Results

The ICSID Arbitration case is well advanced. In April 2022, the arbitral tribunal ("Tribunal") issued a limited list of further questions to the Claimants and ...

All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice. Gabriel is a Canadian resource company listed on the TSX Venture Exchange. The Company's principal business had been the exploration and development of the Roșia Montană gold and silver project in Romania. The Roşia Montană Project, one of the largest undeveloped gold deposits in Europe, is situated in the South Apuseni Mountains of Transylvania, Romania, an historic and prolific mining district that since pre-Roman times has been mined intermittently for over 2,000 years. - As previously announced, on November 1, 2021 Roșia Montană Gold Corporation S.A. ("RMGC"), Gabriel's 80.69%-owned Romanian subsidiary, concluded an agreement with a buyer for an instalment-based purchase of the remaining LLTE for aggregate gross proceeds of US$1.75 million (approx. $2.2 million). Aggregate payments of US$1.375 million (approx.$1.75 million) were received prior to June 30, 2022 together with an aggregate contribution to storage costs of US$90,000 (approx. $115,000) payable monthly from April 2022 in accordance with the sale and purchase agreement. - In April 2022, the Tribunal informed the Parties that it had held numerous deliberations in order to reach a decision on the claims and defenses in the matter and had concluded that there were certain aspects of the case for which it required further information. At this time, these recommendations and restrictions do not significantly impact Gabriel's ability to continue the ICSID Arbitration process or conduct the limited operations in Romania, nor has there been a significant impact on the Group's results or operations through 2022 to date. - With respect to the ongoing coronavirus (COVID-19) pandemic, Gabriel continues to consider carefully its impact, noting the continuing disruption to normal activities and the uncertainty over the duration of this disruption. Should any material disruption from COVID-19 affect the Group for an extended duration, Gabriel will review certain planned activities in Romania and take remedial actions if it is determined to be necessary or prudent to do so. Accordingly, the Company's current core focus is the ICSID Arbitration. For more information please visit the Company's website at www.gabrielresources.com. - Notwithstanding the Company's recent and historic funding, there is a risk that sufficient additional financing may not be available to the Company on acceptable terms, or at all. All statements, other than statements of historical fact, are forward-looking statements. Further information and commentary on the results in the second quarter of 2022 is given below. We remain extremely thankful for the continued support and funding provided by our shareholders as the ICSID Arbitration process continues."