CAMAC PARTNERS, LLC ANNOUNCES TRANSITION TO EARLY WARNING REQUIREMENTS IN RESPECT OF GOLD RESERVE INC.

NEW YORK, July 14, 2022 /CNW/ - Camac Partners, LLC ("Camac") announced today that it has ceased filing reports in accordance with the alternative monthly reporting system under Part 4 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") for Gold Reserve Inc. (the "Issuer").

Camac intends to engage in communications with certain shareholders of the Issuer regarding means to enhance shareholder value, including discussions relating to board composition and other governance matters. Certain of these discussions may lead to or involve a solicitation of proxies in accordance with the exemptions from the requirement to send a dissident's proxy circular contained in Alberta Securities Commission Blanket Order 51-520. Camac has engaged, and intends to continue to engage, in communications with the Issuer's management team and the board of directors regarding the foregoing matters. As a result, Camac is transitioning to reporting its ownership position under the early warning system requirements of NI 62-103 in anticipation of taking actions that may disqualify it from continuing to use the alternative monthly reporting system.

The Class A common shares ("Common Shares") of the Issuer held by Camac were originally purchased for investment purposes only, although Camac now intends to take certain actions as described above. In particular, Camac may at any time and from time to time and in accordance with applicable law: (i) in the open market, in privately negotiated transactions or otherwise, acquire additional Common Shares or other securities of the Issuer; (ii) dispose of or transfer, to any person or entity, all or a portion of the Common Shares that Camac now owns or may hereafter acquire; (iii) engage in any hedging or similar transactions with respect to the securities of the Issuer; (iv) make or propose a corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (v) propose a change in the board of directors or management of the Issuer; (vi) solicit proxies from securityholders of the Issuer; (vii) 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 (i) through (vi) above. Camac reserves the right to change its intentions and develop plans or proposals at any time, as it deems appropriate, depending on market conditions and other factors material to Camac's investment decisions.

As of the date hereof, Camac, on behalf of certain funds and accounts managed by it, holds  14,128,672 Common Shares, representing approximately 14.19% of the outstanding Common Shares of the Issuer.

A report on Form 62-103F2 Required Disclosure by an Eligible Institutional Investor under Section 4.3 is being filed by Camac in accordance with NI 62-103 and will be available under the Issuer's profile at www.sedar.com. The head office of the Issuer is 999 West Riverside Avenue, Suite 401 Spokane, Washington 99201. The address of Camac is 350 Park Avenue, 13^th Floor, New York, NY 10016.

FOR MORE INFORMATION:

For further information and to obtain a copy of the report on Form 62-103F2 filed by Camac, please see the Issuer's profile on the SEDAR website (www.sedar.com) or contact Eric Shahinian, Managing Member of Camac, at [phone].

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

Eric Shahinian, Managing Member of Camac, [phone]