Bermuda has quietly become home to a company sitting on more than $120 million in cash while pursuing a billion-dollar claim against Venezuela and planning a major restructuring tied to critical minerals development.

Gold Reserve Ltd. which moved its corporate domicile to Bermuda in 2024, reported cash and cash equivalents of $122.5 million at March 31, up sharply from $68.9 million at the end of last year.

The company, which no longer operates a producing mine, has evolved into a complex holding company focused on enforcing a long-running arbitration award against Venezuela while positioning itself for a potential return to mining activity in the country as it gradually reopens to foreign investment. Last year’s political shifts in Venezuela — including the removal of Nicolás Maduro by the United States and the emergence of an interim government under Delcy Rodríguez — sparked optimism among market participants.

Gold Reserve said the unpaid amount owed under the arbitration award now totals an estimated $1.24 billion including interest.

However, the company has not recognised the award as a receivable because collection is still considered uncertain owing to Venezuela’s payment history, sanctions and ongoing political and economic instability.

The company recently announced plans to spin out its mining assets into a new US-based company, American Heralds Mining Corp, focused on critical mineral development in the western hemisphere.

At the same time, the Bermuda parent company plans to rename itself Hamilton American Holdings Ltd.

The interim filing also highlights the company’s growing Bermuda presence. Gold Reserve disclosed that it leased office space on the island in 2025 and said its cash holdings are primarily held in US and Bermuda banks.

Gold Reserve’s most valuable asset remains the Brisas gold-copper project in Bolívar state, expropriated under Hugo Chávez in 2008. After years of international arbitration, Mr Maduro revoked joint venture rights, leaving the company locked out for more than a decade.

However, Ms Rodríguez’s government has moved to reopen Venezuelan industry to foreign participation, starting with the oil sector. Last month, the mining sector followed, with major legislation passed aimed at attracting foreign investment and modernising the exploitation of gold, copper and rare earth elements.

Gold Reserve has publicly supported these changes, while publicly condemning the Maduro regime and noting that one of Gold Reserve’s lawyers, José Ignacio Moreno Suárez, has been detained in Venezuela since 2023 on what it describes as politically motivated charges.

The company also completed a $75 million private placement in February, saying the proceeds would help fund efforts to collect the Venezuela award, pursue mining opportunities and support general corporate purposes.