Almaden Minerals Ltd. - Material Change Report on Arbitration Proceedings

Almaden Minerals Ltd. has filed its Reply submission in its international arbitration proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The claim, pursued with Almadex Minerals Ltd., relates to the alleged illegal acts by Mexico that resulted in the loss of Almaden's Ixtaca precious metals project. Almaden is seeking damages of US$2.68 billion, which may be updated based on market fluctuations. The arbitration proceedings involve allegations of arbitrary denial of permits, suspension of mineral concessions, and a bad faith campaign by Mexican authorities. The next steps include Mexico filing its Rejoinder, followed by an in-person hearing scheduled for December 2026. The company is funding the arbitration through a US$9.5 million non-recourse litigation funding agreement.