An exploration-stage mining company domiciled in Bermuda has won a judgment of more than $1.1 billion as it seeks to recognise and enforce its 2014 arbitral award against Venezuela.

Gold Reserve Ltd, which redomiciled to the island last year from Alberta, Canada, said: “On February 20, 2025, the Lisbon Court of Appeal issued an order granting the company’s application to confirm the award in Portugal, and entered judgment for the company against Venezuela in the amount of $713,032,000 plus (i) pre-award interest in the amount of $22,299,576; (ii) post-award interest on the total amount awarded, inclusive of pre-award interest, at a rate of Libor plus 2 per cent, compounded annually, from September 22, 2014, until payment in full; and (iii) $5 million in legal fees and costs.”

It said the total amount of judgment at present, inclusive of interest, exceeded $1.1 billion.

Gold Reserve added: “The judgment supports the company’s ongoing efforts to enforce the award in Portugal. In connection therewith, the company has obtained attachment orders against multiple bank accounts in Portugal holding in total more than $1.4 billion.”

However, it added: “Recovery is not certain in the Portugal legal proceedings due to multiple factors. Among other considerations, further court orders are required to attempt to collect against any of the attached funds, and the priority of the company’s attachments on each bank account is not identical and is not definite, as is the priority of the company’s attachments vis-à-vis other creditors.

“The company’s recognition and enforcement efforts in Portugal are in addition to those being undertaken in the United States, including the company’s ongoing participation in the sales and bidding procedures established by the US District Court for the District of Delaware for the sale of the shares of PDV Holdings Inc, the indirect parent company of Citgo Petroleum Corp.

“Any recovery in the Delaware proceedings will offset the amount that can be recovered on the award in the Portugal legal proceedings, and vice versa.”