Mr. J. Duane Poliquin reports

ALMADEN OBTAINS PROVISIONAL INJUNCTION RELATING TO DECISION OF MINISTRY OF THE ECONOMY

The Mexican Federal Administrative Court has granted a provisional injunction to Almaden Minerals Ltd.'s Mexican subsidiary, Minera Gorrion (MG), relating to the submission issued by Mexico's Ministry of the Economy (Economia) to the district court, which is overseeing the implementation of the February, 2022, decision of Mexico's Supreme Court (SCJN) requiring indigenous consultations prior to the granting of mineral titles to the Ixtaca project (see the company's press releases of Feb. 22, 2023, and April 13, 2023).

Economia's submission to the district court was made in February, 2023, and aims to deny the two mineral title applications to the Ixtaca project, which were first made by Almaden in 2002 and 2008, and which in turn led to the grant of mineral titles in 2003 and 2009, respectively. As previously reported, these mineral titles were reduced to application status as a result of the February, 2022, decision of the SCJN.

The Economia submission claims that, despite Economia's previous statements to the contrary, its acceptance of the mineral title applications and its grant of the mineral titles in 2003 and 2009, the applications contain technical faults that preclude the grant of the mineral claims. The Economia submission therefore seeks to deny the grant of the mineral claims regardless of the indigenous consultation ordered by the SCJN and welcomed by both the company and surrounding communities. The Economia submission was accepted by the district court as complying with the February, 2022, SCJN decision (see press release of April 13, 2023), and this district court decision is currently being appealed by the company.

In the meantime, MG initiated separate legal proceedings in the Mexican federal administrative court to contest the Economia submission on technical and procedural grounds. The court has admitted the legal proceedings and, as a first step, has granted a provisional injunction in favour of MG. This provisional injunction prevents Economia from releasing the mineral rights covered by the company's mineral title applications while the legal proceedings are continuing. It is expected that the court will decide on the grant of a permanent injunction within the coming weeks, which, if received, would continue in effect until the court has ruled on the revocation of the Economia submission.

The court also stated that the legal proceedings would be subject to the outcome of the company's compliance appeal, noting that if the compliance appeal determines that the Economia submission does not comply with the February, 2022, SCJN decision, then the legal status of the company's mineral title applications would change. On the other hand, if the compliance appeal determines that the Economia submission does comply with the February, 2022, SCJN decision, then the legal proceedings shall continue. Almaden does not have a timeline for the compliance appeal or a definitive ruling on the legal proceedings.

Duane Poliquin, chair of Almaden, stated, "We filed this complaint with the federal administrative court back in March, and, despite the long delay, we are encouraged that we may finally have the opportunity to explain why we believe the Economia submission is a seriously flawed document."

About Almaden Minerals Ltd.

Almaden Minerals discovered the Ixtaca deposit in Puebla state, Mexico, in 2010. Almaden's interest in the Ixtaca project is subject to a 2.0-per-cent NSR (net smelter return) royalty held by Almadex Minerals. The Ixtaca deposit hosts a proven and probable reserve containing 1.38 million ounces of gold and 85.1 million ounces of silver (73.1 million tonnes grading 0.59 gram per tonne gold and 36.3 grams per tonne silver). A report titled "Ixtaca Gold-Silver Project, Puebla State, Mexico NI 43-101 Technical Report on the Feasibility Study", which was prepared in accordance with National Instrument 43-101, is available under the company's profile on SEDAR and on the company's website.

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