Mr. Morgan Poliquin reports

ALMADEX ANNOUNCES EARLY REPAYMENT OF GOLD LOAN

Almaden Minerals Ltd. has notified Almadex Minerals Ltd. of the early repayment of the outstanding gold loan pursuant to the secured gold loan agreement, as amended, between Almaden and the company (see press releases dated June 27, 2024, and May 14, 2019).

Under the terms of the gold loan, the "gold loan value" was fixed as of May 13, 2025, and the outstanding loan balance (including accrued interest and standby fees) determined to be $5,194,354 (U.S.). Almaden will repay the loan amount by physical delivery of gold bullion of 99.99-per-cent purity to the company. The delivery of gold shall be completed after Almaden receives the final payment on the sale of its Rock Creek mill to Metals Exploration PLC pursuant to the purchase agreement dated Feb. 28, 2025 (see press release of Almaden dated March 3, 2025), which is expected to be on or before Aug. 31, 2025 (the settlement date). The amount of gold (the borrowed gold) to be delivered by Almaden will be determined based on the prevailing London Bullion Market Association AM gold price in United States dollars on the business day prior to the settlement date. In addition to the borrowed gold, Almaden will return the undrawn portion of the gold loan, consisting of 397 ounces of gold bullion.

The loan amount is secured by a security interest and first lien on certain equipment related to the mill. Upon repayment of the loan amount by Almaden to the company, the security shall be deemed fully released and discharged.

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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