Mr. Morgan Poliquin reports

ALMADEX ANNOUNCES COMPLETION OF GOLD LOAN REPAYMENT BY ALMADEN

Almaden Minerals Ltd. has completed the repayment to Almadex Minerals Ltd. of the 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).

As further described in the press release of May 22, 2025, the repayment involved the return to Almadex of 397 ounces of gold which were not drawn under the gold loan, plus the payment of $5,194,354 (U.S.). The loan amount was settled through the delivery to the company of approximately 1,553 ounces of 99.99-per-cent purity physical gold bullion, which is now held in a segregated account within a secured, independently audited bullion depository located in the United States. With completion of this repayment, Almadex now holds a total of approximately 1,950 ounces of gold.

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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