Gold Reserve Ltd, the Canadian mining company now based in Bermuda, has boosted its cash reserves but continues to burn money on legal battles and Venezuela-related claims.

The company reported cash and cash equivalents of $51.9 million at June 30, up from $42.8 million at the end of 2024. Including term deposits and marketable securities, financial resources totalled $68.7 million, most of which are held in banks in the United States and Bermuda.

But the company emphasised that it has no revenue-producing operations and remains dependent on collecting funds from Venezuela under a settlement agreement or arbitration award.

“We believe that we have sufficient working capital to carry on our activities for the next 12 to 24 months,” management wrote, adding that “a reassessment by the Canada Revenue Agency … may lead to substantial doubt about the company’s ability to continue as a going concern”.

Legal expenses tied to enforcing its arbitral award surged in the second quarter, driving operating cash burn to $7.2 million, more than double the $3.1 million used in the same period last year. For the first six months of 2025, operating losses consumed $10.7 million, compared with $5.3 million in the first half of 2024.

Gold Reserve shifted its corporate home from Alberta to Bermuda and began trading on the Bermuda Stock Exchange this month. It reported having three employees as of Friday, when it released its midyear financial report.

The company has placed a topping bid for shares of PDV Holdings, the American-based parent of Citgo Petroleum, in court proceedings in Delaware.

Gold Reserve said an American court has rescheduled its sale hearing from yesterday to September 15, with a possible follow-up in October. The company’s subsidiary, Dalinar Energy, may be asked to match a rival bid by late this month before a final recommendation is made to the court.