Early Warning News Release for Camac Partners, LLC

Early Warning News Release Pursuant to
National Instruments 62-103 and 62-104

NEW YORK, March 8, 2024 /CNW/ - Camac Partners, LLC ("Camac") issues this press release pursuant to Part 3 of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and Part 5 of National Instrument 62-104 – Take-Over Bids and Issuer Bids in respect of Gold Reserve Inc. (the "Issuer").

Camac announces that on March 6, 2024 it acquired ownership of 132,700 Class A common shares (the "Shares") of the Issuer representing approximately 0.13% of the issued and outstanding Shares (the "Purchased Shares") of the Issuer (the "Acquisition").

The Purchased Shares were acquired through normal course purchases on the over-the-counter market in the United States for an average cost of US$3.06 (equivalent to CAD$4.14 based on the daily exchange rate posted by the Bank of Canada on March 6, 2024) per Purchased Share, for an aggregate amount equal to US$406,645.20 (equivalent to CAD$550,109.63 based on the daily exchange rate posted by the Bank of Canada on March 6, 2024).

Immediately prior to the Acquisition, Camac, on behalf of Camac Fund, LP and Camac Fund II, LP, beneficially owned, or had control or direction over, 17,209,203 Shares, representing approximately 17.29% of issued and outstanding Shares. Following completion of the Acquisition, Camac, on behalf of Camac Fund, LP and Camac Fund II, LP, beneficially owns and has control and direction over 17,341,903 Shares, representing approximately 17.42% of the issued and outstanding Shares as at the date hereof.

Camac may at any time and from time to time and in accordance with applicable law: (a) in the open market, in privately negotiated transactions or otherwise, acquire additional Shares or other securities of the Issuer; (b) dispose of or transfer, to any person or entity, all or a portion of the Shares that Camac now owns or may hereafter acquire; (c) engage in any hedging or similar transactions with respect to the securities of the Issuer; (d) make or propose a corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (e) propose a change in the board of directors or management of the Issuer; (f) solicit proxies from securityholders of the Issuer; (g) engage in communications with one or more shareholders, officers or directors of the Issuer and other persons regarding any of the matters described in clauses (a) through (f) above. Camac reserves the right to change its intentions and develop plans or proposals with respect to any and all matters referred to in Item 5 of Form F1 National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues at any time, as it deems appropriate, depending on market conditions and other factors material to the Camac's investment decisions.

Camac will file the Early Warning Report in accordance with applicable securities laws, which will be available under the Issuer's profile at www.sedarplus.ca. The head office of the Issuer is 999 West Riverside Avenue, Suite 401 Spokane, Washington 99201. The address of Camac is 350 Park Avenue, 13th Floor, New York, NY 10016.

About Camac Partners, LLC

Camac is a private investment advisor founded in 2011 that manages funds for a small number of sophisticated clients focused entirely on unique investment opportunities. We invest around the world in mispriced assets in discrete pockets of opportunity. We pride ourselves on our unique sourcing, flexible mandate, and constant emphasis on overlooked / out-of-favor opportunities. Our investments are long-term in nature and we are focused on compounding capital over several decades rather than months or years.

SOURCE Camac Partners, LLC

For further information and to obtain a copy of the Early Warning Report, please see the Issuer's profile on the SEDAR website (www.sedarplus.ca) or contact Eric Shahinian, Managing Member of Camac, at [phone].