Companies · Mining & Resources

Gold Reserve Ltd

HAMILTON · Mining & Resources · refined from filed group “Other

Diligence memoA one-page analyst read on Gold Reserve Ltd — recommendation, valuation, rhythm, risks.
$250.4M
Total raised · real
6
Rounds
2.5×
Latest step-up
Top 2%
Sector rank · raised
Series C
Latest stage · inferred · Thu Feb 26 2026 00:00:00 GMT+0000 (Coordinated Universal Time)

Gold Reserve Ltd has raised $250M over 6 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Active
  • Last raise 4 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Mining & Resources

Gold Reserve Ltd is one of 701 Mining & Resources companies tracked from HAMILTON. By capital raised it ranks among the largest (ahead of 99% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
26
Investors (latest)
2026-02-26
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$125M$250M$375M$500MSeries B · 2014-06-18 Raised $37M (real) Modeled valuation $179M (est)$37M$179MSeries B2014Series C · 2015-11-30 Raised $57M (real) Modeled valuation $283M (est)$57M$283MSeries C2015Series C · 2024-06-07 Raised $15M (real) Modeled valuation $74M (est)$15M$74MSeries C2024Series C · 2024-07-03 Raised $36M (real) Modeled valuation $178M (est)$36M$178MSeries C2024Series C · 2025-07-30 Raised $30M (real) Modeled valuation $148M (est)$30M$148MSeries C2025Series C · 2026-02-26 Raised $75M (real) Modeled valuation $371M (est)$75M$371MSeries C2026+$57M+$15M+$36M+$30M+$75MCumulative $250M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series B$37.3M · 2014
Series C$57.1M · 2015
Series C extension$15.0M · 2024
Series C extension$36.0M · 2024
Series C extension$30.0M · 2025
Series C extension$75.0M · 2026

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 40%.

Modeled valuation trajectory
$370.6M
Base estimate est.
$275.5M
Conservative case
$448.3M
Upside case
$500.0M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.

Series B · modeled $179.0M · 2014-06-182014Series C · modeled $282.5M · 2015-11-30Series C · modeled $74.2M · 2024-06-07Series C · modeled $178.0M · 2024-07-03Series C · modeled $148.3M · 2025-07-30Series C · modeled $370.6M · 2026-02-262026
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
74%
Survival probability
55% low · 86% high
1.00×/yr
Annual markup
1.15×/yr upside case
0.3 yr
Elapsed time used
0.3 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
28 mo
Avg between rounds
$21.4M/yr
Capital velocity
12.0 yr
On record since
2014
First round
6
Rounds on file
How it compares to the market

Benchmarked against 701 companies in Mining & Resources. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 109× above median
This company$250.4M
Sector median$2.3M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.7× above median
This company$75.0M
Sector median$43.4M
Modeled value — vs sector median (estimate, all stages) 146× above median
This company$370.6M
Sector median$2.5M

