Gold Reserve Ltd. has successfully overcome a motion to dismiss brought by Rusoro Mining Ltd. in the Court of Chancery, allowing its core breach of contract claim to advance to the next stage of litigation.

The legal dispute stems from a consortium agreement entered into by Gold Reserve and Rusoro in connection with their joint bid for the judicial sale of PDVH shares, referred to as the Dalinar Bid. That bidding process is currently pending before the U.S. District Court for the District of Delaware. The consortium agreement established the respective obligations of both parties to coordinate and support the joint bid.

In the ruling delivered by the Court of Chancery, five of the six claims brought by Gold Reserve were dismissed. However, the Court permitted the primary breach of contract claim to proceed. In its decision, the Court found that Gold Reserve had sufficiently alleged that Rusoro may have breached its contractual obligation of confidentiality, alongside its obligation to use commercially reasonable efforts to support the Dalinar Bid.

“We are pleased with the Court’s decision today. Although certain of our claims were dismissed, this decision allows us to move forward with our core contractual claim concerning Rusoro’s obligations under the consortium agreement. We look forward to continuing the proceedings,” said Paul Rivett, Vice Chair of Gold Reserve.

The proceedings will now advance to the next stage, where the Court will evaluate the merits of the surviving breach of contract claim.

In separate legal proceedings involving the company, Gold Reserve’s first procedural hearing before the ICSID tribunal in its arbitration proceedings against Venezuela is expected to take place before September 12, 2026.

Read the full announcement: Gold Reserve Successfully Overcomes Rusoro Mining Ltd.'s Motion to Dismiss in Court of Chancery Proceedings