On May 14, 2026, Gold Reserve Ltd. announced that it and its wholly owned subsidiary, GR Mining Inc., had entered into a binding term sheet with Augusta Capital Corporation, a private investment vehicle founded and led by Richard Warke, pursuant to which Augusta was granted an earn-in right in respect of 50 percent of Gold Reserve's interest in the Siembra Minera gold and copper property in Bolívar State, southeastern Venezuela. Under the terms of the earn-in agreement, Augusta has the right to acquire a 50 percent interest in Gold Reserve's interest in the project by funding up to US$200 million of expenditures to advance the project in accordance with specified milestones over four years, with a minimum first-year commitment of US$25 million. The Siembra Minera property is beneficially owned 55 percent by a Venezuelan government corporation and 45 percent by Gold Reserve, with Gold Reserve continuing to pursue its interest in the project. In April 2026, Venezuela enacted a new mining law that eliminated mandatory state-majority participation in the gold and strategic minerals sector, creating a path for Gold Reserve to acquire an interest of up to 100 percent in the project. Gold Reserve and Augusta will jointly engage with Venezuelan government officials to advance development of the project, which Gold Reserve estimates contains approximately 52.2 million ounces of gold.