Raised more than 99% of sector peers (real $). Modeled value above 99% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Sunshine Silver Mining & Refining Co · Series C Raised $48.9M · modeled $241.9M (est)Foran Mining Corp · Series C Raised $152.1M · modeled $42.2M (est)Gold Reserve Ltd (this company) Raised $250.4M · modeled $370.6M (est)Gold Reserve Ltd
CompanyStageRaised · realValue · estvs peer med.
Gold Reserve Ltd this companySeries C$250.4M$370.6M1.53×
Sunshine Silver Mining & Refining CoSeries C$48.9M$241.9M1.00×
Foran Mining CorpSeries C$152.1M$42.2M0.17×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series B$37.3M2014-06-18$207.3M$179.0M85%
Series C$57.1M2015-11-30$380.4M$282.5M85%
Series C$15.0M2024-06-07$100.0M$74.2M90%
Series C$36.0M2024-07-03$240.0M$178.0M90%
Series C$30.0M2025-07-30$200.0M$148.3M90%
Series C$75.0M2026-02-26$500.0M$370.6M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series B$37.3M2014-06-18
    • First recorded raise — entered as Series B.
    • 6 investors on this round.
  2. Series C$57.1M2015-11-30
    • Raised again after 17 mo — slower than the ~11 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 6 investors on this round.
  3. Series C$15.0M2024-06-07
    • Raised again after 102 mo — slower than the ~11 mo sector norm.
    • Round 3.8× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  4. Series C$36.0M2024-07-03
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 2.4× larger than the prior — scaling up.
    • 10 investors on this round.
  5. Series C$30.0M2025-07-30
    • Raised 13 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 11 investors on this round.
  6. Series C$75.0M2026-02-26
    • Raised 7 mo later, in step with the ~11 mo sector norm.
    • Round 2.5× larger than the prior — scaling up.
    • 26 investors on this round.
Intelligence
2028 ~Q2
Modeled next raise · ~28mo cadence
$187.5M
Modeled next size est.range $121.9M$300.0M
2.5×
Last step-up
$21.4M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Jean Charles Potvin4 other2014-06
David A. Knight1 other2024-06
George E. Thomas1 other2025-07
James H. Coleman1 other2014-06
James P. Geyer1 other2014-06
Mary E. Smith1 other2014-06
A. Douglas Belanger2014-06
Chris D. Mikkelsen2014-06
David P. Onzay2024-06
James Michael Johnston2024-06
James P. Tunkey2024-06
Jonathan E. Howes2025-07
Kenneth I. Juster2015-11
Mackenzie Claire Eleanor Clark2026-02
Patrick D. McChesney2014-06
Paul A. Rivett2025-07
Paul Claire Eleanor Rivett2026-02
Paul P. Rivett2024-06
Robert A. Cohen2024-06
Robert A. McGuinness2014-06
Rockne J. Timm2014-06
Sai P. Ahmed2026-02
William C. DeSilva2025-07
Yves M. Gagnon2024-06
Registry & provenance

Gold Reserve Ltd is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1072725
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Foran Mining CorpMining & ResourcesSeries C$152.1M$42.2Msame sector · same stage
MineralTree, Inc.Mining & ResourcesSeries C$109.7M$269.5Msame sector · same stage
Hecla Mining Co/De/Mining & ResourcesSeries C$100.0M$45.6Msame sector · same stage
Consensus Mining & Seigniorage CorpMining & ResourcesSeries C$85.0M$420.7Msame sector · same stage
i-80 Gold Corp.Mining & ResourcesSeries C$76.1M$22.7Msame sector · same stage
Sabina Gold & Silver Corp.Mining & ResourcesSeries C$49.9M$1.7Msame sector · same stage
Sunshine Silver Mining & Refining CoMining & ResourcesSeries C$48.9M$241.9Msame sector · same stage
Azimut Exploration Inc.Mining & ResourcesSeed$4.1M$11.6Mnetwork1 shared operator · same sector
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Gold Street Reserves, LLCMining & ResourcesPre-Seed$667K91%
Premier Gold Mines LtdMining & ResourcesSeries B$10.7M88%
AU Gold Corp.Mining & ResourcesPre-Seed$1.1M88%
Gold Basin Resources CorpMining & ResourcesPre-Seed$1.0M87%
Pacton Gold Inc.Mining & ResourcesPre-Seed$1.1M86%
Blue Gold LtdMining & ResourcesSeed$8.4M86%
Sovereign Metals LtdMining & ResourcesSeries A$8.3M86%
Stakeholder Gold Corp.Mining & ResourcesPre-Seed$1.4M86%
Frequently asked
How much funding has Gold Reserve Ltd raised?
Gold Reserve Ltd has raised approximately $250.4M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Gold Reserve Ltd's estimated valuation?
Provath's modeled valuation for Gold Reserve Ltd is approximately $370.6M (modeled range $275.5M–$448.3M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Gold Reserve Ltd at?
Gold Reserve Ltd's latest modeled financing stage is Series C. Its most recent recorded round closed around Thu Feb 26.
What does Gold Reserve Ltd do and where is it based?
Gold Reserve Ltd operates in the Mining & Resources sector, based in HAMILTON.
Explore related

See where Gold Reserve Ltd sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at Gold Reserve Ltd, claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.