Mr. Morgan Poliquin reports

ALMADEX ACQUIRES THREE NEW GOLD EXPLORATION PROJECTS BY STAKING IN THE WESTERN USA, SURFACE SAMPLING RETURNS 3.5 G/T GOLD

Almadex Minerals Ltd. has acquired three new gold-silver early-stage exploration projects by staking. The projects are located in Nevada and New Mexico. Summaries of the work and results returned to date are provided in this news release.

Big Sky project, New Mexico

The Big Sky high-sulphidation epithermal gold-silver project is located in western New Mexico and covers a large area of advanced argillic alteration and silicification hosted in rhyolite volcanics. Zones of hydrothermal brecciation occur along with quartz-alunite and dickite alteration. To date, 57 grab rock samples have been taken from outcrop and subcrop (grab samples are selected samples and may not represent true underlying mineralization). These preliminary results are very encouraging as 19 of these samples returned over 0.1 gram per tonne (g/t) gold, with four returning more than one g/t gold (up to 3.5 g/t gold and averaging 0.26 g/t gold for all 57). The better values were returned from zones of brecciation that are part of several parallel quartz-alunite ridges that have been identified in the preliminary work. Results have now also been returned from a small preliminary soil grid, which showed elevated gold and epithermal suite elements in proximity to the gold-in-rock results. Together, these results help define a broad area of prospectivity surrounding the outcrops mapped to date. Almadex has initiated further soil sampling, geological work and a preliminary geophysical IP (induced polarization) survey over the project area to help define potential targets to drill test this high-sulphidation gold system in the future.

Bald Valley and White Plains projects, Nevada

The Bald Valley and White Plains projects are located in eastern Nevada. At both projects, large alteration zones have been mapped. The alteration mineralogy is consistent with a high-sulphidation/porphyry lithocap environment, including the presence of advanced argillic alteration. At both projects, the areas of advanced argillic alteration mapped to date cover roughly two kilometres by one kilometre, within which are observed silicified hematite-rich alunite ridges. While no significant assays were returned from the preliminary sampling undertaken prior to staking (nine samples from Bald Valley and 13 samples from White Plains), the alteration suggests the potential for both concealed high-sulphidation epithermal and porphyry mineralization. Further sampling and mapping have recently been completed, and geophysical surveys are planned.

J. Duane Poliquin, chairman of Almadex, commented: "We are pleased to further confirm our regional exploration thesis by identifying and staking these new projects. Preliminary work at Big Sky has returned exciting gold results in the earliest stages of sampling, which is very encouraging. We will continue to move these projects forward this year, along with the others in our emerging portfolio, and look forward to the day when we can initiate drilling."

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 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. The Almadex team has significant porphyry lithocap exploration experience and has made three discoveries of mineral deposits under advanced argillic alteration. Almadex's 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, as well as high-sulphidation epithermal gold-silver systems in the best jurisdiction it knows: the United States. Almadex has the cash and drills to advance and test these targets, and will begin to do so in 2025.

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