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GDRZF on OTC

GOLD RESERVE LTD

GOLD RESERVE LTD is a gold and Silver Ores company that raised $156 million in 2026 (SEC Form D).1 It is headquartered in Pembroke, Bermuda.1 Its shares trade on OTC under the symbol GDRZF.1

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Last updated Oct 21, 2026.

Overview

-$23.1MNet income, fiscal 20232

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  • TickerGDRZF on OTC1
  • IndustryGold and Silver Ores1
  • HeadquartersPembroke, Bermuda1
  • Incorporated inBermuda3
  • Business addressRosebank Centre, 5Th Floor, 11 Bermudiana Road, Pembroke, D0 Hm 083
  • Filer categoryNon-accelerated filer3
  • Legal formCorporation

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

-80.9%Return on equity2

Financial statements

Net income456782-$23.1M in 2023+7% since 2016
-$50.0M0$50.0M$100.0M2016: -$21.5M-$21.5M20162017: $89.5M$89.5M20172018: $41.9M$41.9M2018−53%2019: -$13.1M-$13.1M20192020: -$11.5M-$11.5M2020−12%2021: -$10.6M-$10.6M2021−8%2022: -$8.6M-$8.6M2022−19%2023: -$23.1M-$23.1M2023+169%
Fiscal year20162017201820192020202120222023
Interest$10.5M4$6.1M4
Income before tax-$10.6M8-$8.6M8
Income tax$04$35.1M5$10.0M6-$4.3M7-$1.1M8-$17.8M2
Net income-$21.5M4$89.5M5$41.9M6-$13.1M7-$11.5M8-$10.6M8-$8.6M2-$23.1M2

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Corporate structure

GOLD RESERVE LTD sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of GOLD RESERVE LTD

  • Camac Fund, LP Filed SCHEDULE 13D/A on GOLD RESERVE LTD, latest Mar 25, 2025 (12 filings since Dec 8, 2021)
  • STEELHEAD PARTNERS LLC Filed SC 13D/A on GOLD RESERVE LTD, latest Sep 6, 2024 (3 filings since May 24, 2022)
  • Greywolf Capital Management LP Filed SC 13D/A on GOLD RESERVE LTD, latest Jul 11, 2024 (2 filings since Jun 11, 2024)
  • King Theodore Walker Cheng-De Filed SC 13G/A on GOLD RESERVE LTD, latest Nov 17, 2023 (2 filings since Jul 27, 2023)
  • GOLD RESERVE LTD Pembroke, Bermuda

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What GOLD RESERVE LTD reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.1M2 Dec 31, 2022$19.9M11 Dec 31, 2012−89.4%
Property and equipment, net$384.4K2 Dec 31, 2023$1.4M2 Dec 31, 2022−72.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.5M2 Dec 31, 2023$15.4M2 Dec 31, 2022−44.5%
Marketable securities, current$8.1M2 Dec 31, 2023$14.3M2 Dec 31, 2022−43.4%

Leadership

Who has led GOLD RESERVE LTD, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Rockne J. Timm2010–2012

President

  1. A. Douglas Belanger2010–2012

Chief financial officer

  1. Robert A. McGuinness2010–2012
  2. David Paul Onzay2025–now
201520202025
Board members and other officers (10)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Legal OfficerMackenzie Claire Eleanor Clark named Mar 19, 202623
  • CEO, Executive Vice-ChairmanPaul Claire Eleanor Rivett named Mar 19, 202623
  • Chief Operating OfficerSai P. Ahmed named Mar 19, 202623
  • CEO, Executive Vice-ChairmanPaul A. Rivett named Jun 21, 2024 to Aug 8, 202524
  • Executive Officer, DirectorJames H. Coleman named Jun 21, 2024 to Jul 17, 202425
  • DirectorGeorge E. Thomas named Aug 8, 2025 to Mar 19, 202623
  • DirectorJames Michael Johnston named Jun 21, 2024 to Mar 19, 202623
  • DirectorYves Michael Gagnon named Aug 8, 2025 to Mar 19, 202623
  • DirectorDavid A. Knight named Jun 21, 2024 to Aug 8, 202524
  • ChairmanRobert A. Cohen named Jun 21, 2024 to Aug 8, 202524
  • DirectorYves M. Gagnon named Jun 21, 2024 to Jul 17, 202425

Former names

  • GOLD RESERVE INCNov 27, 1998 to Oct 7, 20243

Timeline

  1. Jan 6, 2010New chief executive Rockne J. Timm becomes CEO12

Filings

160 filings to the SEC since October 2021: 3 annual reports, 20 insider forms, 19 large holders, 4 private raises, 114 other. The latest 20:

