Gabriel Resources Required to Secure Guarantee for ICSID Award Stay

Gabriel Resources Ltd. informed that the ad hoc committee overseeing its application for annulment of the March 2024 ICSID award has stipulated the continuation of a provisional stay on the award's enforcement. The stay is contingent on Gabriel securing a guarantee from a bank or a third party with proven solvency for the cost award of approximately US$10 million.

The provisional stay was initially granted in July 2024. Gabriel's proposals for security were rejected by the committee, which now demands a suitable guarantee within 30 days. Gabriel has expressed its financial constraints, underscoring the necessity of raising additional funds to fulfill this requirement and pursue the annulment proceedings.

The company continues to explore financial avenues, including a proposed private placement, to support its operations and legal strategies while navigating its current fiscal challenges.