Star Metro - Gabriel Announces Dismissal of ICSID Annulment Application

TORONTO, ON / ACCESS Newswire / November 14, 2026 / Gabriel Resources Ltd. (TSXV:GBU) ("Gabriel" or the "Company") announces that the ad hoc committee (the "Annulment Committee") of the International Centre for Settlement of Investment Disputes ("ICSID") has dismissed the application by Gabriel and its wholly owned subsidiary, Gabriel Resources (Jersey) Limited ("Gabriel Jersey"), to annul the arbitral award dated March 8, 2024 (the "Award") in their proceedings against Romania (ICSID Case No. ARB/15/31) (the "Annulment Application").

The Award, which dismissed Gabriel's claims against Romania by a two-to-one majority, therefore remains in force, including the order (the "Costs Order") requiring the Company and Gabriel Jersey to pay approximately US$10 million of Romania's costs, together with interest.

The Annulment Committee rejected all five grounds on which Gabriel had sought annulment of the Award. It found that the Tribunal was properly constituted, that the arbitrator appointed by Romania was not required to disclose the matters Gabriel had raised, and that the majority of the Tribunal had applied the applicable law, respected Gabriel's procedural rights and stated adequate reasons for its decision.

The Annulment Committee directed Gabriel and Romania to share equally the fees and expenses of the Committee and ICSID, with each side bearing its own legal fees and expenses. As Gabriel had advanced the costs of the proceedings, the Committee ordered Romania to reimburse Gabriel approximately US$211,000. The Committee awarded no interest on that amount and set no payment deadline.

The decision has material implications for Gabriel's financial position and ability to continue as a going concern. The Company has limited liquidity and requires additional funding to meet its obligations, including the Costs Order and outstanding legal fees.

As of the date of this release, US$894,365 in subscription proceeds remain outstanding under the Company's US$3.4 million private placement (the "Offering"), as described in its news release dated November 9, 2026. The TSX Venture Exchange's current deadline for completing the Offering is November 16, 2026. The Company will provide a further update on the status of the Offering.

The Board is reviewing the Company's position with its legal and financial advisers. That review includes the availability of further funding, the potential value of the remaining assets and licence-related interests in Romania of the Company and its subsidiaries (collectively, the "Group"), and whether any viable restructuring or other alternative is available.

There can be no assurance that further funding or a viable alternative will be available. If no such funding or alternative is available, the Company may be required to commence proceedings under applicable insolvency legislation, in which case holders of the Company's common shares would be unlikely to receive any recovery. In that event, the TSX Venture Exchange ("TSXV") could suspend trading in and delist the Company's common shares, or transfer the Company's listing to NEX.

In light of these risks, investors are urged to exercise caution when trading in the Company's common shares. The Company will provide a further update as soon as the Board has determined the appropriate next steps.

Anna El-Erian, Chair of the Board, commented:

"We are deeply disappointed by the decision. We thank our shareholders for their support throughout these proceedings. The Board is now focused on assessing the implications for the Group and determining the appropriate next steps in light of its financial position and obligations."

For further information, please contact:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Gabriel

Gabriel Resources Ltd. is a Canadian resource company listed on the TSX Venture Exchange under the symbol GBU. Following the dismissal of the Annulment Application, the Company is assessing its financial position and the options available in respect of its remaining assets and interests in Romania.

Gabriel holds an 80.69% interest in Roșia Montană Gold Corporation S.A. ("RMGC"), with the remaining 19.31% held by Minvest Roșia Montană S.A., a Romanian state-owned company. RMGC holds the Company's interests in the Roșia Montană gold and silver project. In June 2024, the competent Romanian authority rejected RMGC's application to extend the project's exploitation licence. RMGC is challenging that refusal before the Romanian courts.

Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation ("forward-looking statements"). These statements reflect management's current expectations, estimates and assumptions concerning future events and are not guarantees of future performance.

Forward-looking statements in this press release include statements concerning the implications of the dismissal of the Annulment Application; the Board's review of the Company's financial position and available options; the availability of further funding or a viable restructuring or other alternative; and the preservation or realisation of the Company's assets and interests in Romania.

Forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "proposes", "may", "could", "would", "should" and "will", and similar expressions, although not all forward-looking statements contain these words.

These statements are based on assumptions that management considers reasonable as at the date of this press release concerning the Company's available liquidity, liabilities and funding requirements; the potential value and realisability of the Group's remaining assets and interests; the conduct and outcome of outstanding legal and regulatory proceedings; and the resources, time and professional support required to assess and implement the available options. The availability of further financing or a viable restructuring or other alternative is uncertain.

Forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These include, without limitation:

• the Company's serious financial difficulty, limited liquidity and inability to obtain sufficient funding to meet its obligations and continue as a going concern;
• the risk that the outstanding subscriptions under the Offering do not close by the TSXV's deadline, or that any extension sought is not granted, further limiting the Company's available liquidity;
• the amounts and timing of payments required under the Costs Order, including accrued interest, and in respect of any additional costs awarded in the annulment proceedings, deferred legal fees and other outstanding liabilities;
• enforcement by Romania or other creditors, including restrictions on, attachment of or enforcement against the Company's or its subsidiaries' assets, additional legal costs and disruption to operations;
• the risk that no viable financing, restructuring or other alternative is available, adversely affecting the Company's ability to meet its obligations, preserve its assets and interests and continue as a going concern;
• the Company's ability to fund the preservation of its remaining assets and interests and the continued pursuit of outstanding licence-related proceedings and applications;
• the duration, costs and outcome of the legal proceedings challenging the refusal to extend the Roșia Montană exploitation licence, including the risk that the challenge is unsuccessful;
• the timing and outcome of the pending applications for exploitation licences for the Bucium (Rodu-Frasin and Tarnița) projects, including the risk of further delays or refusal of those applications;
• legal, fiscal, regulatory and enforcement actions affecting the Company and its subsidiaries, including allegations concerning historical conduct;
• Romania's actions following the inscription of the Roșia Montană Mining Landscape as a UNESCO World Heritage site;
• dilution resulting from any future financing or the exercise or conversion of new or existing securities;
• the risk that the Company commences insolvency proceedings, that holders of its common shares receive no recovery in a bankruptcy, and that the TSXV suspends trading in or delists the common shares, or transfers the Company's listing to NEX;
• changes in laws, governments, fiscal regimes and political or economic conditions in the jurisdictions in which the Company operates;
• adverse financial market conditions, inflation, geopolitical instability and currency fluctuations; and
• the continued availability of key employees, consultants and professional advisers.

This list is not exhaustive. Further information about risks and uncertainties affecting the Company is contained in its public filings, including its most recent management's discussion and analysis, available at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. Such statements speak only as at the date of this press release and are expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

SOURCE: Gabriel Resources Ltd.

View the original press release on ACCESS Newswire

K.Evans--SMC