Mr. Duane Poliquin reports

ALMADEX PROVIDES EXPLORATION UPDATE, COMMENCES GEOPHYSICAL SURVEYS AT PILOT AND PARADISE-DAVIS PROJECT, NEVADA

Almadex Minerals Ltd. has provided an update on its Western United States exploration activities. The company has completed a planned drill hole at the north end of the Sinter zone at its Paradise-Davis project, Nevada. Drilling conditions were challenging as the hole hit an unexpected fault zone. This faulting has clearly moved geologic units at the north end of the trend of epithermal veining. Drilling has ceased for 2024 and further work will be planned after all results have been received and interpreted. 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. At present two geophysical survey lines of induced polarization (IP) are planned before year-end over the sinter target. It is hoped that this work will better define the geology for targeting this large area with further exploration drilling.

Exploration work continues on the company's portfolio of early stage copper-gold targets. This includes work on the Pilot copper-gold porphyry target in Nevada where the company has identified porphyry style veining and a soil anomaly defined by elevated gold, copper, molybdenum (see Almadex news release of Sept. 9, 2024). Almadex is currently carrying out an IP surface geophysical survey and a drone-based magnetic susceptibility survey over the area of alteration, veining and elevated soils. It is anticipated that these geophysical surveys will help define discrete drill targets for a future first pass drill program.

Almadex currently has crews in the field working on the ongoing generative exploration program focusing on new gold and copper-gold potential in the Western United States.

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 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 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 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 drill program conducted in the area in the early 1990s which 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: "While generative field work continues as we seek to identify further projects for acquisition, we are advancing our newly acquired portfolio of high-quality porphyry lithocap targets in the Western USA. We plan to use our in-house drilling capacity to test targets early as we've done at Paradise-Davis. We 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 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 1,500 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 several portable diamond drill rigs, enabling it to conduct cost-effective, first-pass exploration drilling in-house.

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