Mr. J. Duane Poliquin reports

ALMADEX INTERSECTS 1.3 METRES OF 846.0 G/T SILVER AT THE SAN PEDRO SILVER-GOLD PROJECT, MEXICO

Almadex Minerals Ltd. has received results from the second hole (SP-22-004) drilled in 2022 on its wholly owned San Pedro project located in Jalisco, Mexico. This hole was drilled from the same pad as hole SP-22-003, which intersected 4.51 metres of 656.8 grams per tonne silver at the collar (see Almadex news release of Dec. 6, 2022).

Hole SP-22-003 was drilled with an inclination of minus 50 degrees while SP-22-004 was drilled with minus 75 degrees. Hole SP-22-004 appears to have intersected an old mining excavation from 1.1 metres to 3.1 metres, which was not apparent on surface and is filled with mud, broken rock and some wooden pieces. Because of poor recovery before and after, only the 1.3 metres from 4.2-to-5.5-metre depth was sampled, which returned 846.0 grams per tonne silver. Drilling in this part of the property has intersected long intervals of brecciated and altered rock. The current drilling program has been designed to better understand the orientation and distribution of the breccia zone so that further, more focused drilling can eventually be carried out.

The San Pedro project covers a large area of acid sulphate alteration, including zones previously described as vuggy silica. Recent Terraspec analysis indicates sericitization superposed on propylitic alteration in the mineralized zones with acid sulphate alteration occurring at the north end of the project. Elevated base metals and silver have been returned from outcrop sampling, and previous soil sampling surveys. Previous RC drilling by past operators, (shown on attached figures) including Cominco, returned anomalous gold, silver and base metals. Including the hole reported here, four holes have now been completed by Almadex in this Phase 2 program, following on the two completed in 2021 (Figure 2 and 3).

Qualified Persons

Jocelyn Pelletier, P.Geo, a qualified person as defined by 43-101 reviewed and approved the scientific and technical contents of this news release. The analyses reported were carried out at ALS Chemex Laboratories of Guadalajara, Mexico using industry standard analytical techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy ("AAS"). Samples that return values greater than 10 g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. Silver is first analysed by Inductively Coupled Plasma - Atomic Emission Spectroscopy ("ICP-AES"). Samples that return values greater than 100 g/t silver by ICP-AES are then re-analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples those that return silver values greater than 1,000 g/t are further analysed by fire assay with a gravimetric finish.

About Almadex

Almadex Minerals Ltd. is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., 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.

About the San Pedro Project

Almadex acquired the San Pedro project by staking. The property comprises approximately 1,000 hectares with multiple targets, located approximately 18 kilometers southeast from Juchitlan, 93 kilometers southwest of Guadalajara and 85km from the Barqueno project (Guachinango) of Agnico-Eagle.

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