Recent Insider Transactions Derivative • May 25
Founder exercised options and sold CA$2.2t worth of stock On the 21st of May, Andrei Agapov exercised 2m options at a strike price of around CA$1.15 and sold these shares for an average price of -CA$1,499,998 per share. This trade did not impact their existing holding. For the year to December 2019, Andrei's total compensation was 62% salary and 38% non-salary. Since June 2025, Andrei's direct individual holding has decreased from 71.09m shares to 62.63m. Company insiders have collectively bought CA$2.2t more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • May 11
Independent Director exercised options to buy CA$845k worth of stock. On the 8th of May, Anthony Beruschi exercised options to buy 775k shares at a strike price of around CA$0.22, costing a total of CA$174k. This transaction amounted to 4.7% of their direct individual holding at the time of the trade. Since June 2025, Anthony's direct individual holding has decreased from 24.38m shares to 17.41m. Company insiders have collectively sold CA$16m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Apr 29
Founder recently bought CA$154k worth of stock On the 27th of April, Andrei Agapov bought around 150k shares on-market at roughly CA$1.03 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Andrei has been a net seller over the last 12 months, reducing personal holdings by CA$58k. Recent Insider Transactions • Apr 07
Independent Director recently sold CA$2.8m worth of stock On the 1st of April, Peter Hediger sold around 2m shares on-market at roughly CA$1.26 per share. This transaction amounted to 5.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$8.7m. Insiders have been net sellers, collectively disposing of CA$14m more than they bought in the last 12 months. Recent Insider Transactions • Mar 24
Independent Director recently sold CA$625k worth of stock On the 20th of March, Peter Hediger sold around 500k shares on-market at roughly CA$1.25 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$2.5m more than they bought in the last 12 months. Recent Insider Transactions • Mar 22
President recently sold CA$74k worth of stock On the 20th of March, Andrei Agapov sold around 60k shares on-market at roughly CA$1.24 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$390k. Andrei has been a net seller over the last 12 months, reducing personal holdings by CA$212k. Recent Insider Transactions • Feb 18
President recently sold CA$84k worth of stock On the 9th of February, Andrei Agapov sold around 80k shares on-market at roughly CA$1.05 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$390k. Andrei has been a net seller over the last 12 months, reducing personal holdings by CA$137k. Recent Insider Transactions • Feb 10
President recently sold CA$84k worth of stock On the 9th of February, Andrei Agapov sold around 80k shares on-market at roughly CA$1.05 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$390k. Andrei has been a net seller over the last 12 months, reducing personal holdings by CA$137k. Announcement • Feb 03
Gold Reserve Ltd. Announces Filing of Opposition to Defendant Rusoro Mining Ltd.’s Motion to Dismiss in Delaware Court of Chancery Gold Reserve Ltd. announced that is has filed an Opposition to Defendant Rusoro Mining Ltd.’s (“Rusoro”) Motion to Dismiss in its proceedings in the Court of Chancery of the State of Delaware. In its Verified Complaint filed on November 7, 2025, Gold Reserve alleged that Rusoro knowingly and intentionally breached its contractual obligations owed to Gold Reserve under the parties’ consortium agreement, which dictated how the parties would coordinate and support their joint bid in the judicial sale of PDVH shares pending in the Delaware district court. Gold Reserve seeks a preliminary injunction to enjoin Rusoro from participating in the sale of the PDVH shares, in addition to other forms of relief. In its Opposition, Gold Reserve argues that Rusoro’s Motion to Dismiss puts forward no valid basis for dismissal of Gold Reserve’s claims, and that the Motion should be denied in its entirety. A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings. Recent Insider Transactions • Jan 16
Independent Director recently sold CA$293k worth of stock On the 15th of January, Anthony Beruschi sold around 225k shares on-market at roughly CA$1.30 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$1.4m more than they bought in the last 12 months. Recent Insider Transactions • Jan 13
