Mr. Morgan Poliquin reports

ALMADEX PROVIDES WESTERN USA PORPHYRY COPPER-GOLD EXPLORATION UPDATE AND PLANS FOR 2025

Almadex Minerals Ltd. has discussed final exploration results from 2024 and the company's 2025 exploration plans on its projects in the western United States. Since 2023, the company has assembled a portfolio of porphyry copper-gold and epithermal gold-silver exploration projects by staking, and the company expects to make more acquisitions by staking in 2025. The projects acquired to date are located in Nevada, Colorado, New Mexico and Arizona. In 2024, the company advanced these projects with surface exploration programs, including mapping, soil and rock sampling, and, in some cases, induced polarization and magnetic geophysical surveys. Generative work focused on high-sulphidation and porphyry systems continues. Updates relating to the key porphyry and copper exploration projects in the portfolio along with 2025 guidance is provided below.

New Hope porphyry copper prospect, Arizona

The New Hope porphyry copper project is located approximately 35 kilometres northwest of the Safford copper porphyry district and 55 kilometres west of the Morenci copper porphyry district in southeastern Arizona. The project covers a roughly 3.5-by-1.5-kilometre area of intense hydrothermal alteration characteristic of the upper levels of a porphyry system, including a preserved portion of the lithocap. In 2024, detailed alteration and geologic mapping along with rock and soil sampling were carried out. This work identified a 600-metre-diameter zone of sheeted quartz-magnetite veining on the project interpreted to be typical of those found above shallow-level emplaced porphyry systems. Soil and rock chip sampling returned anomalous silver-molybdenum-copper-gold and bismuth, aiding the interpretation that the mapped zone of veining represents a porphyry centre within the alteration footprint. Almadex plans further soil sampling and geophysical surveys in 2025, and has a Bureau of Land Management permit for diamond drilling.

Paradise porphyry copper-gold prospect, Nevada

The Paradise project covers a large 4.5-by-1.8-kilometre porphyry lithocap composed of acid sulphate alteration hosting high-sulphidation gold-silver mineralization and is located about five km to the east of the historic Paradise Peak mine, which was a high-sulphidation gold deposit. In 2024, Almadex completed a detailed field alteration mapping program over the lithocap area, identifying several strong vectors toward potential porphyry mineralization at depth. Almadex then completed a two-hole 1,679.65-metre exploratory diamond drilling program on one area of the lithocap alteration zone. The drilling confirmed that the Paradise lithocap is associated with a porphyry system at depth as porphyry B-type veining and visible copper and molybdenum mineralization were intersected. The area drilled is interpreted to represent a possible shoulder to a porphyry system, and the company is encouraged by these results. Also conducted in late 2024 were several test IP geophysical survey lines. These results are encouraging as they demonstrated elevated chargeability responses within the lithocap. Almadex planned to expand the IP survey area in 2024 before planning further drilling at Paradise later in 2025.

Pilot Mountain porphyry copper-gold prospect, Nevada

The Pilot project covers an area of hydrothermal alteration developed in folded sedimentary rocks intruded by tonalite porphyry bodies exposed in drainages. In 2024, the company conducted extensive alteration and geologic mapping along with soil sampling, IP geophysics and a drone-based magnetic survey. The alteration is dominated by pyrophyllite and white mica. This alteration pattern is considered to be proximal to porphyry mineralization. The mapping identified several outcrops with evidence of porphyry-style veining. This includes veining interpreted to represent early magnetite, A-type, syntaxial B veins and late-stage D-type quartz-sericite-pyrite veining. The soil sampling program defined a broad zone of anomalous copper-molybdenum and gold coincident with high chargeability from the IP survey and a distinct magnetic high. The results are currently being compiled and interpreted. Almadex plans a phase 1 exploratory drilling program at Pilot in 2025.

King porphyry-epithermal gold-copper prospect, Colorado

The King project is located in south-central Colorado and covers an area of intense porphyry lithocap and high-sulphidation alteration developed in volcanic rocks. This area has seen historic mining for turquoise. In 2024, geologic and alteration mapping was conducted, as well as rock and soil sampling programs. The mapping identified silicification and quartz-alunite alteration over a roughly three-by-three-kilometre area within which several strong molybdenum-copper-gold anomalies were defined. Further mapping and sampling along with IP and magnetics geophysical surveys are planned for 2025.

Confusion Hills porphyry-epithermal gold-copper prospect, Nevada

The CH prospect covers a large alteration zone developed in volcanic rocks. Mapping in 2024 defined a porphyry lithocap over an area of 1.6 km by 0.5 km. The lithocap displays complex alteration with central zones of vuggy quartz with alunite and massive pyrophyllite zones. Soil sampling was carried out in 2024 and returned anomalous Au, Mo and Cu with an association of Au with the central zone of alteration with a Mo anomaly on one edge. In 2025, further mapping and rock chip sampling are planned to help define the limits of the target while IP and magnetics surveys are planned over the mapped area of alteration.

Red Ring porphyry-epithermal gold-copper prospect, Nevada

The Red Ring prospect covers an area of hydrothermal alteration developed in volcanic rocks adjacent to carbonate rocks. Alteration mapping in 2024 identified a large alteration zone interpreted to be a porphyry lithocap extending 2.8 km northwest-southeast and by at least one km northeast-southwest. Mapping also defined a very strong surface pyrophyllite footprint of one km (northwest-southeast) by 0.5 km (northeast-southwest). Preliminary rock sampling returned high values of pathfinder trace elements typically associated with the lithocap alteration identified. Soil sampling conducted in 2024 also highlighted areas of anomalous trace elements indicative of a high-sulphidation environment above or near a porphyry system. Further sampling is planned for 2025 along with some geophysical studies.

Tierra Blanca copper prospect, New Mexico

The Tierra Blanca prospect is located in west-central New Mexico near a major lineament along which several porphyry copper deposits occur, including the Tyrone deposit. Almadex identified alteration in this area characterized by muscovite and illite. Quartz veins have been identified in mapping carried out in 2024. Further mapping will be carried out to confirm the potential for a copper porphyry system in 2025.

J. Duane Poliquin, chairman of Almadex, commented: "While generative fieldwork 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 have 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, 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 using industry standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy. Samples that return values greater than 10 grams per tonne 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. 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. Copper assay values were determined by inductively coupled plasma-atomic emission spectroscopy, with four-acid digestion. Samples that returned values greater than 10,000 g/t copper using this technique are reanalyzed by HF-HNO3-HClO4 digestion with HCl leach and ICP-AES finish.

About porphyry lithocaps

Today, most at-surface copper-gold porphyry deposits have either been found or are in jurisdictions with challenging access. Future large porphyry and epithermal Cu-Au discoveries will be made by exploring for hidden and deeply buried deposits. Buried deposits can be targeted by exploring lithocap alteration zones that occur above or adjacent to porphyry deposits. Lithocaps are large and often barren areas of advanced argillic minerals formed by the exhaling hot fluids that deposit copper and gold below. Known porphyry Cu-Au deposits found exposed at surface have had their lithocaps eroded away. The future of exploration for porphyry deposits will be with teams that know how to assess and explore these environments.

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 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. The Almadex team has significant porphyry lithocap exploration experience and has made three discoveries of mineral deposits under advanced argillic alteration. Its success comes from its audacity, in-house exploration capacity and, most importantly, its ability to drill with the company-owned drilling unit. The company has assembled a portfolio of lithocap targets that have the potential to be concealing large porphyry systems at depth in the best jurisdiction it knows: the United States. It has the cash and drills to advance and test these targets and will continue doing so in 2025.

We seek Safe Harbor.