Mr. J. Duane Poliquin reports

ALMADEX COMMENCES DRILLING ON THE SINTER ZONE, PARADISE-DAVIS PROJECT, NEVADA

Almadex Minerals Ltd. has commenced a diamond drilling program at the Sinter zone at its Paradise-Davis project, Nevada. Almadex hopes to drill two holes in the Sinter zone before the end of the year. The Sinter zone covers an area of high-level epithermal alteration and veining as described in more detail below. Mapping of alteration and textures on this target has identified features typical of the surficial expression of an epithermal system. The drilling will target feeder veins beneath this alteration.

About the Sinter zone, Paradise-Davis project

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 (km) along a northeast trend. Past sampling in the Sinter zone includes 30 surface samples taken in 2022 that averaged 0.2 gram per tonne (g/t) gold and 2.2 g/t silver, including a 30-centimetre (cm) chip sample of a banded vein crosscutting the sinter, which returned 1.2 g/t gold and a grab from a silicified breccia, which returned 1.5 g/t gold (see Almadex new 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. The company has obtained partial assay results from an RC (reverse circulation) drill program conducted in the area in the early 1990s, which indicate some of the holes returned anomalous gold over short intervals, confirming that the epithermal system is gold and silver bearing.

J. Duane Poliquin, chairman of Almadex, commented: "While fieldwork continues to advance our newly acquired portfolio of high-quality porphyry lithocap targets in the Western USA, we are excited to be drilling again, this time on a well-defined zone of epithermal alteration we interpret to represent the upper part of a large epithermal vein system. As 2024 comes to a close, we are pleased to be testing another target in our portfolio with our in-house drilling and look forward to continuing this drilling oriented exploration into 2025."

Qualified person

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.

The analyses reported were carried out at ALS Chemex Laboratories, of Reno, Nev., 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 grams per tonne (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 hydrochloric acid leach and ICP-AES finish. Of these samples, those that return silver values greater than 1,500 g/t are further analyzed by fire assay with a gravimetric finish.

About Almadex Minerals Ltd.

Almadex 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 several portable diamond drill rigs, enabling it to conduct cost-effective first-pass exploration drilling in-house.

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