Almaden Minerals &
The Ixtaca Silver-Gold Deposit

The Ixtaca Silver-Gold deposit is a multi-million ounce deposit in Puebla State, Mexico discovered by Almaden’s exploration team. After almost a decade of extensive drilling, a Feasibility Study announced in 2018 demonstrated proven and probable reserves of 85,159,00 ounces of silver and 1,387,000 ounces of gold and concluded that the Ixtaca mine plan has robust economics.*

In December, 2023, Almaden 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 alleges that Mexico has breached its obligations under the CPTPP through actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Company’s mineral concessions, causing the loss of the Company’s investments in Mexico.

The December filing initiated the six-month consultation period required under the CPTPP. Mexico agreed to hold one consultation meeting, which took place on May 30, 2024, but it did not result in an amicable resolution of the Company’s investment dispute. The Company filed notice of its intention to submit a claim to arbitration against Mexico under the CPTPP on March 14, 2024, triggering a 90-day notice period prior to filing, and announced filing of its Request for Arbitration with ICSID on June 17, 2024. Further information regarding this investment dispute is available in the Company’s recent news releases.

* Proven mineral reserves were comprised of 31.6 million tonnes grading 0.70 g/t gold and 43.5 g/t silver. Probable mineral reserves were comprised of 41.4 million tonnes grading 0.51 g/t gold and 30.7 g/t silver. The cut-off grade used for ore/waste determination was NSR>=US$14/t. Associated metallurgical recoveries (gold and silver, respectively) were estimated as 90% and 90% for limestone, 50% and 90% for volcanic, 50% and 90% for black shale. Base case economics used US$1275/oz gold and US$17/oz silver prices.

“Almaden is committed to improving the quality of life for the communities with which we work.” 

— Morgan Poliquin, President of Almaden