Mr. Morgan Poliquin reports

ALMADEX PROVIDES EXPLORATION UPDATE ON ITS CONFUSION HILLS AND RED RING GOLD PROJECTS, NEVADA, SURFACE SAMPLING RETURNS 7.1 G/T GOLD

Almadex Minerals Ltd. has received results from surface exploration geological and geophysical work on its wholly owned Confusion Hills and Red Ring projects near Tonopah in Nevada. Both projects cover gold-silver early-stage exploration targets and were acquired by staking. Summaries of the work and results returned to date are as follows.

Confusion Hills epithermal-porphyry gold project

The Confusion Hills high-sulphidation prospect covers a large alteration zone developed in volcanic rocks. To date, 107 grab rock samples have been taken from outcrop and subcrop and float (grab samples are selected samples and may not represent true underlying mineralisztion). These preliminary results are very encouraging as six of these samples returned over 0.1 gram per tonne (g/t) gold, with three returning more than 0.5 g/t gold (up to 7.1 g/t gold in a grab sample of subcrop and averaging 1.6 g/t gold for all six). Mapping in 2024 and 2025 has defined a high-sulphidation/porphyry lithocap over an area of 1.6 kilometres by 0.5 kilometres. 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 (gold), Mo (molybdenum) and Cu (copper), with an association of gold within the central zone of alteration and a molybdenum anomaly on one edge. Recently, a two-line test IP (induced polarization) geophysical survey was conducted, which identified a high-chargeability feature (interpreted to represent sulphide development) directly beneath the area of quartz alunite alteration and high gold in grab samples at surface. A drone-based mag survey has also been conducted to aid with interpretation. The company has a drill permit in hand to allow first-pass drill testing of the target now defined by surface alteration, surface gold rock and soil results, and an IP target at depth. The company plans to conduct first-pass drilling on the project in 2025.

Red Ring epithermal-porphyry project

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 kilometres northwest-southeast and by at least one kilometre northeast-southwest. Mapping also defined a very strong surface pyrophyllite footprint of one kilometre (northwest-southeast) by 0.5 kilometre (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 mapping, sampling and a drone-based mag survey have recently been carried out. More geological fieldwork, mapping and sampling are necessary in order to better define this large alteration zone to help with future, more focused exploration. This follow-up work is planned for 2025.

J. Duane Poliquin, chairman of Almadex, commented: "We are pleased to report that continued work on the Confusion Hills project has outlined a drill target. Preliminary work at Red Ring needs follow-up to define the potential there. These two projects are part of our new U.S. exploration portfolio we have recently put together through staking. These projects are the result of a large continental-scale regional exploration program using our in-house conceptual models. 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 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.

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 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 porphyry copper and gold systems at depth, as well as high-sulphidation epithermal gold-silver systems in the best jurisdiction it knows: the United States. The company has the cash and drills to advance and test these targets, and will begin to do so in 2025.

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