Gold Reserve is a Canadian company with no active mining operations, focused almost entirely on collecting a legal judgment against Venezuela. The company previously developed the Brisas gold and copper mining project in Venezuela, but Venezuela terminated the project in violation of a Canada-Venezuela investment treaty. Gold Reserve won an ICSID arbitration award of $740M against Venezuela in 2014, and in 2016 the two parties reached a settlement under which Venezuela agreed to pay approximately $1.03B. To date, Gold Reserve has received only ~$254M, and Venezuela is in breach of the settlement. The estimated remaining amount owed, including interest, is approximately $1.08B. Gold Reserve is pursuing collection through U.S. and Portuguese courts, including a writ of attachment against shares of PDV Holdings, a U.S.-based subsidiary of Venezuela's state oil company PDVSA, though Gold Reserve holds a junior creditor position behind senior creditors in any potential proceeds. If Gold Reserve collects proceeds, distributions follow a defined waterfall: first to Contingent Value Right holders (5.466% of net proceeds), then to an employee bonus plan, with the remainder intended to be returned to shareholders as capital. Gold Reserve also holds a 45% interest in Siembra Minera, a joint venture with a Venezuelan government entity covering the historical Brisas and Cristinas mining areas, but Venezuela revoked the joint venture's mining rights in 2022 and the project is dormant. Gold Reserve's only other asset is an early-stage gold exploration property in Alaska.