Mr. Duane Poliquin reports

ALMADEX REPORTS FINAL DRILLING FROM Q2 DRILL PROGRAM AT DAVIS/PARADISE IN NEVADA

Almadex Minerals Ltd. has released the results of drilling from the final three holes of its May/June, 2022, drilling program at its Davis/Paradise project in Nevada.

Two holes (DP22-003 and 4) were drilled in the sinter target area of the project. The sinter target covers a zone of silicification interpreted to represent an ancient hot spring deposit and paleo water table environment. The hot spring layered silica deposits are locally crosscut by banded epithermal veins, which dip to the west and strike roughly north-northeast. Two holes were drilled from pads permitted before detailed mapping was conducted in this area. This detailed mapping indicates that the veins may dip away from the drilling, so future drilling is planned to be carried out from pads that can better facilitate holes to drill deep underneath the sinter area and crosscut veins at right angles to the structural measurements made on surface. A summary of results is as follows:

• DP-22-004 intersected a two-metre interval from 59.50 metres averaging 1.16 grams per tonne gold in a crustiform vein.
• DP-22-003 intersected a 0.5-metre interval from 269 metres that returned 0.32 g/t gold in a banded vein and a two-metre interval from 304.3 averaging 0.19 g/t gold at the bottom of the hole in altered rock and veined volcanic.
• As noted above, mapping suggests that these holes were not collared optimally to intersect the banded veins mapped on surface in the sinter zone.
• Both sinter holes were associated with elevated epithermal pathfinder elements, supporting the interpretation that the altered zones and veins intersected are at high levels in the epithermal system that formed them.

The final hole, DP-22-005, was drilled in the Butler area. This first hole into this area did not intersect veining and returned no values of significance. Prior to drilling, a surface prospecting, mapping and sampling program was initiated over this very large multitarget project. This work is continuing and the company expects to be able to report on results of surface sampling and alteration mapping soon once data have been compiled.

J. Duane Poliquin, chairman of Almadex, commented: "These new results from the sinter zone are the first known drill holes in this area. Banded veins seen on surface crosscutting paleo water table alteration are indicative of a dynamic hydrothermal system. These results show the presence of gold at high levels in this system. Veins are mapped at surface dipping away from the collars of these holes. Future drilling is planned to test for high-grade gold at depth beneath the sinter and with azimuths and collars better designed to crosscut the structures identified on surface."

Qualified persons and quality assurance/quality control

Jocelyn Pelletier, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release. The analyses reported were carried out at ALS Chemex Laboratories of Reno, Nev., using industry-standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy (AAS). Samples that return values greater than 10 g/t gold using this technique are then reanalyzed by fire assay but with a gravimetric finish. Silver is first analyzed by inductively coupled plasma atomic emission spectroscopy (ICP-AES). Samples that return values greater than 100 g/t silver by ICP-AES are then reanalyzed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples, those that return silver values greater than 1,500 g/t are further analyzed by fire assay with a gravimetric finish. Intervals that returned assays below detection were assigned zero values. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almadex's quality assurance and control program, which complies with National Instrument 43-101 requirements. True widths for the drilling intervals reported cannot be determined at this time.

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 Minerals is an exploration company that holds a large mineral portfolio consisting of exploration projects and 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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