GOLD RESERVE LTD.

GDRZF ·Basic Materials, Gold, Bermuda
Financial Statements Income Statement
Annual Quarterly

Income Statement

Line Item FY2011 FY2010 FY2009
Revenue
Cost of Revenue
Gross Profit
Gross Margin
Operating Expenses
Research & Development
SG&A Expense $6.6M $3.3M $4.6M
Operating Income
Operating Margin
Interest Expense $6.7M $6.6M $1.3M
Pretax Income
Income Tax Expense $0 $0 $-27.5K
Net Income $-23.6M $-21.6M $-100.0M
Net Margin
EPS (Basic) $-0.40 $-0.37 $-1.75
EPS (Diluted) $-0.40 $-0.37 $-1.75
Shares Outstanding (Basic)
Shares Outstanding (Diluted) 59.5M 57.8M 57.3M
Dividends Per Share