Almadex Provides Update on its Western USA Exploration Program

NEWS RELEASE

September 9, 2024

Trading Symbols: TSX-V: DEX

www.almadexminerals.com

Almadex Provides Update on its Western USA Exploration Program

VANCOUVER, B.C. Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: “DEX”) is pleased to

provide an update on its ongoing exploration programs in the western USA as well as its recently completed

diamond drilling program at its Paradise Project, Nevada.

Paradise Drilling Program

Almadex has completed a two hole exploratory diamond drilling program on its Paradise Project in Nye

County Nevada. Samples have been submitted for analysis and when results have been received and

compiled, they will be released. In general , the drilling confirmed the large scale of the porphyry lithocap

alteration at Paradise. It is anticipated that a review of the core, along with assay results once received, will

provide direction for a possible phase two drilling campaign.

Regional Exploration Program, Western USA

Further to Almadex’s press release of June 17th, 2024, the Company has been advancing its Western U.S.

exploration portfolio. The prospects in the portfolio were acquired by staking and hold potential for either

epithermal gold-silver mineralisation, porphyry copper-gold mineralisation or both. Almadex has conducted

a considerable a mount of field work over the last several months on several of the pro spects and has

received soil and mapping results from the CH, RR, PilotKT and New Hope prospects and updated mapping

from the Radio prospect. These properties cover large areas of hydrothermal alteration typical of porphyry

lithocaps and further exploration is planned for the coming months as described below .

CH, Nevada

The CH Prospect covers a large hydrothermal alteration zone developed in volcanic rocks. Further to the

preliminary exploration results described in Almadex’s news release of April 16 th, 2024, the ongoing

mapping at the CH prospect has defined a porphyry lithocap over an area of 1.6 km x 0.5 km. The lithocap

displays complex alteration with central zones of vuggy quartz with alunite and massive pyrophyllite zones.

Soil sample results have recently been received and indicate an association of Au with the central zone of

alteration with a Mo anomaly on one edge. Further mapping and rock chip sampling is planned as the

alteration remains open.

RR, Nevada

The RR Prospect covers an area of hydrothermal alteration developed in volcanic rocks adjacent to

carbonate rocks. Alteration mapping at RR has identified a large alteration zone interpreted to be a porphyry

lithocap extending 2.8 km and by at least 1 km. Mapping also defined a very strong surface pyrophyllite

footprint of 1 km by 0.5 km). Preliminary rock sampling returned high values for pathfinder trace elements

typically associated with the lithocap alteration identified. Soil sampling returned anomalous trace element

signatures but were highly dispersed. Additional mapping is planned to better define the alteration to provide

an exploration focus for this large area.

Pilot, Nevada

The Pilot prospect in central Nevada covers an ar ea of hydrothermal alteration developed in syn mineral

intrusive rocks and sedimentary country rock. Phyllic alteration has been mapped and is characterised by

white mica and pyrophyllite alteration. Recent field mapping has also identified several outcrops with

evidence of porphyry-style veining. This includes veining interpreted to represent early magnetite, A type,

syntaxial B veins and late-stage D type quartz -sericite-pyrite veining. Recently soil result s have been

returned which highlight elevated Mo, Cu and Au coincid ing with the areas of mapped porphyry alteration

and veining. Mapping is currently underway to help define discrete targets for preliminary drilling.

Radio, Nevada

Further to its news release of February 22, 2024, the Company has continued mapping the Radio project.

This work has interp reted alteration zoning at the level of porphyry alteration and possibl y the eroded

roots/structural zones of a possible lithocap or high temperature phyllic porphyry alteration. A zone of

muscovitic alteration has been mapped for 2.8 km. Chlorite and epidote border the illitic alteration as a

propylitic alteration halo. A syn-mineral porphyry intrusion has also been identified with actinolite -albite

sodic potassic alteration, hydrothermal magnetite and visible copper minerals . This alteration signature

could reflect the surface zoning of both an outcropping and underlying porphyry body . A soil sampling

survey is planned along with detailed rock chip sampling.

