Mr. Morgan Poliquin reports

ALMADEX PROVIDES UPDATE ON ITS PARADISE PROJECT, NEVADA

Almadex Minerals Ltd. has provided an update on the recently completed diamond drilling program at its Paradise project, Nevada, as well as results of recent surface exploration, which has enhanced the sinter zone low-sulphidation epithermal gold-silver vein target on the project.

Paradise drilling program

Almadex completed a two-hole 1,679.65-metre exploratory diamond drilling program on its Paradise project in Nye county, Nevada, and complete assay results have been received. The two drill holes confirmed that the Paradise lithocap is associated with a porphyry system at depth. Both holes intersected advanced argillic alteration hosted by andesite, zones of crosscutting hydrothermal brecciation and narrow porphyry fingers. The advanced argillic alteration includes zones of quartz-pyrophyllite and kaolinite-dickite, which have been identified to the bottom of the holes. The narrow porphyry intrusions are associated with sodic-calcic and minor potassic alteration overprinted by advanced argillic alteration. While there are no significant intervals of copper to report, narrow intervals of visible chalcopyrite were seen. The company is encouraged by these results since they prove that the alteration seen at surface, without any evidence of porphyry veining, is the upper expression of a porphyry system at depth. Having confirmed that the lithocap has porphyry mineralization associated with it, the company is considering next steps for how best to vector toward a porphyry centre within the large alteration zone.

Sinter zone exploration program

The sinter zone is located adjacent and to the north of the porphyry lithocap area (see Almadex news release of Sept. 22, 2022) and is interpreted to represent a separate hydrothermal system. The sinter zone covers an area of subcrop boulders of sinter (surface hotspring silica deposit) material, hydrothermal brecciation and epithermal quartz veining. Old workings, epithermal alteration and veining occur over roughly three kilometres along a northwest trend. Past sampling in the sinter zone includes 30 surface samples taken in 2022 that averaged 0.2 gram per tonne gold and 2.2 g/t silver, including a 30-centimetre chip sample of a banded vein crosscutting the sinter, which returned 1.2 g/t gold, and a grab sample from a silicified breccia, which returned 1.5 g/t gold (see Almadex news release of Sept. 22, 2022). Recent mapping and prospecting along this trend have identified banded quartz veins and veinlets along strike and to the south of the sinter zone. The scale of the vein system and epithermal alteration is encouraging. During the mapping program, samples were taken for analysis. It is hoped that the results when received will help define the best location for some preliminary drill testing of the recently mapped veins, potentially later in 2024. Almadex drilled three holes in one area of the sinter zone in 2022 (see Almadex news release of July 15, 2022). One passed through a fault and into older rocks, and the other two are interpreted to not have been well placed for intersecting the vein system. Some data are in the company's possession from a reverse circulation drill program conducted in the area in the early 1990s. The historic results, while not complete, are encouraging as they indicate some of the holes returned anomalous gold over short intervals, which confirms that the epithermal system is gold and silver bearing.

J. Duane Poliquin, chairman of Almadex, commented: "Exploration continues to advance our newly acquired portfolio of high-quality porphyry lithocap targets in the western [United States]. It is exciting to confirm that the Paradise lithocap hosts a porphyry system. Now, we will be evaluating how to vector into a potential core of this system. At the same time, the recently completed fieldwork on the epithermal vein system on the property has confirmed a high-priority drill target, which we look forward to testing next."

About lithocap alteration zones

Lithocaps are extensive areas of hydrothermally altered rocks that occur above or adjacent to intrusive rocks and related porphyry deposits. The hydrothermal alteration forms when ascending high-temperature magmatic fluids are released from the source intrusion below and alter permeable and reactive rocks occurring above. Lithocaps can be over 10 by 10 kilometres in surface area and over one km thick. The alteration mineral assemblages vary, usually with distance from the intrusive source. Often more neutral and higher-temperature stable alteration mineral assemblages are seen at depth, closer to the source intrusion and potential porphyry deposit. More acidic and lower-temperature stable assemblages generally occur higher and farther away. Mapping of alteration minerals and geochemical analysis using soil and rock samples can map these changes in mineralogy. This mapping can then provide a vector toward potential underlying porphyry systems. If large areas of lithocap alteration are well preserved, they can obscure deep unexposed porphyries and other styles of mineralization. If no mineralization is present at surface, drilling based on geochemical and alteration vectors aided by geophysical data is the best way to explore for buried deposits.

Qualified person

Morgan J. Poliquin, PhD, PEng, the president and chief executive officer of Almadex, 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 is an exploration company that holds a large mineral portfolio consisting of projects and net smelter return 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 several portable diamond drill rigs, enabling it to conduct cost-effective first-pass exploration drilling in-house.

We seek Safe Harbor.