Gabriel Resources Ltd. Provides Corporate Update

On June 21, 2024, Gabriel Resources Ltd. (“Gabriel” or the “Company”) provided a corporate update. The company faced a significant setback when the Romanian National Agency for Mineral Resources (NAMR) rejected an application to extend the exploitation license for the Roșia Montană Project. Despite supplying detailed documentation, NAMR claimed legal insufficiencies, a stance Gabriel disputes, labeling it a politically motivated decision.

Furthermore, Gabriel intends to contest an ICSID Arbitral Decision that dismissed their claims against Romania and ordered the company to pay $10 million in legal fees. An annulment application will be filed by July 7, 2024, which could take up to 24 months to resolve.

Financially, Gabriel completed an initial fundraising tranche of $3.25 million from the targeted $5.575 million. Of this, $1.5 million will aid in annulment proceedings. The company holds $2.5 million in cash and is cautious about future funding and financial obligations.