Almadex Provides Corporate Update

VANCOUVER, British Columbia, March 14, 2024 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: “DEX”) is providing an update regarding its Request for Consultations delivered to the United Mexican States (“Mexico”, see press release dated December 14, 2023).

As previously reported, on December 13, 2023, Almadex delivered to Mexico a written Request for Consultations in accordance with Article 9.18 of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”), setting out a brief description of facts regarding the measures at issue. On December 29, 2023, Mexico acknowledged receipt of that Request and stated that it would propose dates for a consultation meeting in the near future, but never reverted with proposed dates, leaving the dispute unresolved.

Accordingly, on March 14, 2024, Almadex delivered to Mexico written notice of its intention to submit a claim (“Claim”) to arbitration against Mexico (the “Notice”) in accordance with Article 9.19.3 of the CPTPP. This Notice has been delivered by Almadex together with Almaden Minerals Ltd., on behalf of themselves and their Mexican subsidiaries.

Amongst other things, the Notice sets out the factual background of the dispute as well as the legal basis of the resulting Claim, the provisions of the CPTPP that Mexico has breached, and the relief sought. The damages relating to the Almadex and Almaden Claim will be for no less than US$200 million, in the aggregate. Almadex would be entitled to damages relating to its 2.0% NSR royalty on the Ixtaca project, if damages were to be awarded.

The Notice enables the Company to initiate arbitration should an amicable resolution of the dispute with the Mexican government not be reached. The filing of the Notice must precede initiation of arbitration by a minimum of 90 days.

In good faith and in the spirit of cooperation, Almadex invites Mexico once again to engage in discussions and negotiations with a view to achieving an amicable resolution of the dispute. If such consultations with Mexico are unsuccessful, Almadex may then submit the Claim to arbitration under the CPTPP, seeking damages for the harm incurred, plus interest, costs, and any such further relief as a Tribunal may deem appropriate.

On Behalf of the Board of Directors,

“J. Duane Poliquin”

J. Duane Poliquin, Chairman
Almadex Minerals Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.