Mr. Duane Poliquin reports

DRILLING UNDERWAY AT THE DAVIS/PARADISE PROJECT, NEVADA

Almadex Minerals Ltd. has commenced diamond drilling operations at the Davis/Paradise project in Nevada. As previously announced, Almadex holds the rights to earn 100 per cent of this property, which covers multiple targets, and is located approximately eight miles southeast of Gabbs, Nev., and five miles northeast of the Paradise Peak gold mine, which was active from 1984 to 1994.

J. Duane Poliquin, chairman of Almadex, commented: "We are very happy to get the drill turning on our exploration projects. It is especially nice to be exploring in a part of Nevada we know so well. There are multiple styles of mineralization and targets on the property and we plan to test them in sequence."

Drilling has commenced on the Davis zone in the northern Davis portion of the property where high level epithermal alteration and veining have been identified. Also in the northern half of the project is an area of alteration interpreted to represent a sinter and breccia system, extending over 1.5 kilometres in length running parallel to the Davis zone. These exposed vein hosted gold-silver zones have seen historic mining and various exploration drill programs. The property was held by USSRAM Exploration from 1979 to around 2004, during which time various exploration and drilling programs were carried out on the property, including 11 drill holes to investigate mineralization in the historic Davis mine area. While this historic Davis mine area drilling cannot be verified by the company, as it was not completed in accordance with National Instrument 43-101, it provides a clear exploration focus. One of the significant intercepts from this historic drilling program is reported to have returned 40 feet (12.2 metres) of 0.18 ounce/tonne gold (6.2 grams per tonne gold) and 0.62 oz/t silver (21 g/t silver). The drill program under way will initially test the area of this historic drilling. The strike and dip of the Davis vein was interpreted by the historic operators but cannot be verified by the company at this time so true widths cannot be estimated or confirmed by the company.

The Southern Paradise portion of the property covers high level acid sulphate quartz alunite alteration as well as a zone of phyllic alteration identified by past alteration mapping and a recent WorldView remote sensing study conducted by the company in 2020 with results received in 2021. These new data suggest that the Paradise area represents a large lithocap with potential for both gold-silver high sulphidation mineralization and porphyry mineralization at depth, similar to that seen at the adjacent Paradise Peak gold deposit where both styles of mineralization were observed. There is evidence of historic drilling on the Paradise property with unknown results. In early 2022 a claim internal to the Almaden claim package was optioned under terms to acquire a 100-per-cent interest through a series of payments. Fieldwork conducted in April on the claim mapped an area of strong phyllic alteration associated with several styles of quartz veining with pyrite and chalcopyrite evident, suggesting a porphyry style of mineralization. Samples were collected for assay and fluid inclusion petrography to confirm this interpretation. The company plans to conduct first pass drilling on both the high sulphidation and porphyry target areas in the current drill program.

Qualified persons

Unless otherwise stated, Morgan J. Poliquin, PhD, PEng, the president and chief executive officer of Almadex and a qualified person as defined by National Instrument 43-101, has reviewed, and approved the scientific and technical contents of this news release relating to work performed by Almadex.

About the Davis/Paradise property

Almadex consolidated the Davis/Paradise Valley area during 2019 by optioning from the underlying owners the Davis property, which adjoins the Paradise Valley property which had been staked by Almadex's predecessor company. The property now comprises 358 claims totalling approximately 2,800 hectares with multiple targets, located approximately eight miles southeast of Gabbs, Nev., and five miles northeast of the Paradise Peak gold mine.

About Almadex Minerals Ltd.

Almadex is an exploration company that holds a large mineral portfolio consisting of exploration projects and NSR (net smelter return) royalties in Canada, the United States and Mexico. This portfolio is the direct result of many years of prospecting and deal making by Almadex's management team. The company remains focused on grassroots exploration, acquisition and drilling mineral projects, on its own and in partnership with others, with the goal of creating new mineral resources and royalty holdings. The company owns several portable diamond drill rigs, enabling it to conduct cost-effective first-pass exploration drilling in-house.

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