Mr. Morgan Poliquin reports

ALMADEX PROVIDES EXPLORATION AND CORPORATE UPDATE

Almadex Minerals Ltd. has provided an update on its generative exploration activities and corporate matters.

Exploration update

Further to its news release of July 11, 2023, describing the identification of new targets, Almadex has acquired by staking eight target areas in Nevada and two in New Mexico. These areas are considered prospective for gold and/or base metal mineralization. Preliminary fieldwork and sampling have recently been carried out on most of these areas. Once results have been received and compiled further updates on the potential of these new areas will be released. These 10 target areas do not include the New Hope copper porphyry project in Arizona which Almadex has elevated to project status.

New Hope porphyry copper project, Arizona

Geologic fieldwork has commenced on the company's 100-per-cent-owned New Hope porphyry copper exploration project in Arizona, United States. The 958.7-hectare New Hope project covers a roughly 3.5-by-1.5-kilometre area of intense hydrothermal alteration developed in volcanic rocks and crosscutting intrusive dikes. The observed hydrothermal alteration is characteristic of the upper levels of a porphyry system (see Almadex news release of Aug. 10, 2023). The work under way includes geochemical sampling and mapping of the geology and alteration to follow-up work carried out earlier in 2023 which identified remnants of an advanced argillic altered lithocap. The lithocap alteration includes zones with Na-alunite, pyrophyllite and dickite along with a phyllic alteration signature including high crystallinity muscovite at surface, which have been mapped with a Terraspec mineral spectrometer. Fluid inclusion petrography carried out on a vein sample from the New Hope alteration zone identified the presence of vapour-rich fluid inclusions with banded distribution in the veinlet. Such veins are commonly found above porphyry systems. This finding helps confirm the target of a buried porphyry at New Hope. The work under way has been designed to help direct a potential exploratory deep drilling program.

BP Carlin-type gold project, Nevada

Almadex is pleased to announce that it has reacquired a 100-per-cent interest in the BP gold project, Nevada, by paying $5,000 cash and covering the property maintenance fees for 2023 (approximately $9,500 (U.S.)). The BP property is located in Elko county, 57 kilometres south of Carlin, Nev., and 41 kilometres northwest of the Bald Mountain mine. The property has had little previous gold exploration prior to a reconnaissance program in 2010 carried out by Almadex's predecessor that identified gold-bearing jasperoid and anomalous gold and pathfinder geochemistry on surface. The property was subsequently sold to a third party in 2012 with Almadex retaining a 2-per-cent net smelter return royalty. Work since the sale consisted of mapping and prospecting which identified potential structural conduits for mineralizing fluid flow. Almadex is reviewing the data it has acquired with the purchase of the project prior to making definitive plans to explore the project in 2024.

J. Duane Poliquin, chairman of Almadex, commented: "We are excited by finding targets to stake based on our models for mineralization in the western USA. Our $17-million cash position as of Q3 2023 gives us the luxury of advancing these projects in the manner best suited for shareholders. 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."

Corporate matters

Almadex announces that it has delivered to the United Mexican States a request for consultations in accordance with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) relating to an investment dispute with Mexico. This request for consultations arises out of certain acts and omissions of Mexico in breach of the CPTPP relating to the company's 2.0-per-cent net smelter return royalty on the Ixtaca gold-silver project.

By delivering this request for consultations, Almadex is reserving its rights to initiate arbitration proceedings against Mexico should an amicable resolution of the dispute with the Mexican government not be reached. Almadex is hopeful that this request for consultations leads to a mutually acceptable outcome for all parties. This request for consultations has been submitted by Almadex together with Almaden Minerals Ltd., on behalf of them and their Mexican subsidiaries.

Finally, Almadex announces that, pursuant to its stock option plan, it has granted stock options to directors, officers and employees of the company to purchase an aggregate 1,075,000 common shares in the capital of the company at an exercise price of 21 cents per share expiring on July 10, 2028.

Qualified persons

Morgan J. Poliquin, PhD, PEng, the president and chief executive officer of Almadex and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release.

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.

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