Mr. Duane Poliquin reports

ALMADEN ANNOUNCES EARLY REPAYMENT OF GOLD LOAN WITH ALMADEX

Almaden Minerals Ltd. has notified Almadex Minerals Ltd. of the early repayment of the outstanding gold loan pursuant to the secured gold loan agreement, as amended (gold loan), between Almaden and Almadex (see press releases dated June 27, 2024, and May 14, 2019).

Under the terms of the gold loan, the gold loan value was fixed as of May 13, 2025, and the outstanding loan balance (including accrued interest and standby fees) determined to be $5,194,354 (U.S.) (the loan amount). Almaden will repay the loan amount by physical delivery of gold bullion of 99.99-per-cent purity to Almadex. The delivery of gold shall be completed after Almaden receives the final payment on the sale of its Rock Creek mill to Metals Exploration PLC pursuant to the purchase agreement dated Feb. 28, 2025 (see press release dated March 3, 2025), which is expected to be on or before Aug. 31, 2025 (the settlement date). The amount of gold (the borrowed gold) to be delivered by Almaden will be determined based on the prevailing London Bullion Market Association AM gold price in United States dollars on the business day prior to the settlement date. In addition to the borrowed gold, Almaden will return the undrawn portion of the gold loan, consisting of 397 ounces of gold bullion.

The loan amount is secured by a security interest and first lien on certain equipment related to the mill (collectively, the security). Upon repayment of the loan amount by Almaden to Almadex, the security shall be deemed fully released and discharged.

Upon completion of the sale of the mill and repayment of the loan amount, Almaden estimates that it will have a cash position of approximately $6.5-million.

We seek Safe Harbor.