Gold Reserve

What Gold Reserve does

Gold Reserve Ltd. is a Bermuda-incorporated, publicly traded mineral exploration and development company (OTCMKTS: GDRZF; TSX Venture Exchange via Gold Reserve Inc.) focused on acquiring, exploring, and developing gold and copper assets, primarily in Venezuela with a secondary asset in Alaska. The company's core portfolio consists of the Siembra Minera gold project (held as a mixed company with Venezuelan state miner Minerven and subject to a 2026 binding earn-in agreement granting Augusta Capital Corporation a 50% interest in exchange for a US$200 million funding commitment), the Brisas gold project (containing approximately 10 million ounces of proven reserves and seized by Venezuela in 2009), and the LMS Gold Project in Alaska. Gold Reserve is pre-revenue and generates no operational cash flow; its current activities center on monetizing the 2014 ICSID arbitration award against Venezuela, pursuing the Citgo sale process, and transforming into an investment holding company through 2026 board-approved spin-outs of American Heralds Mining Corporation (to hold mining assets) and Dalinar Energy Corporation (to hold arbitration award rights).

The company's business model is not product-based but is a hybrid of asset development, legal recovery, and capital allocation. Revenue mechanics depend on future mining operations (gold and copper extraction and sales), recovery of arbitration award proceeds through litigation, and potential distributions from the planned investment holding structure. The company sells securities exclusively through private placements managed by Cantor Fitzgerald Canada Corporation, raising approximately US$200 million from 2024-2026, and has used institutional and strategic investor capital to fund transaction expenses, the PDV Holdings credit bid, and operational readiness for re-entering Venezuela. Customer-facing product is non-existent; the customer base is the institutional and strategic investor pool subscribing to private placements, with Camac Partners, LLC holding approximately 14.44% of outstanding shares following the February 2026 financing. Operating geographies are Venezuela (primary), the United States (Alaska), and Canada.

Name

Gold Reserve

Legal name

Gold Reserve Ltd.

Website

https://goldreserveinc.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Gold Reserve Ltd. is a pre-revenue, publicly traded mineral exploration and development company (OTCMKTS: GDRZF) focused on monetizing gold and copper assets in Venezuela (Siembra Minera, Brisas) and Alaska (LMS Gold), pursuing recovery of a 2014 arbitration award against Venezuela, and transforming into an investment holding company through 2026 spin-outs.

Ownership category

akta.pro rank

Product category

Mineral Exploration and Mining Development

NAICS

Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Copper Exploration & Resource Development (IMAKADAA), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Gold mining exploration
• Copper mining assets
• Mineral resource development
• Mining project development
• Mining investment holding

Headquarters

HQ city

Spokane

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others

Revenue model

1. Mining Operations (Future): Gold Reserve is an exploration-stage company focused on developing its gold and copper mining assets in Venezuela (Siembra Minera, Brisas) and Alaska (LMS Gold Project). No current revenue from operations; future revenue would come from gold/copper extraction and sales once regulatory conditions permit and projects are developed.
2. Arbitration Award Recovery: The company holds a 2014 arbitration award against Venezuela for expropriated mining assets, with efforts ongoing to recover value through the Citgo sale process and other litigation. The company also has claims against PDV Holdings and is pursuing recovery through legal proceedings.
3. Investment Holding (Future): Following board approval of spin-out transactions in May 2026, Gold Reserve plans to transform into an investment holding company, holding minority interests in spun-out entities (American Heralds Mining Corporation for mining assets, Dalinar Energy Corporation for arbitration award rights) and distributing value to shareholders.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Gold Reserve is a pre-revenue mineral exploration and development company focused on acquiring, exploring, and developing gold and copper mining assets, primarily the Siembra Minera project in Venezuela (joint venture with Minerven) and the Brisas and LMS Gold Project. The company is also pursuing recovery of a 2014 international arbitration award against Venezuela for expropriated mining assets and is transforming into an investment holding company.

Product overview

Gold Reserve Ltd. is a Bermuda-incorporated mineral exploration and investment holding company focused on monetizing gold and copper assets in Venezuela and pursuing ownership interests in Citgo Petroleum through legal proceedings. The company's core portfolio includes the Siembra Minera gold mining project (joint venture with Venezuelan state miner Minerven), the Brisas Project (seized by Venezuela in 2009), and the LMS Gold Project in Alaska. The company is undergoing a transformation into an investment holding company through planned spin-outs of American Heralds Mining Corporation (to hold mining assets) and Dalinar Energy Corporation (to distribute arbitration award proceeds), while actively disputing the Citgo sale process in U.S. courts.

