Bermudian-based Gold Reserve Ltd has announced plans to spin out its mining interests into a new American-domiciled company focused on critical mineral development in the western hemisphere.

The company said the proposed entity, American Heralds Mining Corp, would hold Gold Reserve’s mining interests in Venezuela, including its efforts tied to the Siembra Minera project, as well as an Alaskan property.

Gold Reserve said American Heralds would be headquartered in Miami, and would support “secure, resilient critical mineral supply chains” aligned with American strategic priorities.

Under the proposed deal, shares in American Heralds would be distributed to Gold Reserve shareholders. The Bermuda company said it was also considering a future initial public offering in the United States and a stock exchange listing for the new company.

Paul Rivett, vice-chairman of Gold Reserve, said the move was owing to growing American interest in getting access to critical minerals and developing supply chains closer to home.

“American Heralds represents the launch of a new US-based mining company focused on western hemisphere opportunities and the development of resilient supply chains,” Mr Rivett said.

He added that the company saw an opportunity to re-engage in Venezuela amid what he described as improving relations between Washington and Caracas.

“The opportunity to return to Venezuela and participate in the country’s economic revitalisation reflects the cooperation between President Trump’s administration and President [Delcy] Rodríguez, which has created a constructive environment for U.S.-aligned operators,” he said.

Gold Reserve also said it intends to rename itself Hamilton American Holdings Ltd following the spin-out, subject to shareholder approval.

The company said it was targeting the third quarter of 2026 for the proposed spin-out and name change.

Gold Reserve has also scored fresh investor backing, raising $75 million this year in an oversubscribed private placement to fund its return to Venezuela. The country’s National Assembly has given preliminary approval to a new mining law designed to attract foreign investment, while Gold Reserve representatives joined American officials and other industry figures in talks in Caracas on restarting mining activity.

However, the company’s interest in the Siembra Minera project — its primary vehicle for returning to the country — is tied to a joint venture that is majority-owned by a Venezuelan government partner, and American and Canadian sanctions restrict dealings with Venezuelan state entities.

The company said earlier this year that the restrictions “may limit our ability to engage in certain activities”.

Gold Reserve’s Venezuela strategy is also closely linked to a long-running arbitration dispute. The company is owed approximately $1.2 billion, including interest, following the expropriation of its Brisas gold-copper project more than a decade ago.

However, that award is not recognised as a receivable, and collection is “not considered probable” given Venezuela’s payment history, sanctions and overall political and economic uncertainty.