Mr. Morgan Poliquin reports

ALMADEX ACQUIRES RUBY HILL SILVER-GOLD EXPLORATION PROJECT BY STAKING, SURFACE SAMPLING RETURNS 992 G/T SILVER

Almadex Minerals Ltd. has acquired a 100-per-cent interest in the Ruby Hill early-stage exploration project by staking. The project is located in central Nevada and was identified as part of Almadex's continuing regional exploration program in the western United States.

The Ruby Hill epithermal gold-silver project covers a large area of argillic alteration and silicification hosted in rhyolite volcanics. Zones of silicification and clay alteration have been identified within which outcrops hosting quartz veinlets occur. Limited outcrop make it difficult to map any potential widths or orientation to the zone of veining, and the sporadic outcrops of veined rock occur over a broad area. Some historic mine workings have also been identified, which appear very old. These trenches and shafts clearly targeted zones of veining and silicification. To date, 59 grab rock samples have been taken from outcrop, float of veining and silicified rhyolite (grab samples are selected samples and may not represent true underlying mineralization). These preliminary results are very encouraging as 12 of these samples returned over 25 grams per tonne silver with seven returning more than 100 g/t silver (up to 992 g/t silver and averaging 45 g/t silver for all 59). Important gold values were also returned as 17 of these samples returned over 0.1 g/t gold (up to 0.94 g/t gold and averaging 0.10 g/t gold for all 59).

A one-line induced polarization geophysical survey was carried out across the area of alteration. This survey identified a significant chargeability anomaly associated with a resistivity low. This feature is interpreted to represent a potential zone of alteration and sulphide development extending to depth. Almadex plans follow-up prospecting, sampling and geological mapping on the project, focusing on the area above the high IP chargeability to provide targeting for a future drill program.

J. Duane Poliquin, chairman of Almadex, commented: "Our regional exploration program continues to identify new targets for acquisition. This preliminary work at Ruby Slope has returned exciting silver and gold results in the earliest stages of sampling, which is very encouraging. We will continue to move our early-stage projects forward this year along with our plans for drilling our more advanced properties. We fully expect 2025 to be an important year for our company."

Qualified person and technical details

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 of Reno, Tucson and North Vancouver 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 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. 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.

The IP line was surveyed using the company's highly experienced in-house team and equipment (GDD transmitter and Iris Elrec-6 receivers using a 100-metre dipole in a pole-dipole array). Pseudo sections were prepared, and the data were inverted using RES2DINV software. Geophysical surveys are not definitive, and the results are still at an early stage of interpretation, with no guarantee of a mineral discovery.

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, 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.

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