Gold Reserve Ltd: Recent Developments in CITGO Sale Process
Gold Reserve Ltd, an exploration-stage company specializing in the acquisition, exploration, and development of mineral properties, has been actively involved in the ongoing CITGO sale process. The company, listed on the OTC Bulletin Board, primarily focuses on the Siembra Minera Project in Venezuela and the LMS Gold Project in Alaska.
On August 29, 2025, Gold Reserve Ltd submitted an improved bid for PDV Holding, as reported by StockWatch. This move is part of the company’s strategic efforts to enhance its position in the competitive bidding process for CITGO, a significant asset in the oil industry.
Earlier the same day, CEO.ca reported that Gold Reserve had submitted an improved proposal in the CITGO sale process. This proposal is a critical step in the company’s strategy to secure a favorable outcome in the acquisition of CITGO.
On August 28, 2025, Gold Reserve provided an update on the CITGO sale process, highlighting a notice of regulatory approval and a motion to proceed. This update, covered by FeedBurner, indicates progress in the regulatory aspects of the sale, which is essential for moving forward with the acquisition.
In a related development, CEO.ca reported on August 30, 2025, that a $2 billion lower bid from Amber Energy was recommended by a special master in the CITGO sale process. This recommendation could influence the dynamics of the bidding process, potentially affecting Gold Reserve’s strategy and positioning.
Gold Reserve Ltd, with a market capitalization of $327.58 million and a close price of $2.6 on August 28, 2025, continues to navigate the complexities of the CITGO sale process. The company’s focus remains on leveraging its strategic projects and improving its financial standing in the competitive landscape of the metals and mining sector.