Mr. Morgan Poliquin reports

ALMADEX STAKES PEGMATITE DYKE COMPLEX WITH RARE EARTH ELEMENT POTENTIAL IN NEW MEXICO, USA

Almadex Minerals Ltd. has acquired by staking the area covering most of the historic Petaca district located in northern New Mexico. The area was identified as part of Almadex's continuing regional exploration program in the western United States, which prioritizes copper-gold potential and has a focus on porphyry lithocaps and epithermal precious metal systems.

The Petaca district has had a long history of mica production from granitic pegmatites, which has been described in some detail by various authors in publications made from 1923 to 1974. These authors have also noted the presence of several rare-earth-element-bearing minerals that occur in the pegmatites and were occasionally recovered as a byproduct of mica mining. A USGS report published in 2010 described the district and its potential for REE as follows.

Thorium- and rare-earth-element-bearing pegmatites are exposed in the Petaca district, located between Ojo Caliente and Tres Piedras, in Rio Arriba county, north-central New Mexico. The pegmatites crop out in Precambrian rocks in the southeastern Tusas Mountains (Bingler, 1968). The pegmatites of the Petaca district take a variety of shapes, such as dikes, sills, pipes, pods, troughs and irregular forms. The pegmatite forms and their characteristics are described in detail by Jahns (1946). They crop out for 75 to 1,430 feet (23 to 436 metres) in length (an average outcrop length is 410 feet (125 metres)), and they have an average width of 30 to 35 ft (nine to 11 m). ... Elevated REE concentrations in Petaca district pegmatites mainly reflect the mineral samarskite, an REE-iron-uranium-thorium-niobium-tantalum-titanium-bearing oxide. The REE are reportedly restricted to albite-rich zones in the pegmatites. McLemore and others (1988, p. 4) reported this REE analysis of a sample of the Globe pegmatite: "600 ppm Y, 660 ppm Yb, 396 ppm Er, 186 ppm Gd, 3,117 ppm [total] REE plus Y." Otherwise, the REE content of the pegmatites of the Petaca district has not been published.

Academic work published in 2011 by researchers in New Mexico and at the University of New Mexico provided results of a microprobe study of Y-REE-Ta-Nb-Ti oxide minerals from the Petaca district. This study confirmed the presence of samarskite (Y), polycrase (Y), xenotime (Y) and microlite, and substantiated the high level of Nb and Y in accessory minerals. Also identified in this study were the minerals columbite, monazite (Ce) and Ta-rutile (struverite).

Almadex has not conducted any analysis of its own on the pegmatites of the Petaca district. The company remains focused on its portfolio of epithermal gold and porphyry copper-gold exploration projects and seeks a joint venture partner to explore the Petaca district.

J. Duane Poliquin, chairman of Almadex, commented: "Part of a regional exploration program is investigating new areas and opportunities. While REE projects are not our core focus, the identification and staking of the Petaca claims diversifies our portfolio of mineral assets. We intend to joint venture the project to a group that has expertise with these types of mineral system."

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.

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 its company-owned drilling unit. It 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. It has the cash and drills to advance and test these targets, and will begin to do so in 2025.

We seek Safe Harbor.