Gold Reserve strengthened its balance sheet in its first full financial year as a Bermuda company, ending 2025 with nearly $69 million in cash while it continues to pursue its long-running arbitration claim against Venezuela.

The mining company reported cash and cash equivalents of $68.9 million at the end of 2025, up from $42.8 million a year earlier, while total assets remained steady at $78.8 million. The company also announced separately that it has begun distributing funds from its previously announced $1 million commitment to earthquake relief efforts in Venezuela.

Gold Reserve reported a net loss of $34.3 million for 2025, compared with a loss of $15.2 million the previous year. The increase was largely driven by higher legal costs associated with enforcing an international arbitral award against Venezuela.

Expenses related to enforcement of the award climbed to $26.5 million during the year, up from $5.4 million in 2024, reflecting the company's continuing efforts to recover funds it says remain outstanding.

Gold Reserve estimates that Venezuela still owes approximately $1.2 billion, including accrued interest, under the award. However, the company has not recognised that amount as an asset because management does not consider collection probable. They cited sanctions, Venezuela's history of non-payment, and political and economic uncertainty.

The company strengthened its finances during the year through a private placement that raised gross proceeds of $30 million, with the funds earmarked for enforcement efforts, working capital and general corporate purposes.

The financial statements reflect the company's first full year operating as a Bermuda entity after its continuance from Alberta, Canada, in September 2024. As part of that move, Gold Reserve established a Bermuda office at Rosebank Centre under a lease signed in April 2025.

The report noted that the Bermuda parent company is subject to Bermuda's zero corporate income tax rate, although the company continued to record tax expense related to historical tax matters in other jurisdictions.

Gold Reserve falls outside Bermuda's Corporate Income Tax Act because it is not part of an in-scope multinational enterprise group under the Organisation for Economic Co-operation and Development Pillar Two revenue threshold.

After the year-end, Gold Reserve further strengthened its balance sheet by completing a $75 million private placement in February, generating approximately $72 million in net proceeds.

Separately, the company said it has begun deploying earthquake relief funding through Samaritan's Purse, Catholic Relief Services and World Vision, organisations selected in coordination with the United States Embassy in Caracas and the US Department of State.

Paul Rivett, vice-chairman of Gold Reserve, said: “These organisations are already on the ground and delivering the urgent, hands-on relief this moment demands.

“We hope this contribution encourages other businesses with ties to Venezuela, and the broader international business community, to join us. Every commitment, made quickly, helps deliver relief to the people who need it most.”