Mr. Duane Poliquin reports

ALMADEX TO START DIAMOND DRILLING AT DAVIS/PARADISE IN NEVADA

Almadex Minerals Ltd. has mobilized a field team for renewed diamond drilling on the Davis/Paradise project, Nevada. Almadex holds the rights to earn 100 per cent of the Davis/Paradise 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.

Drilling is planned on several targets, weather permitting, which include the Davis vein, the Turquoise Ridge copper porphyry target and the Sinter zone target area. The drill hole planned at the Davis vein is to test the continuation of the vein at depth where drilling carried out earlier in 2022 (see Almadex release of July 15, 2022) returned important intervals, including 13.70 metres (core length) of 2.3 grams per tonne gold and 24.1 g/t silver.

J. Duane Poliquin, chairman of Almadex, commented: "We are very pleased to get the drill turning again on this exciting multitarget project. Our past drilling results and recent surface mapping and sampling show the potential for several styles of gold-silver mineralization."

About the Davis/Paradise project

Almadex consolidated the Davis/Paradise Valley area during 2019 by optioning from the underlying owners the Davis property that 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 kilometres northeast of the Paradise Peak gold mine.

Qualified person 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 quality control program which complies with National Instrument 43-101 requirements. True width for the Davis drill intersection quoted is estimated to be 73 per cent of the core width quoted.

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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