Mr. J. Duane Poliquin reports

ALMADEX TO START DRILLING AT SAN PEDRO SILVER-GOLD PROJECT, MEXICO

Almadex Minerals Ltd. has mobilized an exploration team to its wholly owned San Pedro project in Jalisco, Mexico, to commence a follow-up drilling program anticipated to begin in the coming days. The San Pedro project is accessible from Guadalajara, 115 kilometres along a paved highway, followed by seven kilometres on a maintained dirt road.

The new drilling will target a recently identified structural trend associated with float rock of vein material, soil anomalies and old mine workings. Surface rock sampling earlier this year on this trend returned significant silver and gold values. Channel sampling along the trend included a 6.8-metre interval that returned 0.02 g/t (gram per tonne) gold and 137.7 g/t silver, and a 4.2-metre interval that returned 3.7 g/t gold and 167.8 g/t silver. A total of 14 grab and chip samples were taken in this specific zone in 2022, averaging 0.6 g/t gold and 179.6 g/t silver.

J. Duane Poliquin, chairman of Almadex, commented: "Our project portfolio is the result of years of effort and invested intellectual capital. We have a track record of discoveries, and we feel the varied and exciting projects in our portfolio have the potential to add to that record."

Qualified person and methodology

Jocelyn Pelletier, PGeo, a qualified person, as defined by National Instrument 43-101 (NI 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 Zacatecas, Mexico, 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.

About Almadex Minerals Ltd.

Almadex Minerals is an exploration company that holds a large mineral portfolio consisting of projects and NSR 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 owns a number of portable diamond drill rigs, enabling it to conduct cost-effective first pass exploration drilling in house.

We seek Safe Harbor.