Mr. Morgan Poliquin reports

ALMADEX COMMENCES DIAMOND DRILLING AT ITS PARADISE PROJECT, NEVADA

Almadex Minerals Ltd. has commenced diamond drilling operations at its porphyry lithocap target on the Paradise project, Nevada. The program will target both near-surface gold potential and deep porphyry potential. Almadex currently plans three to four holes in this program. The holes were designed to test targets defined by the company's past and the more recent work described in its news release of May 14, 2025. Previous work carried out by Almadex includes extensive mapping, soils and the drilling of two holes on the northwestern portion of the lithocap in 2024. These two holes confirmed the presence of porphyry veining but were interpreted to have intercepted a more distal part of the porphyry system (see Almadex's news release of Oct. 8, 2024). Recent work reported here includes prospecting and detailed mapping within the lithocap alteration zone along with drone-based (UAV (unmanned aerial vehicle)) magnetics and ground IP (induced polarization) surveys. The porphyry lithocap has potential for three styles of mineralization: high-sulphidation gold hosted in quartz-alunite alteration; porphyry-related mineralization underlying and adjacent to the high-sulphidation system; and gold-silver in epithermal veins that crosscut both.

J. Duane Poliquin, chairman of Almadex, commented, "Our work has defined a vector towards a potential core of this large alteration system and it is very exciting to now be drill testing this model in this 2025 drill program."

About lithocap alteration zones and the Paradise lithocap

Lithocaps are extensive areas of hydrothermally altered rocks that occur above or adjacent to intrusive rocks and related porphyry deposits. The hydrothermal alteration forms when ascending high-temperature magmatic fluids are released from the source intrusion below and alter permeable and reactive rocks occurring above. Lithocaps can be over 10 by 10 kilometres (km) in surface area and over one km thick. The alteration mineral assemblages vary, usually with distance from the intrusive source. Often more neutral and higher temperature stable alteration mineral assemblages are seen at depth, closer to the source intrusion and potential porphyry deposit. More acidic and lower-temperature stable assemblages generally occur higher and farther away. Mapping of alteration minerals and geochemical analysis using soil and rock samples can map these changes in mineralogy. This mapping can then provide a vector toward potential underlying porphyry systems. If large areas of lithocap alteration are well preserved, they can obscure deep unexposed porphyries and other styles of mineralization. If no mineralization is present at surface, drilling based on geochemical and alteration vectors aided by geophysical data is the best way to explore for buried deposits.

The wholly owned 1,547-hectare Paradise property covers a roughly 4.5 by 1.8 km area of exposed intense hydrothermal alteration developed in volcanic rocks. This alteration zone, which includes quartz-alunite, pyrophyllite and diaspore, is typical of high-sulphidation environments forming above porphyry copper-gold systems. The alteration has been mapped by Almadex using a Terraspec infrared spectrometer. This work, using rock chip spectral data points, has defined a well-preserved porphyry lithocap with alunite core zones (with increasing Na (sodium) composition) haloed by pyrophyllite, dickite then hypogene kaolinite. Surrounding the acid sulphate zones are halos of sporadic paragonitic illite (grading to dominant muscovitic alteration) with chlorite in peripheral alteration halos (propylitic).

Qualified persons and technical details

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 grams per tonne (g/t) gold using this technique are then reanalyzed by fire assay but with a gravimetric finish.

The IP lines were surveyed using the company's highly experienced in-house team and equipment (GDD transmitter and Iris Elrec-6 receivers using a 100-metre (m) dipole in a pole-dipole array on eight levels). Pseudo sections were prepared and the data were inverted using RES2DINV software. The magnetics survey was conducted by a third party contractor using a geometrics MagArrow cesium magnetometer flown under an ArcSky X55 quadcopter. The MagArrow sensor takes 1,000 readings per second and is flown at a maximum speed of eight m per second. The sensor is suspended on a three m lanyard to remove it from the electromagnetic noise of the UAV. Data are down sampled after collection to 10 hertz. The MagArrow readings are diurnally corrected via a geometrics G-862RBS magnetometer, cycling at 10 hertz.

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 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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