Mr. Duane Poliquin reports

ALMADEX OUTLINES 2023 EXPLORATION PROGRAM AND REPORTS FINAL 2022 RESULTS FOR THE SAN PEDRO SILVER-GOLD PROJECT, MEXICO

Almadex Minerals Ltd. has discussed its plans for a 2023 exploration program on its 100-per-cent-owned San Pedro gold-silver project, Jalisco, Mexico. The San Pedro project covers an area of high-sulphidation acid sulphate lithocap alteration (north area) as well as an area of brecciation and sulphide development with elevated base and precious metals on the southern portion of the project.

In 2022 the company drilled four holes, three of which have been reported (holes SP-22-003, 4 and 5). These three holes all intersected broad zones of brecciation and locally significant base and precious metal values. Hole SP-22-003 intersected 4.51 metres of 656.8 grams per tonne silver and 0.03 g/t gold (see news release of Dec. 6, 2022), SP-22-004 intersected 1.3 metres of 846.0 g/t silver (see news release of Dec. 12, 2022), and hole SP-22-005 intersected 1.05 metres of 18.65 g/t gold and 20.5 g/t silver (see news release of Jan. 9, 2023).

All four holes drilled in 2022 including SP-22-006 reported today help with interpreting the shape of the breccia body which appears to have a subhorizontal distribution. Hole SP-22-006 is interpreted to have been drilled underneath the breccia and did not intersect mineralisation and precious metals values. Further surface mapping is planned to confirm and refine this interpretation in order to optimize the next drilling program. The elevated base metals and copper seen in the breccia, along with acid sulphate altered fragments suggests that the breccia and related mineralization may be a late feature in the lithocap environment. Acid sulphate altered lithocaps have been seen to form above porphyry copper deposits around the world and Almadex interprets the San Pedro project to have potential for both high sulphidation gold mineralization in the lithocap, late gold-silver mineralization in the southern breccia and deep copper porphyry potential beneath the lithocap. A more detailed surface mapping and sampling program is planned, and geophysical surveys may be undertaken as well. Once this work is complete Almadex intends to initiate a further round of drilling to test the targets generated. Almadex looks forward to reporting its progress as exploration work proceeds and results are available.

About the San Pedro project

The San Pedro project covers a large area of acid sulphate alteration, including zones previously described as vuggy silica. Recent Terraspec analysis indicates sericitisation superimposed 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, 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. The breccia zone intersected in the recent drilling by Almadex is likely to be part of this large high sulphidation system as confirmed by the observation of vuggy silica textures in a breccia fragments. Elevated copper in the form of chalcopyrite may reflect the potential for an underlying porphyry copper system as well. Further interpretation including alteration and fluid inclusion studies will be conducted to help better define additional drilling. The company plans to recommence drilling when this is complete.

Qualified persons

Jocelyn Pelletier, PGeo, a qualified person as defined by National Instrument 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 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 1,000 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 (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 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 kilometres southeast from Juchitlan, 93 kilometres southwest of Guadalajara and 85 km from the Barqueno project (Guachinango) of Agnico-Eagle.

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