Almaden requests consultations with Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
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NEWS RELEASE
December 14th, 2023
Trading Symbols:
TSX: AMM; NYSE American: AAU
www.almadenminerals.com
Almaden requests consultations with Mexico under the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership
Vancouver, B.C. Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU)
announces that it has delivered to the United Mexican States (“Mexico”) a Request for Consultations in
accordance with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) relating
to an investment dispute with Mexico.
Almaden sent the Request for Consultations to Mexico’s General Directorate of Legal Consultancy for
International Trade (Dirección General de Consultoría Jurídica de Comercio Internacional). The investment
dispute arises out of certain acts and omissions of Mexico in breach o f the CPTPP relating to the Company’s
investment in the Ixtaca Gold-Silver Project (the “Project”).
The Company has suffered substantial harm arising out of Mexico’s conduct in breach of its investment protection
obligations under the CPTPP, including (without limitation):
• the Mexican Ministry of Economy’s (“Economia”) declaration that the Project’s mineral titles were void;
• Economia’s reassessment of the original applications for the mineral titles holding them to be deficient
and unfeasible, contradicting the position previously adopted by it, and violating the Company and its
subsidiary’s right to amend or supplement the mineral title applications; and
• the Mexican Secretariat of Environment and Natural Resources’ (Secretaría del Medio Ambiente y
Recursos Naturales, “SEMARNAT”) delay in issuance and ultimate refusal to issue the Project’s
environmental permit (Manifiesto de Impacto Ambiental).
The Request for Consultations enables the Company to initiate arbitration should a n amicable resolution of the
dispute with the Mexican government not be reached. The filing of the Request for Consultations initiates a six -
month consultation period between the parties, during which they are to attempt to amicably settle the dispute. If
no settlement is reached in that six -month period, the Company may then initiate international arbitration
proceedings against Mexico in accordance with the CPTPP after serving a notice of intent to submit claims to
arbitration.
The Company confirms that it is taking all necessary actions to preserve its rights and protect its investments in
Mexico. The Company’s desire is for all parties to reach a mutually acceptable outcome swiftly and amicably. If
such an outcome is not achieved within the next six months, the Company expects it will have no alternative but
to pursue its claims before an arbitral tribunal and seek full compensation for damages the Company has suffered
as a result of Mexico’s acts and omissions. This Request for Consultations has been submitted by Almade n
together with Almadex Minerals Ltd., on behalf of themselves and their Mexican subsidiaries.
The Company has retained international arbitration counsel at Boies Schiller Flexner LLP to advise and will
consider any other actions necessary to ensure its rights are preserved.
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On Behalf of the Board of Directors,
“J. Duane Poliquin”
J. Duane Poliquin
Chair
Almaden Minerals Ltd.
Safe Harbor Statement
Certain of the statements and information in this news release constitute “forward -looking statements” within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and “forward -looking information” within the meaning of
applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward -looking
statements or information. Forward-looking statements or information in this news release relate to, among other things, the
timing and na ture of any future consultation, negotiations or settlement between the Company and Mexico, whether the
Company pursues claims before an arbitral tribunal and the timing, result and damages of such claims before an arbitral
tribunal.
These forward-looking statements and information reflect the Company’s current views with respect to future events and are
necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject
to significan t legal, regulatory, business, operational and economic uncertainties and contingencies, and such uncertainty
generally increases with longer-term forecasts and outlook. These assumptions include: stability and predictability in Mexico’s
consultation proce ss under the CPTPP ; stability and predictability in the application of the CPTPP and arbitral decisions
thereon; and continued respect for the rule of law in Mexico. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward -looking statements and information involve known and unknown risks,
uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or
implied by such forward-looking statements or information contained in this news release. Such risks and other factors include,
among others, risks related to: Mexico’s consultation process under the CPTPP; the application of the CPTPP and arbitral
decisions thereon; continu ed respect for the rule of law in Mexico ; political risk in Mexico; crime and violence in Mexico;
corruption in Mexico; environmental risks, including environmental matters under Mexican laws and regulations; impact of
environmental impact assessment requirements on the Company’s planned exploration and development activities on the
Project; certainty of mineral title and the outcome of consultation, litigation and arbitration; community relations; governmental
regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to pr ior
unregistered agreements, transfers or claims and other defects in title; changes in mining, environmental or agrarian laws and
regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs
of doing business and restrict operations; as well as those factors discussed the section entitle d "Risk Factors" in Almaden's
Annual Information Form and Almaden's latest Form 20-F on file with the United States Securities and Exchange Commission
in Washington, D.C. Although the Company has attempted to identify important factors that could affect the Company and may
cause actual actions, events or results to differ materially from those described in forward -looking statements or information,
there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be
no assurance that our forward -looking statements or information will prove to be accurate. Accordingly, readers should not
place undue reliance on forward-looking statements or information. Except as required by law, the Company does not assume
any obligation to release publicly any revisions to on forward-looking statements or information contained in this news release
to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact Information:
Almaden Minerals Ltd.
Tel. 604.689.7644
Email: [email protected]
http://www.almadenminerals.com/