Mr. Morgan Poliquin reports

ALMADEX EXPANDS CLAIM BLOCK AT NEW HOPE, PROVIDES EXPLORATION UPDATE

Almadex Minerals Ltd. has expanded its claim block by staking at its wholly owned New Hope copper-gold porphyry exploration project in Arizona. The new expanded New Hope claim block covers a broad area of high chargeability to the east of where the company's two-hole exploratory drill campaign was carried out (see Almadex news releases of April 1, 2026, and June 30, 2026). The company is currently planning how a potential phase II drilling program might be conducted. The company also reports that drilling operations have finished, with one hole completed with 980 metres depth at the company's King copper-gold porphyry lithocap target in Colorado. Samples have been submitted for assay and further information will be provided when all results have been received and compiled. A review of the New Hope project exploration results previously reported are provided below.

Highlights and review of 2026 New Hope results:

• Additional staking has been carried out to cover the large New Hope porphyry alteration zone defined by surface mapping and geophysics.
• Magnetics and mapping suggest that the 2026 New Hope drilling previously reported is on the western edge of a 2.5-kilometre-by-0.75-kilometre (km) area of mapped phyllic and remnant lithocap porphyry alteration.
• IP (induced polarization) geophysics has extended the IP geophysical anomaly 1.95 km to the east of the line where both holes were drilled.
• The company's completed and previously reported drill holes confirmed a large porphyry alteration system, including the presence of a tourmaline bearing breccia pipe. Short zones of mineralization with trace chalcopyrite were intersected in the second hole, including 6.00 metres (m) at 0.15 per cent copper and 156 parts per million (ppm) molybdenum.
• The company is currently designing a potential phase II drilling program.

J. Duane Poliquin, chairman of Almadex, commented: "The results from our past drilling, combined with the expanded geophysical target, highlight the scale of the porphyry system at New Hope. We are pleased to have expanded the claim position and are now evaluating options for a potential second phase of drilling."

About the New Hope project

The New Hope project in southwestern Arizona covers a large (2.5 by 0.75 km) area of mapped phyllic and remnant lithocap porphyry alteration. Drone-based magnetics suggest that the drilling to date is on the western edge of the alteration zone and a broad magnetics low associated with this alteration zone. The recent IP lines surveyed to the east of the initial line supports this interpretation as the chargeability remains strong and open in this direction. Two diamond drill holes were completed in 2026, both drilled from the same pad (see Almadex news releases of April 1, 2026, and June 30, 2026). The first hole intersected andesite porphyry affected by moderate to strong phyllic alteration and zones of quartz veining to 384 metres when, after a zone of faulting and brecciation, propylitic to potassic alteration was encountered. Within the phyllic alteration, pyrite contents were up to an estimated 7 per cent although no significant copper mineralization was encountered. The second hole was collared from the same pad as the first hole and intersected an andesite intruded by late diorite dikes to 483 metres, at which point a large breccia body was encountered. The andesite is affected by phyllic, argillic and propylitic alteration with pyrite contents up to 5 per cent, and the diorite by potassic to propylitic alteration. The breccia body comprises clasts from a range of largely intrusive lithologies affected by silicification, phyllic and propylitic alteration. The matrix is often silicified with pyrite and abundant tourmaline. Veins of tourmaline and pyrite also crosscut the breccia. Two zones of copper mineralization with traces of chalcopyrite were intersected:

• 498.00 to 504.00 m (6.00 m) at 0.15 per cent copper (Cu) and 156 ppm molybdenum (Mo) (fault zone with traces of chalcopyrite, sphalerite and galena);
• Including 500.00 to 502.00 m (2.00 m) at 0.34 per cent Cu and 326 ppm Mo:
  • 778.00 to 780.00 m (2.00 m) at 0.14 per cent Cu and five ppm Mo (tourmaline bearing breccia).

The two holes confirm the presence of a large porphyry alteration system. Tourmaline-bearing breccias are common in porphyry environments and are often a late overprinting feature. The breccia fragments and associated alteration suggest that the drilling to date may be on the periphery of the core to a porphyry system that has not yet been intersected. The presence of copper is encouraging, as is the expansion of the IP anomaly to the east where previous mapping has traced phyllic alteration.

Qualified persons

Morgan J. Poliquin, PhD, PEng, the president and chief executive officer of Almadex, and a qualified person (QP) as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release. Daniel Santamaria, PGeo, a qualified Person as defined by NI 43-101, is the QP for the New Hope drilling project, and has reviewed and approved the contents of this news release. The drilling program and core sampling reported were conducted under his supervision.

Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almadex's quality assurance and control program. True widths are not possible to calculate at this time for the drill intercepts described, as they occur in zones of complex veining and brecciation. The analyses reported were carried out at ALS Chemex Laboratories, of Tucson and North Vancouver, using industry standard analytical techniques. For copper and molybdenum, samples are analyzed by inductively coupled plasma atomic emission spectroscopy (ICP-AES), with four-acid digestion. Samples that return values greater than 10,000 grams per tonne (g/t) copper using this technique are then reanalyzed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. The IP geophysical survey described was carried out using the company's in-house equipment, a five-kilowatt (kW) GDD transmitter and Iris Elrec-6 receivers using a 100 m 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 a mineral exploration company focused on base and precious metals in the Western United States. The company owns several portable diamond drill rigs, enabling it to conduct cost-effective first-pass exploration drilling in house.

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