Differentiator

Problem solved

Functional benefit

Products and services

• Siembra Minera Project Gold mining project in Venezuela containing significant gold deposits, operated as a mixed company with state miner Minerven. NI 43-101 compliant Preliminary Economic Assessment has been completed. Augusta Capital is funding US$200 million in expenditures under an earn-in agreement.
• Brisas Project Gold mine project in Venezuela containing approximately 10 million ounces of proven gold reserves valued at approximately $44.4 billion at current gold prices. The project was seized by the Venezuelan government in 2009 and remains subject to ongoing international arbitration and asset recovery efforts.
• LMS Gold Project Gold exploration project located in Alaska with limited exploration activity ongoing, representing Gold Reserve's U.S.-based mining interests. The project is held within the planned American Heralds Mining Corporation spin-out entity.

Quantifiable outcome

• 10 million ounces of proven gold reserves at Brisas deposit valued at US$44.4 billion at current gold prices
• +1 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Augusta Capital CorporationcoreStrategic or Co-development Partner · 14 May 2026Augusta Capital Corporation, led by mining veteran Richard Warke, entered into a binding earn-in agreement granting the firm a 50% interest in Gold Reserve's Siembra Minera gold mining project in Venezuela. Augusta committed to fund US$200 million in expenditures including at least US$25 million in the first year, with Gold Reserve matching the initial investment. Augusta will serve as operator following the earn-in period, after which a joint venture will be formed.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Newmont Corporation: Newmont is the world's largest gold mining company, producing ~6 million ounces annually across the Americas, Africa, and Australia. Comparable as a broad incumbent in gold mining, though vastly larger and operationally diversified versus Gold Reserve's single-asset development focus.
• IAMGOLD Corporation: IAMGOLD is a mid-tier gold producer with operations in the Americas (Côté Lake, Essakane, Westwood) and a project portfolio including Brazilian and Guianese assets. Comparable as a mid-tier gold developer/producer in similar geographies, though IAMGOLD has producing cash flow unlike Gold Reserve.
• Kinross Gold Corporation: Kinross operates gold mines in the Americas (Tasiast, Paracatu, Bald Mountain) and West Africa. Comparable as a mid-to-senior gold producer with significant development pipeline and geographic diversification.
• Agnico Eagle Mines Limited: Agnico Eagle is a senior gold producer with major Canadian and Mexican operations (Canadian Malartic, Detour Lake, LaRonde). Comparable as a benchmark senior gold producer with focus on long-life North American assets.
• Barrick Gold Corporation: Barrick is one of the largest gold and copper producers globally with major Latin American operations (Pueblo Viejo, Veladero, Lagunas Norte). Comparable as a major gold producer and the operating benchmark for any Venezuelan gold asset development.

Emerging players

• Endeavour Mining plc: Endeavour Mining is a West Africa-focused gold producer with multiple operating mines (Houndé, Ity, Mana, Boungou) and a strong development pipeline (Sabodala-Massawa). Comparable as a mid-tier gold producer with similar asset-development cycle exposure.
• Sibanye-Stillwater Limited: Sibanye-Stillwater is a multinational precious metals miner with gold operations in South Africa and the Americas (DRDGOLD acquisition, Marathon). Comparable as a precious metals developer/producer with multi-jurisdictional asset portfolio.
• Alamos Gold Inc. Alamos Gold operates the Mulatos and Island Gold mines in Mexico and Canada, with a development pipeline (Magazine). Comparable as a gold-focused developer in Latin America with multi-jurisdictional permitting and operational exposure.

Direct peers

• Rusoro Mining: Rusoro is a Canadian-focused gold miner whose Venezuelan assets (Isidora and Increible) were nationalized in 2011, and the company has pursued similar international arbitration awards against Venezuela and participated in joint status reports in the Citgo proceedings. Directly comparable on Venezuela country risk and asset recovery strategy.
• Crystallex International Corporation: Crystallex is a Canadian mining company that held the Las Brisas (Las Cristinas) gold concession in Venezuela, also expropriated by the Venezuelan government and central to the same Citgo enforcement proceedings. It is the most direct comparable given shared Venezuelan gold asset seizure and ongoing U.S. court battles over PDVH/Citgo shares.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/gold-reserve-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gold Reserve