Almaden Minerals Ltd. (TSX: AMM) (OTCQB: AAUAF) announces that it has notified Almadex Minerals Ltd. of the early repayment of the outstanding gold loan pursuant to the secured gold loan agreement, as amended, between Almaden and Almadex (see press releases dated June 27, 2024 and May 14, 2019).

Under the terms of the Gold Loan, the “Gold Loan Value” was fixed as of May 13, 2025 and the outstanding loan balance (including accrued interest and standby fees) determined to be USD$5,194,354. Almaden will repay the Loan Amount by physical delivery of gold bullion of 99.99% purity to Almadex. The delivery of gold shall be completed after Almaden receives the final payment on the sale of its Rock Creek mill to Metals Exploration PLC pursuant to the purchase agreement dated February 28, 2025 (see press release dated March 3, 2025), which is expected to be on or before August 31, 2025. The amount of gold to be delivered by Almaden will be determined based on the prevailing London Bullion Market Association AM gold price in U.S. dollars on the business day prior to the Settlement Date. In addition to the Borrowed Gold, Almaden will return the undrawn portion of the Gold Loan, consisting of 397 ounces of gold bullion.

The Loan Amount is secured by a security interest and first lien on certain equipment related to the Mill. Upon repayment of the Loan Amount by Almaden to Almadex, the Security shall be deemed fully released and discharged.

Upon completion of the sale of the Mill and repayment of the Loan Amount, Almaden estimates that it will have a cash position of approximately CAD$6.5 million.

On behalf of the Board of Directors,

“J. Duane Poliquin”
J. Duane Poliquin
Chair
Almaden Minerals Ltd.