KT, Colorado

The KT Prospect located in Colorado covers an area of intense hydrothermal alteration developed in

volcanic rocks cropping out as windows through post mineral basaltic flows. Preliminary mapping has

identified silicification and quartz -alunite alteration over a roughly 3 by 3 km area. The Company plans

follow-up geologic and alteration mapping to help direct any further exploration programs. Soil geochemical

results have been received. These results highlighted a coincident Au-Bi-Mo-Te-Pb anomaly within the high

sulphidation alteration zone. Mapping and sampling are planned to follow -up these results in order to

develop firm drill targets.

New Hope, Arizona

Further to the results discussed in Almadex’s news release of April 8 th, 2024, additional mapping was

undertaken at New Hope which better defined the targets previously defined. The New Hope project covers

a large lithocap with local advanced argillic alteration, peripheral argillic -silica alteration, outer propylitic

alteration and, most importantly, a zone of porphyry -related veinlets . A new occurrence of veining was

found in the mapping which expanded the area of veining to roughly 650 m in diameter. The style of veinlets

is banded, sheeted, light to dark grey quartz ± magnetite. The Company is considering further exploration

prior to planning a diamond drilling program at New Hope.

J Duane Poliquin, Chairman of Almadex commented, “Exploration continues to advance our newly acquired

portfolio of high-quality porphyry lithocap targets in the western USA. We are fortunate to have sufficient

cash and internal resources to advance these prospects during the coming season and are optimistic that

many of them will merit significant further work. We have a track record of discoveries under lithocaps, and

we feel the varied and exciting projects in our portfolio have the potential to add to that record.”

About Lithocap Alteration Zones

Lithocaps are extensive areas of hydrothermally altered rocks that occur above or adjacent to intrusive

rocks and related porphyry deposits. The hydrothermal alteration forms when ascending high temperature

magmatic fluids are released from the source intrusion bel ow and alter permeable and reactive rocks

occurring above. Lithocaps can be over 10 by 10 km in surface area and over 1 km thick. The alteration

mineral assemblages vary, usually with distance from the intrusive source. Often more neutral and higher

temperature stable alteration mineral assemblages are seen at depth, closer to the source intrusion and

potential porphyry deposit. More acidic and lower temperature stable assemblages generally occur higher

and farther away. Mapping of alteration minerals and geochemical analysis using soil and rock samples

can map these changes in mineralogy. This mapping can then provide a vector towards potential underlying

porphyry systems. If large areas of lithocap alteration are well preserved, they can obscure deep unexposed

porphyries and other styles of mineralisation. If no mineralisation is present at surface, drilling based on

geochemical and alteration vectors and aided by geophysical data is the best way to explore for buried

deposits.

Qualified Persons

Morgan J Poliquin, PhD, PEng, the President and CEO of Almadex and a Qualified Person as defined by

National Instrument 43-101 ("NI 43-101"), has reviewed and approved the scientific and technical contents

of this news release.

About Almadex

Almadex Minerals Ltd. is an exploration company that holds a large mineral portfolio consisting of projects

and NSR royalties in Canada, the U.S., and Mexico. This portfolio is the direct result of many years of

prospecting and deal -making by Almadex's management team. The Company owns several portable

diamond drill rigs, enabling it to conduct cost effective first pass exploration drilling in house.

On behalf of the Board of Directors,

“J. Duane Poliquin”

J. Duane Poliquin, Chairman

Almadex Minerals Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than

statements of historical fact, are to be considered forward looking. Forward -looking statements in this news release include, among

other things, any work to advance the CH, RR, Pilot, Radio, New Hope and KT projects to a drill decision, the Company’s ability to

advance exploration activities and the results of those activities on other properties in its portfolio. Although the Company believes the

expectations expressed in such forward -looking statements are based on reasonable assumptions, such statements are not

guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements.

Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation

and exploration successes, permitting, continued availability of capital and financing, equipment availability and general economic,

market or business conditions. The foregoing list of assumptions is not exhaustive. There can be no assurances that forward-looking

statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company

does not assume any obligation to update any forward -looking statements, other than as required pursuant to applicable securities

laws.

Contact Information:

Almadex Minerals Ltd.

Tel. 604.689.7644

Email: [email protected]

http://www.almadexminerals.com/