Mr. J. Duane Poliquin reports

ALMADEN PROVIDES UPDATE ON ARBITRATION PROCEDURE WITH MEXICO

Almaden Minerals Ltd. is providing an update to the international arbitration proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with Mexico.

Almaden is pursuing the claim together with Almadex Minerals, on behalf of themselves and their Mexican subsidiaries. Prior to the illegal acts of Mexico which resulted in the complete loss of the investment, Almaden held 100 per cent of the Ixtaca precious metals project in Mexico, while Almadex held a 2.0-per-cent net smelter returns royalty on the project.

As reported on July 7, 2025, after the claimants filed their memorial document, Mexico filed a request for the arbitration panel to establish a separate phase of the proceedings to consider certain jurisdictional objections.

Almaden is pleased to report that the panel has rejected Mexico's request to consider these jurisdictional objections separately from the merits of the case.

As noted in the press release of July 7, 2025, the claimants consider the arguments underpinning Mexico's bifurcation request to be fundamentally flawed and disingenuous, motivated by its desire to defer Mexico's countermemorial and its responses to the claimants' claims, and to delay the resolution of the proceedings.

With this bifurcation request now rejected in full, Almaden expects to be able to share an update on the arbitration calendar in the fourth quarter.

We seek Safe Harbor.