President recently sold CA$66k worth of stock On the 9th of January, Andrei Agapov sold around 57k shares on-market at roughly CA$1.15 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Andrei has been a net seller over the last 12 months, reducing personal holdings by CA$16k. New Risk • Nov 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$3.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.8m free cash flow). Negative equity (-US$208m). Earnings have declined by 31% per year over the past 5 years. Revenue is less than US$1m. Announcement • Nov 11
Gold Reserve Announces Filing of Complaint in Delaware Court of Chancery Against Rusoro Mining Ltd Gold Reserve Ltd. announced that it has filed a Verified Complaint in the Court of Chancery of the State of Delaware against Rusoro Mining Ltd. (“Rusoro”). The complaint asserts that Rusoro knowingly and materially breached its contractual obligations under a consortium agreement entered into between the companies in connection with the judicially supervised Citgo sale process in Delaware. Gold Reserve is seeking preliminary injunctive relief to enjoin Rusoro from participating in the sale process during the pendency of the action, among other forms of relief. A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Director Anthony Beruschi was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 24
Rusoro Mining Ltd., Annual General Meeting, Dec 09, 2025 Rusoro Mining Ltd., Annual General Meeting, Dec 09, 2025. Location: british columbia, vancouver Canada Recent Insider Transactions • Aug 18
Independent Director recently sold CA$348k worth of stock On the 15th of August, Anthony Beruschi sold around 290k shares on-market at roughly CA$1.20 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$1.9m more than they bought in the last 12 months. Announcement • Jul 29
Rusoro Mining Ltd. announced that it has received $1.7 million in funding Rusoro Mining Ltd. announced a private placement of non-interest bearing promissory notes for gross proceeds of $1,700,000 on July 28, 2025. The Notes do not have any fixed maturity date. The principal amount payable to the subscribers under the Notes is US$5,100,000 if paid on or before July 31, 2028, and US$6,800,000 if paid after July 31, 2028. The principal amount will only become due and payable from proceeds received by the Company pursuant to any successful enforcement of its arbitral award against the Bolivarian Republic of Venezuela for its unlawful expropriation
of the Company’s Venezuelan investments. Recent Insider Transactions • Jun 25
Independent Director recently sold CA$276k worth of stock On the 17th of June, Anthony Beruschi sold around 300k shares on-market at roughly CA$0.92 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$1.4m more than they bought in the last 12 months. New Risk • Jun 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$4.2m free cash flow). Negative equity (-US$182m). Earnings have declined by 21% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Significant insider selling over the past 3 months (CA$519k sold). Recent Insider Transactions • Apr 11
Non-Executive Chairman of the Board recently bought CA$70k worth of stock On the 7th of April, Vladimir Agapov bought around 100k shares on-market at roughly CA$0.70 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Vladimir has been a net seller over the last 12 months, reducing personal holdings by CA$3.8m. Recent Insider Transactions • Apr 02
Independent Director recently sold CA$189k worth of stock On the 26th of March, Anthony Beruschi sold around 220k shares on-market at roughly CA$0.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$15m more than they bought in the last 12 months. Recent Insider Transactions • Mar 16
Independent Director recently sold CA$122k worth of stock On the 12th of March, Anthony Beruschi sold around 125k shares on-market at roughly CA$0.97 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$15m more than they bought in the last 12 months. New Risk • Nov 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.9m free cash flow). Negative equity (-US$215m). Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (6.6% increase in shares outstanding). Significant insider selling over the past 3 months (CA$810k sold). Announcement • Oct 08
Rusoro Mining Ltd., Annual General Meeting, Dec 17, 2024 Rusoro Mining Ltd., Annual General Meeting, Dec 17, 2024. Location: british columbia, vancouver Canada Recent Insider Transactions Derivative • Oct 07
Independent Director exercised options to buy CA$1.9m worth of stock. On the 4th of October, Jay Kaplowitz exercised options to buy 2m shares at a strike price of around CA$0.066, costing a total of CA$103k. This transaction amounted to 45% of their direct individual holding at the time of the trade. Since December 2023, Jay's direct individual holding has decreased from 3.88m shares to 3.42m. Company insiders have collectively sold CA$16m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Sep 26
