Gold Reserve Ltd plans to buy back as many as 7.39 million common shares, or 5 per cent of its outstanding stock, saying its market value does not always reflect its underlying prospects.

The Bermudian-domiciled mining company said its normal course issuer bid would begin on Thursday and run for up to a year, unless the maximum number of shares is bought earlier or the company ends the programme.

Purchases will be made through the TSX Venture Exchange and authorised Canadian trading systems, with TD Securities acting as broker. The company may buy no more than 2 per cent of its outstanding shares in any 30-day period.

Gold Reserve said it would use existing working capital to fund the purchases, which would be made at prevailing market prices. Any shares acquired would be cancelled.

The move comes as the company pursues a high-risk strategy focused on recovering money from Venezuela and returning to mining in the country.

Gold Reserve, which moved its domicile to Bermuda in 2024, has no producing mine. It is seeking to recover about $1.24 billion, including interest, under an arbitration award linked to the 2008 expropriation of its Brisas gold-copper project, while also planning a return to Venezuelan mining and appealing its unsuccessful bid for Citgo’s parent company.

The company reported cash and cash equivalents of $122.5 million at the end of March, up from $68.9 million at the end of 2025. It has said it does not recognise the arbitration award as an asset because collection is uncertain amid sanctions, Venezuela’s payment history and political instability.

Gold Reserve has raised $75 million this year to support efforts to return to Venezuela, where it hopes eventually to resume mining activities through the Siembra Minera joint venture.

It also plans to spin out its Venezuela and Alaska mining interests into a Miami-based company, American Heralds Mining Corp, while the Bermuda parent is expected to rename itself Hamilton American Holdings Ltd.

The company’s appeal over the court-supervised sale of Citgo parent Petroleos de Venezuela Holding is scheduled to be heard by the United States Court of Appeals for the Third Circuit next month.