  1. Mar 19, 2026D EDGAR
  2. Aug 8, 2025D EDGAR
  3. May 9, 2025AW AW FILE NO 333-65250 EDGAR
  4. May 9, 2025AW AW FILE NO 333-96917 EDGAR
  5. May 9, 2025AW AW FILE NO 333-110927 EDGAR
  6. May 9, 2025AW AW FILE NO 333-110928 EDGAR
  7. May 9, 2025AW AW FILE NO 333-119037 EDGAR
  8. May 9, 2025AW AW FILE NO 333-119038 EDGAR
  9. May 9, 2025AW AW FILE NO 333-127336 EDGAR
  10. May 9, 2025AW AW FILE NO 333-127337 EDGAR
  11. May 9, 2025AW AW FILE NO 333-133421 EDGAR
  12. May 9, 2025AW AW FILE NO 333-135756 EDGAR
  13. May 9, 2025AW AW FILE NO 333-136423 EDGAR
  14. May 9, 2025AW AW FILE NO 333-138128 EDGAR
  15. May 9, 2025AW AW FILE NO 333-139463 EDGAR
  16. May 9, 2025AW AW FILE NO 333-145770 EDGAR
  17. May 9, 2025AW AW FILE NO 333-151589 EDGAR
  18. May 9, 2025AW AW FILE NO 333-152882 EDGAR
  19. May 9, 2025AW AW FILE NO 333-152883 EDGAR
  20. May 9, 2025AW AW FILE NO 333-162587 EDGAR

The 160 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

15 open-market trades by officers, directors and large owners since October 2021: 15 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 24, 2025Camac Fund, LP10% ownerBuy19,700$1.60$31.5KForm 4
Apr 7, 2025Shahinian Eric10% ownerBuy10,000$1.68$16.8KForm 4
Apr 4, 2025Shahinian Eric10% ownerBuy100$1.55$155Form 4
Apr 3, 2025Shahinian Eric10% ownerBuy22,375$1.67$37.4KForm 4
Mar 28, 2025Camac Partners, LLC10% ownerBuy25,000$1.76$44.0KForm 4
Mar 27, 2025Camac Partners, LLC10% ownerBuy12,000$1.80$21.6KForm 4
Mar 24, 2025Camac Partners, LLC10% ownerBuy1,500$1,856.00$2.8MForm 4
Mar 21, 2025Camac Partners, LLC10% ownerBuy431,900$2.08$897.0KForm 4
Mar 13, 2025Camac Capital, LLC10% ownerBuy14,000$2.06$28.8KForm 4
Mar 12, 2025Camac Capital, LLC10% ownerBuy17,154$2.05$35.2KForm 4
Mar 10, 2025Shahinian Eric10% ownerBuy383,401$1.92$736.1KForm 4
Mar 7, 2025Shahinian Eric10% ownerBuy100$1.70$170Form 4
Mar 6, 2025Shahinian Eric10% ownerBuy27,376$1.70$46.5KForm 4
Feb 4, 2025Camac Fund, LP10% ownerBuy100,000$1.62$162.0KForm 4
Jan 22, 2025Camac Capital, LLC10% ownerBuy56,700$1.48$83.9KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$156.0M 2024–2026
Money received by yearMoney received by year, 2024–2026: $156.0M in all. Private raises (Form D) $156.0M.$0$20M$40M$60M$80M2024 · Private raises (Form D): $51.0M20242025 · Private raises (Form D): $30.0M20252026 · Private raises (Form D): $75.0M2026
Figures by year
YearPrivate raises (Form D)Total
2026$75.0M$75.0M
2025$30.0M$30.0M
2024$51.0M$51.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Feb 26, 2026Raised $75 million in a private offering of equity23 Form D: 26 investors so far Form D
  2. Jul 30, 2025Raised $30 million in a private offering of equity24 Form D: 11 investors so far Form D
  3. Jul 3, 2024Raised $36 million in a private offering of equity25 Form D: 10 investors so far Form D
  4. Jun 7, 2024Raised $15 million in a private offering of equity30 Form D: 5 investors so far Form D

SEC filer profile

How GOLD RESERVE LTD is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGOLD RESERVE LTD1
  • CIK0001072725
  • Filer statusNon-accelerated filer1
  • Incorporated inBermuda1
  • Fiscal year endsDecember 311
  • Industry code (SIC)1040 Gold and Silver Ores1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business addressRosebank Centre, 5Th Floor, 11 Bermudiana Road, Pembroke, D0 HM 081
  • Phone(800) 625-95501
  • Shares outstanding99,548,711 as of Dec 31, 20232
  • On EDGAR sinceNov 27, 19981
  • Filings904 in all: 6-K (321), 4 (119), SC 13D/A (44), 425 (41), SC 13G/A (35), RW (30), AW (29), CORRESP (26)1
    All 54 form types

    S-8 (26), 3 (22), UPLOAD (21), SC TO-T/A (19), 40-F (13), SC 14D9/A (13), SC 13G (11), 20-F (10), EFFECT (10), POS AM (9), SC 13D (9), SC TO-I/A (9), 10-Q (6), 424B3 (6), 8-K (6), D (6), F-3 (6), F-3/A (5), S-8 POS (4), 10-K (3), 20-F/A (3), F-10 (3), F-X (3), 10-K/A (2), 3/A (2), 4/A (2), 8-A12G (2), DEF 14A (2), F-10/A (2), F-10EF (2), FWP (2), REGDEX (2), SC 14D9 (2), SC TO-I (2), SUPPL (2), T-3/A (2), 10-Q/A (1), 15-15D (1), 25-NSE (1), 8-A12B (1), 8-A12G/A (1), CERTAMX (1), S-4 (1), SC TO-T (1), SCHEDULE 13D/A (1), T-3 (1)

  • Latest filingsAnnual report (40-F) Apr 19, 2024
    Quarterly report (10-Q) Nov 14, 2011
    Proxy statement (DEF 14A) Apr 29, 2011
    Latest 8-K (8-K) Nov 1, 2011

Sources

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