstein, an 11th year pro, played the first four games before he was sidelined for three games because of injuries. Third-year pro Warren McClendon played in his place.
Havenstein returned against the New Orleans Saints and has played the last three games, but McVay said time on injured reserve would enable him to work back to full strength.
“Both of those guys are obviously big-time leaders and catalysts on our team and our offense,” quarterback Matthew Stafford said of Higbee and Havenstein. “But we’ll just move forward with the guys that we have, and then hopefully those guys can heal up and be ready to go at some point.”
In corresponding moves, the Rams signed kicker Harrison Mevis to the active roster, claimed safety Chris Smith II off waivers from the Las Vegas Raiders and signed cornerback Alex Johnson to the practice squad.
Chadwick’s team-mates from her 2025 season for IDEC were France’s Mathys Jaubert and Spain’s Daniel Juncadella, and both have been selected to race in next year’s hypercar alongside two more experienced drivers, Andre Lotterer and Pipo Derani.
Next year Genesis are set to compete with several car manufacturers attracted back to sports cars for its flexible design rules and as a cheaper alternative to Formula 1.
Ferrari won this year’s championship at the Bahrain 8 Hours this month, in the number 51 car which includes Britain’s Le Mans winner from 2023 James Calado.
Poland’s former Formula 1 ace Robert Kubica won this year’s Le Mans in June in the number 83 Ferrari 499P.
Although there are two further seats yet to be filled for the two-car WEC entry for 2026 it appears Chadwick was considered too inexperienced, despite being an FIA ‘silver-rated’ driver – the same as Jaubert.
However, Genesis are said to highly rate Chadwick and are pleased with her progress as part of the Genesis driver stable.
Chadwick, who tested a Jaguar Formula E car last month, has taken on several development driver roles at teams such as Williams in Formula 1 in recent years – positions often limited to driving older cars for marketing purposes and driving simulation work.
But a reserve role is one of the biggest signals yet that a major manufacturer is backing female racing talent on merit.
Very few female drivers have competed in the top level of motorsport’s most popular disciplines in recent years – most recently Switzerland’s Simona de Silvestro competed in 10 Formula E races in 2016.
Various female drivers have taken on races in America’s IndyCar series on an ad hoc basis, with little success.
Britain’s Amanda Stretton was the last female competitor in the top level to compete at Le Mans, in a one-off uncompetitive LMP1 entry in 2008.
The highest-placed finish for a female driver at Le Mans is fourth, for France’s Odette Siko in 1932.
The last woman to compete in a Formula 1 race was Lella Lombardi at the 1976 Austrian Grand Prix.
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PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) today provided an update on recent developments in its ongoing legal proceedings related to the Citgo sale process.
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The U.S. District Court for the District of Delaware issued a decision today denying Gold Reserve’s motion to disqualify the Special Master overseeing the Citgo Sale Process, his advisors — the law firm of Weil, Gotshal & Manges LLP (“Weil”) and Evercore Inc. — as well as the District Court Judge. The Court also denied a similar motion filed by the Venezuela Parties. The Court also stated that it does not intend to rule on the Amber Energy bid before November 21, 2025. Copies of the Court’s written opinion and order will be posted here.
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Gold Reserve respectfully disagrees with the ruling and continues to believe that the sale process was plagued with significant conflicts of interest, including the $170 million in fees collected by the Special Master’s advisors from affiliates of Elliott and the 2020 bondholders involved in Elliott’s bid, as revealed through the Company’s limited court-authorized discovery. These concerns were referenced in the Court’s written opinion, which noted:
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“One lawyer, Jeffrey Saferstein, has represented Elliott and also Apollo Global Management, a major investor in the Elliott Bid; prior to joining Weil, Saferstein worked at another law firm, Paul, Weiss, Rifkind, Wharton, & Garrison, LLP, with Michael Turkel, now of Elliott Management…In discovery, the Movants obtained an email, showing that on the day before Topping Bids were due in the Sale Process, a frustrated Turkel called Saferstein, seeking some level of assistance with a bid Elliott planned to make…Saferstein thereafter wrote to his Weil colleagues working with the Special Master to intone: ‘I [would] hate for them [i.e., Elliott] to not want to work with us.’
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The Company maintains its view that these and other conflicts undermine the fairness and integrity of the Citgo sale process and intends to seek all appropriate appellate remedies.
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Separately, in Gold Reserve’s pending action in the Delaware Court of Chancery against Rusoro Mining Ltd. for breach of the parties’ Consortium Agreement, the court declined to expedite Gold Reserve’s motion for a preliminary injunction. The Court of Chancery determined that it would await developments in the Citgo sale process before addressing this.
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A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings.
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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 U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve’s and its management’s intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as “anticipates”, “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed”, “positioned” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to any bid submitted by the Company for the purchase of the PDVH shares (the “Bid”).
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We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual events, outcomes or results of Gold Reserve to be materially different from our estimated outcomes, results, performance, or achievements expressed or implied by those forward-looking statements, including but not limited to: the discretion of the Special Master to consider the Bid, to enter into any discussions or negotiation with respect thereto; the Special Master may not recommend the Bid in the Final Recommendation; an objection to the Bid may be upheld by the Court; the Bid will not be approved by the Court as the “Final Recommend Bid” under the Bidding Procedures, and if approved by the Court may not close, including as a result of not obtaining necessary regulatory approvals, including but not limited to any necessary approvals from the U.S. Office of Foreign Asset Control (“OFAC”), the U.S. Committee on Foreign Investment in the United States, the U.S. Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any other party to obtain sufficient equity and/or debt financing or any required shareholders approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid; that the Company may forfeit any cash amount deposit made due to failing to complete the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion of any transaction contemplated by the Bid, the business of the Company may experience significant disruptions due to transaction related uncertainty, industry conditions, tariff wars or other factors; the ability to enforce the writ of attachment granted to the Company; the timing set for various reports and/or other matters with respect to the Sale Process may not be met; the ability of the Company to otherwise participate in the Sale Process (and related costs associated therewith
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