Mr. Morgan Poliquin reports

ALMADEX PROVIDES REVIEW OF SPENCES BRIDGE GOLD BELT PROJECTS IN SOUTHERN BRITISH COLUMBIA

Almadex Minerals Ltd. has provided an overview of its wholly owned Nicoamen and Merit projects, located within the Spences Bridge gold belt in Southern British Columbia.

The Spences Bridge gold belt (SBGB) is a 110-kilometre (km) northwest-trending belt in Southern B.C., underlain by Cretaceous-aged volcanic rocks of the Spences Bridge Group. These rocks are highly prospective for low-sulphidation epithermal gold-silver mineralization. Although historically underexplored, the belt has gained attention following recent high-grade gold discoveries like Westhaven Gold's Shovelnose project, making it a focus for renewed exploration activity. To date, approximately $55-million (Canadian) has been invested in exploration at the Shovelnose property. In a news release dated March 3, 2025, Westhaven announced an updated preliminary economic assessment (PEA) outlining a robust, low-cost, high-margin underground gold mining operation with a rapid payback period and an estimated mine life of 11.1 years.

Nicoamen project highlights

Almadex's wholly owned Nicoamen project consists of nine claims totalling 3,332 hectares. The property is located approximately 17 km southeast of Lytton, 34 km northeast of Boston Bar and 40 km northwest of Westhaven Gold's Shovelnose project. Initially staked by Almadex in 2004, the property has since been explored through a combination of stream sediment, rock and soil sampling, trenching, and geophysical surveys, including induced polarization and ground magnetics.

The most recent work on the property was carried out by Independence Gold Corp. (IGO) under an option agreement that granted them the right to earn a 60-per-cent interest in the Nicoamen property. Prior to the termination of the agreement in early 2022, IGO carried out an exploration program that included 41 rock samples, 245 soil samples and a ground magnetic survey covering half of the property. The magnetic data outlined a magnetic-low structural corridor associated with mineralized low-sulphidation epithermal-style chalcedonic quartz veins, yielding gold values of up to 4.46 grams per tonne (g/t). More specifically, they delineated a zone over 100 metres (m) wide containing five vertical chalcedonic veins characterized by ginguro-style banding, with each vein returning consistent gold grades between 1.05 g/t and 3.91 g/t. This newly identified vein zone is a compelling target for future drilling programs. No additional exploration has been conducted on the property since that time.

Merit project highlights

Almadex's 100-per-cent-owned Merit project comprises four mineral claims covering roughly 1,900 hectares. The property is located approximately 22 km west of the city of Merritt and 20 km northwest of Westhaven's Shovelnose project. Previous work on the property is documented in a British Columbia assessment report filed by Almaden Minerals Ltd., titled "2014 Exploration Drilling Program, Merit Gold Property, British Columbia, Canada," dated May 27, 2015. Key highlights are summarized in this news release. The Merit property was staked in late 2004 following encouraging results from prospecting and reconnaissance stream sediment, soil and rock sampling, which led to the discovery of multiple zones of alteration and mineralization, the most prominent being Sullivan Ridge. Sullivan Ridge is characterized by strong silica and carbonate (ankerite) alteration of andesitic breccias, and is host to a one to two m wide, north-trending, gold-bearing quartz vein zone. A 2005 trenching program across this quartz zone returned anomalous gold values such as 7.24 g/t gold over 1.8 m, including 15 g/t gold over 0.6 m. Subsequent work on the property included a 2010 induced polarization geophysical survey, which identified a number of high-contrast resistivity anomalies, including one below Sullivan Ridge, and a 2014 two-hole diamond drill program targeting mineralization below Sullivan Ridge. The drilling program returned narrow intercepts of gold mineralization, including 0.5 m grading 0.439 g/t Au and 0.49 m grading 0.246 g/t Au, which provide valuable geological information to guide future exploration.

The most recent work on the property was carried out by IGO under an option agreement that granted it the right to earn a 60-per-cent interest in the Merit property. Before the agreement was terminated in early 2022, IGO conducted a ground magnetic survey across the entire property, along with geological mapping and rock geochemical sampling. According to IGO's Oct. 8, 2020, news release, sampling of low-sulphidation quartz veins at Sullivan Ridge returned assays of up to 9.5 g/t gold and 341 g/t silver. Follow-up work defined a 200 by 100 m zone of chalcedonic quartz veins branching from the main vein, with samples returning grades of up to 4.35 g/t gold and 50 g/t silver. At the central zone, a newly identified area situated three kmk southwest of Sullivan Ridge, sampling returned assay values of 7.69 g/t gold and 447 g/t silver. Mapping and structural interpretation suggest that the central zone belongs to the same structural corridor as the Sullivan Ridge veins but has been offset by a northwest-southeast-trending fault.

Morgan Poliquin, chief executive officer of Almadex, stated: "The Merit and Nicoamen projects represent compelling exploration opportunities within the highly prospective Spences Bridge gold belt, located in a mining-friendly jurisdiction. While our current focus remains on advancing its U.S.-based exploration projects, we intend to seek a qualified partner to further develop these promising assets."

Spences Bridge gold belt royalties

Almadex holds three royalties within the Spences Bridge gold belt, including a 2-per-cent net smelter return (NSR) royalty on Westhaven Gold's Prospect Valley and Skoonka projects, as well as a 2-per-cent NSR on Au Gold Corp.'s Ponderosa property.

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.

About Almadex Minerals Ltd.

Almadex is an exploration company that holds a large mineral portfolio consisting of projects and NSR 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 has several portable diamond drill rigs, enabling it to conduct cost-effective first pass exploration drilling in-house. The Almadex team has significant porphyry lithocap exploration experience and has made three discoveries of mineral deposits under advanced argillic alteration. The company's success comes from its audacity, in-house exploration capacity and, most importantly, its ability to drill with the company-owned drilling unit. The company has assembled a portfolio of lithocap targets that have the potential to be concealing large porphyry systems at depth in the best jurisdiction known: the United States. Almadex has the cash and drills to advance and test these targets, and will continue doing so in 2025.

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