Gabriel Resources Ltd. Seeks Annulment of ICSID Award

Gabriel Resources Ltd. (TSXV:GBU) has filed an application to annul an ICSID award from March 8, 2024. The tribunal's majority decision dismissed Gabriel's claims against Romania, awarding US$10 million in costs to Romania. The annulment application cites lack of independence and impartiality of two arbitrators, Prof. Pierre Tercier and Prof. Zachary Douglas, and procedural flaws.

Gabriel argues that the arbitrators failed to disclose relationships affecting the case. The application also claims multiple serious departures from procedural rules and failures to state reasons for decisions. A three-member ad hoc committee will decide the annulment. Gabriel seeks a stay of enforcement on the costs awarded to Romania.

Additionally, Gabriel is exploring financing options following delays in closing a US$5.575 million fundraising round. The company aims to fund operations and cover legal costs through September 2024. The annulment process is not an appeal but could extinguish the arbitral decision if successful.