Mr. Duane Poliquin reports

ALMADEN REQUESTS CONSULTATIONS WITH MEXICO UNDER THE COMPREHENSIVE AND PROGRESSIVE AGREEMENT FOR TRANS-PACIFIC PARTNERSHIP

Almaden Minerals Ltd. has delivered to Mexico a request for consultations in accordance with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) relating to an investment dispute with Mexico.

Almaden sent the request for consultations to Mexico's General Directorate of Legal Consultancy for International Trade (Direccion General de Consultoria Juridica de Comercio Internacional). The investment dispute arises out of certain acts and omissions of Mexico in breach of the CPTPP relating to the company's investment in the Ixtaca gold-silver project.

The company has suffered substantial harm arising out of Mexico's conduct in breach of its investment protection obligations under the CPTPP, including (without limitation):

• The Mexican Ministry of Economy's (Economia) declaration that the project's mineral titles were void;
• Economia's reassessment of the original applications for the mineral titles holding them to be deficient and unfeasible, contradicting the position previously adopted by it, and violating the company and its subsidiary's right to amend or supplement the mineral title applications;
• The Mexican Secretariat of Environment and Natural Resources' (Secretaria del Medio Ambiente y Recursos Naturales) delay in issuance and ultimate refusal to issue the project's environmental permit (Manifiesto de Impacto Ambiental).

The request for consultations enables the company to initiate arbitration should an amicable resolution of the dispute with the Mexican government not be reached. The filing of the request for consultations initiates a six-month consultation period between the parties, during which they are to attempt to amicably settle the dispute. If no settlement is reached in that six-month period, the company may then initiate international arbitration proceedings against Mexico in accordance with the CPTPP after serving a notice of intent to submit claims to arbitration.

The company confirms that it is taking all necessary actions to preserve its rights and protect its investments in Mexico. The company's desire is for all parties to reach a mutually acceptable outcome swiftly and amicably. If such an outcome is not achieved within the next six months, the company expects it will have no alternative but to pursue its claims before an arbitral tribunal and seek full compensation for damages the company has suffered as a result of Mexico's acts and omissions. This request for consultations has been submitted by Almaden together with Almadex Minerals Ltd., on behalf of themselves and their Mexican subsidiaries.

The company has retained international arbitration counsel at Boies Schiller Flexner LLP to advise and will consider any other actions necessary to ensure its rights are preserved.

We seek Safe Harbor.