ALMADEN MINERALS Business Summary

Almaden Minerals Ltd. (AAUAF) is a Canadian-based mineral exploration and development company primarily focused on its 100%-owned Ixtaca gold-silver project in Puebla State, Mexico. As an exploration-stage entity, the company currently generates no operational revenue from mining activities; instead, its financial position is defined by a $1.06 billion international arbitration claim against the United Mexican States under the CPTPP, following the retroactive termination of its mineral concessions. The company’s business model has shifted from active project development to legal recovery and asset monetization, evidenced by the sale of its Rock Creek Mill to Metals Exploration plc. Almaden operates within the high-risk junior mining sector, competing with other Mexico-focused or precious metal explorers such as Vizsla Silver, Cartier Silver, Fancamp Exploration, and Highlander Silver, positioning itself as a distressed asset play contingent on legal outcomes. The company was founded by Chairman J. Duane Poliquin, a veteran geological engineer with over 60 years of industry experience. The leadership team underwent a strategic transition in October 2025, with Douglas McDonald, previously Vice President of Corporate Development, appointed as President and CEO to lead the arbitration process. Former CEO Morgan Poliquin, who holds a Ph.D. in mining engineering and led the original Ixtaca discovery, now serves as Vice Chair. The executive suite is supported by CFO Korm Trieu and a board featuring significant industry pedigree, including Michael Kosowan (formerly of Sprott Global Resources), Kevin O’Kane (former COO of SSR Mining and BHP executive), and Alfredo Phillips, a specialist in Mexican government relations. This team combines technical exploration expertise with the legal and financial specialization required to navigate complex international investment disputes.