Independent Director recently sold CA$226k worth of stock On the 24th of September, Jay Kaplowitz sold around 162k shares on-market at roughly CA$1.40 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$19m more than they bought in the last 12 months. Recent Insider Transactions • Sep 12
Independent Director recently sold CA$158k worth of stock On the 10th of September, Jay Kaplowitz sold around 117k shares on-market at roughly CA$1.35 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$173k. Insiders have been net sellers, collectively disposing of CA$19m more than they bought in the last 12 months. New Risk • Aug 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$2.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.9m free cash flow). Negative equity (-US$215m). Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (7.0% increase in shares outstanding). Significant insider selling over the past 3 months (CA$345k sold). Recent Insider Transactions • Jul 05
Independent Director recently bought CA$128k worth of stock On the 2nd of July, Anthony Beruschi bought around 100k shares on-market at roughly CA$1.28 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$276k. Despite this recent purchase, insiders have collectively sold CA$18m more in shares than they bought in the last 12 months. Recent Insider Transactions Derivative • Jun 19
CFO & Corporate Secretary exercised options and sold CA$265k worth of stock On the 14th of June, Aaron Triplett exercised 500.00k options at around CA$0.23, then sold 240k of the shares acquired at an average of CA$1.33 per share and kept the remainder. As of today, Aaron currently holds no shares directly. Company insiders have collectively sold CA$17m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jun 19
CFO & Corporate Secretary recently sold CA$172k worth of stock On the 17th of June, Aaron Triplett sold around 130k shares on-market at roughly CA$1.32 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$9.0m. This was Aaron's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • May 29
Independent Director exercised options to buy CA$2.1m worth of stock. On the 27th of May, Anthony Beruschi exercised options to buy 2m shares at a strike price of around CA$0.075, costing a total of CA$112k. This transaction amounted to 9.6% of their direct individual holding at the time of the trade. Since September 2023, Anthony's direct individual holding has decreased from 27.64m shares to 15.46m. Company insiders have collectively sold CA$16m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • May 27
Independent Director recently sold CA$9.0m worth of stock On the 22nd of May, Anthony Beruschi sold around 6m shares on-market at roughly CA$1.50 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$19m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 16
Independent Director exercised options to buy CA$6.8m worth of stock. On the 14th of May, Peter Hediger exercised options to buy 5m shares at a strike price of around CA$0.13, costing a total of CA$644k. This transaction amounted to 15% of their direct individual holding at the time of the trade. Since June 2023, Peter has owned 33.89m shares directly. Company insiders have collectively sold CA$7.7m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • May 06
Non-Executive Chairman of the Board exercised options to buy CA$8.0m worth of stock. On the 2nd of May, Vladimir Agapov exercised options to buy 6m shares at a strike price of around CA$0.099, costing a total of CA$629k. This transaction amounted to 98% of their direct individual holding at the time of the trade. Since September 2023, Vladimir's direct individual holding has increased from 7.69m shares to 13.24m. Company insiders have collectively sold CA$5.7m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • May 02
Independent Director recently sold CA$126k worth of stock On the 26th of April, Anthony Beruschi sold around 100k shares on-market at roughly CA$1.26 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$964k. Insiders have been net sellers, collectively disposing of CA$4.3m more than they bought in the last 12 months. Recent Insider Transactions • Mar 18
Independent Director recently bought CA$79k worth of stock On the 13th of March, Anthony Beruschi bought around 70k shares on-market at roughly CA$1.13 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$4.2m more in shares than they bought in the last 12 months. Recent Insider Transactions • Feb 15
Independent Director recently sold CA$964k worth of stock On the 12th of February, Anthony Beruschi sold around 1m shares on-market at roughly CA$0.94 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$2.7m more than they bought in the last 12 months. Recent Insider Transactions • Feb 04
