Mr. Duane Poliquin reports

ALMADEX ANNOUNCES PLANS TO DRILL AT PARADISE, ACQUIRES ROYALTY AT WILLOW, AND PROVIDES CORPORATE UPDATE ON MEXICO

Almadex Minerals Ltd. plans to commence a drill program of approximately 2,000 metres to test lithocap targets recently defined at the Paradise project in Nevada, United States.

As described in its news release of Feb. 27, 2024, Almadex defined a porphyry copper-gold target at Paradise through mapping and soil geochemistry. Further detailed mapping was recently completed on the porphyry target area at the project. This work defined two separate zones of porphyry lithocap alteration:

1. A diaspore-pyrophyllite-dickite-alunite alteration zone interpreted as a potential feeder to underlying porphyry mineralization at Arena Central backed up by elevated sodium content of alunite, gold, silver, copper and, most coherently, a molybdenum-in-soil anomaly;
2. A separate lithocap to the southeast containing a central zone of mineralization with a veinlet visually identified by the field crew as possibly enargite (a copper-bearing sulphide mineral found in porphyry lithocaps).

Almadex intends to drill approximately 2,000 metres in these lithocaps in a program planned to start at the end of June, 2024.

Corporate update

The company has recently sold a 100-per-cent interest in its Willow copper porphyry project to Abacus Mining and Exploration Corp. Almadex's predecessor had previously optioned Willow to Abacus in 2017, in an agreement under which Abacus could acquire a 75-per-cent interest in the project. With this recent sale, Almadex will transfer ownership of the Willow concessions to Abacus in exchange for 7.5 million Abacus shares and a 2-per-cent NSR royalty on the Willow project. In addition, on July 31, 2025l Almadex may be issued a certain number of additional Abacus shares to account for any Abacus dilution between now and July 31, 2025.

Upon initial closing of this transaction, Almadex will hold 9,875,000 shares of Abacus as well as a 2-per-cent royalty on the Willow project, providing significant continuing exposure to the discovery potential at Willow.

Finally, further to the company's press releases of Dec. 14, 2023, and March 14, 2024, Almadex has taken the decision to submit its claims to arbitration against the United Mexican States (Mexico) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This decision comes after a consultation meeting held with Mexican officials on May 30, 2024, that did not result in an amicable resolution of the company's investment dispute with Mexico. The company expects to initiate its claims following expiry of the six-month consultation period required under the CPTPP, which commenced on Dec. 14, 2023.

The arbitration under the CPTPP will be adjudicated pursuant to the arbitration rules of the International Centre for Settlement of Investment Disputes (ICSID). As noted in the company's press release of March 14, 2024, Almadex is pursuing this arbitration together with Almaden Minerals Ltd., on behalf of themselves and their Mexican subsidiaries, and based on a preliminary estimate will be seeking damages of no less than $200-million (U.S.), in the aggregate. Almadex would be entitled to damages relating to its 2-per-cent NSR royalty on the Ixtaca project, if such damages were to be awarded.

We seek Safe Harbor.