Almaden Minerals Ltd. Provides Update on Arbitration Process with Mexico

Almaden Minerals Ltd. has provided an update on its international arbitration proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The company, along with Almadex Minerals Ltd., is pursuing a claim related to the alleged illegal acts of Mexico that resulted in the loss of its Ixtaca precious metals project. Claimants have filed a Reply to Mexico’s Counter-Memorial, addressing arguments regarding the denial of an environmental permit, a Mexican Supreme Court decision suspending mineral concessions, alleged bad faith actions by Mexico’s environmental authority, and the retroactive cancellation of concessions. An updated quantum expert report indicates the Claimants are now seeking damages of US$2.68 billion. The next steps include Mexico filing its Rejoinder in late August 2026 and an in-person hearing scheduled for December 14-18, 2026. The arbitration is funded through a non-recourse litigation funding agreement.