Mr. Morgan Poliquin reports

ALMADEN PROVIDES UPDATE ON PERMITTING FOR IXTACA PRECIOUS METALS PROJECT, MEXICO

Almaden Minerals Ltd. has received notification from the Mexican federal permitting authority, Secretaria de Medio Ambiente y Recursos Naturales (SEMARNAT) that the company's initial environmental permit application (MIA) in respect of the Ixtaca project has not received approval. Almaden originally submitted the MIA in early 2019.

SEMARNAT decision

Under relevant legislation, SEMARNAT is obliged to provide specific technical reasons why projects may not meet the environmental standards required for approval.

Generally speaking, reasons cited by SEMARNAT for not approving the MIA include, in SEMARNAT's view, insufficient information regarding the impacts of open-pit mining on the environment, local and regional area. SEMARNAT appears to have discounted the company's prevention, mitigation and compensation measures which were part of the MIA application.

The company is continuing its review of SEMARNAT's response to the MIA and is evaluating its alternatives which include the resubmittal of a revised MIA, continuing dialogue and legal options. In the event the company chooses to resubmit an MIA on the existing mine plan, it believes that the necessary information is readily available and Almaden would have the ability to do so swiftly.

Morgan Poliquin, president and chief executive officer, commented: "We are disappointed with SEMARNAT's decision. We will review the reasons provided and the factors that may have led to this decision and determine a path to move this project forward. We believe that since discovery we have outlined a resource and ultimately a mineral project that is highly economic, robust, and reflective of the ideal that successful mining projects can and should make a significant positive difference for local communities over the short, medium and long term. We are committed to continuing to unlock the substantial value of this project for all stakeholders. We stand ready to work in a co-operative and respectful manner with Mexican government officials as we seek to explore the potential of this project through continued exploration, ongoing refinement of the mine operating plan and ongoing review of the notification."

Background to Ixtaca project

In light of SEMARNAT's decision, the company wishes to provide a brief background of the environmental and social aspects of the Ixtaca project, which have been disclosed in the feasibility study report titled "Ixtaca Gold-Silver Project, Puebla State, Mexico NI 43-101 Technical Report on the Feasibility Study," which was prepared in accordance with National Instrument 43-101 (the FS), is available under the company's profile on SEDAR and on the company's website.

• The mine plan has a dry stack filtered tailings facility and co-disposal with waste rock with no tailings dam.
• The project's limestone waste rock and flotation tailings are neutralizing and have low potential for metal leaching.
• The mine plan includes a freshwater storage dam for mine and community use, enhancing community access to a fresh water reservoir beyond closure.
• The company has received a letter from the Mexican archaeology authority (INAH) clearing the area for development.
• The company has received a letter from the environmental enforcement agency (PROFEPA) confirming that the company's exploration program has been conducted in accordance with the environmental code.
• A letter from the authority responsible for indigenous affairs (formerly the CDI now the INPI) states that, after analyzing the case, it considered there is no need for consultation, as the data analyzed indicated the absence of an indigenous population in the area of the project.
• The surface ownership over the mine development area is privately owned and the property acquired by the company in this area has been by voluntary agreements.
• The company commissioned and has received an independent social impact assessment (EVIS in Mexico) by a recognized expert consultancy to provide social, ethnology and economic mapping and to help develop a social investment plan with local communities for the life of the mine.
• Local community members have publicly expressed their support of the project. Over 800 people have signed a declaration of support for the project which they delivered to the environmental authorities, and a memorandum of understanding has been signed with local water users.
• The Municipality of Ixtacamaxtitlan has included mining as one of its accepted investment and development activities.
• The project would employ over 400 people during an 11-year mine life and would also provide updated infrastructure to a highly marginalized region.

John A. Thomas, PEng, vice-president of project development of Almaden, and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release that relate to the FS.

About Almaden Minerals Ltd.

Almaden Minerals owns 100 per cent of the Ixtaca project in Puebla state, Mexico, subject to a 2.0-per-cent net smelter returns royalty held by Almadex Minerals. The Ixtaca gold-silver deposit was discovered by Almaden in 2010.

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