Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: “DEX”) is pleased to announce its plan to commence a drill program of approximately 2,000 metres to test lithocap targets recently defined at the Paradise project in Nevada, USA.
Corporate Update
The Company has recently sold a 100% interest in its Willow copper porphyry project to Abacus Mining and Exploration Corp. (“Abacus”). Almadex’s predecessor had previously optioned Willow to Abacus in 2017, in an agreement under which Abacus could acquire a 75% interest in the project. With this recent sale, Almadex will transfer ownership of the Willow concessions to Abacus in exchange for 7,500,000 Abacus shares (the “Initial” shares) and a 2.0% NSR royalty on the Willow project. In addition, on July 31, 2025 Almadex may be issued a certain number of additional Abacus shares to account for any Abacus dilution between now and July 31, 2025.
Upon initial closing of this transaction, Almadex will hold 9,875,000 shares of Abacus as well as a 2% royalty on the Willow project, providing significant ongoing exposure to the discovery potential at Willow.
Finally, further to the Company’s press releases of December 14, 2023 and March 14, 2024, Almadex has taken the decision to submit its claims to arbitration against the United Mexican States (“Mexico”) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”). This decision comes after a consultation meeting held with Mexican officials on May 30, 2024 that did not result in an amicable resolution of the Company’s investment dispute with Mexico. The Company expects to initiate its claims following expiry of the six-month consultation period required under the CPTPP, which commenced on December 14, 2023.
The arbitration under the CPTPP will be adjudicated pursuant to the arbitration rules of the International Centre for Settlement of Investment Disputes (“ICSID”). As noted in the Company’s press release of March 14, 2024, Almadex is pursuing this arbitration together with Almaden Minerals Ltd., on behalf of themselves and their Mexican subsidiaries, and based on a preliminary estimate will be seeking damages of no less than US$200 million, in the aggregate. Almadex would be entitled to damages relating to its 2.0% NSR royalty on the Ixtaca project, if such damages were to be awarded.
