Gabriel Resources Announces Dismissal of ICSID Annulment Application

An ICSID ad hoc committee dismissed all five grounds in Gabriel Resources’ and its subsidiary’s application to annul the March 8, 2024 arbitral award, leaving the award rejecting the company’s claims against Romania in force. Gabriel Resources must pay Romania approximately US$10 million under the award’s costs order and share the committee’s fees and expenses. The company said the decision materially affects its financial position and ability to continue as a going concern; it is reviewing its options and liquidity needs and says it requires additional funding to meet the costs order and outstanding legal fees.