Mr. J. Duane Poliquin reports

DRILLING UNDERWAY AT THE NEW HOPE COPPER PORPHYRY PROJECT, ARIZONA, USA

Almadex Minerals Ltd. drilling has recommenced at the company's wholly owned New Hope copper-gold project in Arizona. The first hole of the program is under way once again after it was initially collared in December of 2025, prior to the Christmas break. This first hole is targeting an area of veining mapped at surface that is coincident with an IP chargeability geophysical anomaly identified by the company in earlier work (see Almadex news release of April 23, 2025). Further drilling plans will be made based on the geological observations made in the first hole upon completion.

J. Duane Poliquin, chairman of Almadex, commented, "We are excited to be drill testing the porphyry target we have defined at New Hope using combined target vectoring techniques, such as alteration and geological mapping, fluid inclusion petrography, geochemistry, and geophysics."

About the New Hope project

The 958.7-hectare New Hope project is located in southeastern Arizona, near several large porphyry copper deposits currently being mined including Lone Star (approximately 35 kilometres away) and Morenci (approximately 50 kilometres away). The project covers a roughly 3.5-by-1.5-kilometre area of intense hydrothermal alteration developed in volcanic rocks and crosscutting intrusive dikes. The observed hydrothermal alteration is characteristic of the upper levels of a porphyry system. The project was acquired in 2023 by staking and broad scale mapping of the lithocap has been carried out over much of the property. Within the area mapped, exposed advanced argillic alteration was identified to the northeast and, to the southwest, an exposed set of porphyry-related veinlets was defined in limonitic alteration. This zone of quartz veining is currently interpreted to represent a potential centre to the porphyry system at New Hope. The observed zone of veining is an approximately 600-metre-in-diameter semi-circular area. The veins and veinlets are sheeted light to dark grey, semi-translucent quartz and magnetite with banded textures. Fluid inclusion petrography on these veinlets indicate that they were formed by vapour-rich fluids. These types of veinlets are interpreted to be typical of shallow-level emplaced porphyry systems and above the level at which main stage porphyry-style copper-gold mineralization is to be expected. Within this broader area, two inner zones about 200 metres and 100 metres in diameter were mapped where veinlet densities of greater than 10 per metre were observed (see Almadex new release of April 8, 2024).

About lithocap alteration zones

Lithocaps are extensive areas of hydrothermally altered rocks that occur above or adjacent to intrusive rocks and related porphyry deposits. The hydrothermal alteration forms when ascending high-temperature magmatic fluids are released from the source intrusion below and alter permeable and reactive rocks occurring above. Lithocaps can be over 10 by 10 kilometres in surface area and over one kilometre thick. The alteration mineral assemblages vary, usually with distance from the intrusive source. Often, more neutral and higher-temperature stable alteration mineral assemblages are seen at depth, closer to the source intrusion and potential porphyry deposit. More acidic and lower temperature stable assemblages generally occur higher and farther away. Mapping of alteration minerals and geochemical analysis using soil and rock samples can map these changes in mineralogy. This mapping can then provide a vector toward potential underlying porphyry systems. If large areas of lithocap alteration are well preserved, they can obscure deep unexposed porphyries and other styles of mineralisation. If no mineralization is present at surface, drilling based on geochemical and alteration vectors aided by geophysical data is the best way to explore for buried deposits.

Qualified person

Morgan J. Poliquin, PhD, PEng, the president and CEO of Almadex, and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release. The IP geophysical survey described was carried out using the company's highly experienced in-house team and equipment, a five-kilowatt GDD transmitter and Iris Elrec-6 receivers using a 100-metre dipole in a pole-dipole array on eight levels. Pseudo sections were prepared and the data was inverted using RES2DINV software.

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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