Independent Director recently sold CA$69k worth of stock On the 30th of January, Anthony Beruschi sold around 75k shares on-market at roughly CA$0.92 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$685k. Insiders have been net sellers, collectively disposing of CA$1.6m more than they bought in the last 12 months. Recent Insider Transactions • Jan 23
Independent Director recently sold CA$69k worth of stock On the 18th of January, Anthony Beruschi sold around 86k shares on-market at roughly CA$0.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$579k. Insiders have been net sellers, collectively disposing of CA$636k more than they bought in the last 12 months. Recent Insider Transactions • Jan 18
Independent Director recently sold CA$579k worth of stock On the 12th of January, Anthony Beruschi sold around 741k shares on-market at roughly CA$0.78 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$567k more than they bought in the last 12 months. New Risk • Nov 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$187m). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Announcement • Nov 21
Rusoro Mining Ltd. announced that it has received CAD 1 million in funding On November 20, 2023, Rusoro Mining Ltd. closed the transaction. Announcement • Nov 03
Rusoro Mining Ltd. announced that it expects to receive CAD 1 million in funding Rusoro Mining Ltd. announced a non-brokered private placement of up to 2,500,000 common shares at a price of CAD 0.40 per common share for proceeds of up to CAD 1,000,000 on November 2, 2023. All securities issued under the financing are subject to TSX Venture Exchange approval and will be subject to a four month and one day hold period after the date of closing. New Risk • Oct 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$1.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.0m free cash flow). Negative equity (-US$187m). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). New Risk • Oct 20
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$77k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$184m). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Significant insider selling over the past 3 months (CA$77k sold). Announcement • Oct 06
Rusoro Mining Ltd., Annual General Meeting, Dec 12, 2023 Rusoro Mining Ltd., Annual General Meeting, Dec 12, 2023. Recent Insider Transactions Derivative • Jul 03
President exercised options to buy CA$690k worth of stock. On the 29th of June, Andrei Agapov exercised options to buy 3m shares at a strike price of around CA$0.05, costing a total of CA$150k. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. Since September 2022, Andrei's direct individual holding has decreased from 88.29m shares to 78.29m. Company insiders have collectively bought CA$377k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Nov 17
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. No experienced directors. 6 highly experienced directors. Independent Director Anthony Beruschi was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 27
Rusoro Mining Ltd., Annual General Meeting, Nov 30, 2022 Rusoro Mining Ltd., Annual General Meeting, Nov 30, 2022. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. President, CEO & Director Andre Agapov was the last director to join the board, commencing their role in 2007. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 24
Rusoro Mining Ltd. Announces Venezuela Voluntarily Dismiss Appeal of USD 1.62 Billion Judgment Rendered by U.S. District Court in Washington DC in Favor of Company Rusoro Mining Ltd. announced on September 20, 2021, the Republic of Venezuela voluntarily dismissed its appeal of the USD 1.62 billion (representing the original award amount of USD 967.77 million plus approximately USD 652.23 million of interest as calculated by the company) award judgment rendered by the U.S. District Court in Washington DC in favor of Rusoro Mining, and against Venezuela. That judgment confirmed the award of an international arbitration tribunal based in Paris, which found that Venezuela had expropriated Rusoro's mining-related investments in that country in violation of international law, and ordered Venezuela to compensate Rusoro for the damages it suffered as a result of Venezuela's seizure of its investments. Venezuela's decision to abandon its U.S. appeal comes on the heels of a ruling earlier in 2021 by the French Court of Cassation — France's highest court — rejecting Venezuela's arguments that the arbitration award is invalid. The French court's ruling enables Rusoro to continue its enforcement efforts on a global basis.