VANCOUVER, British Columbia, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; OTCQB: AAUAF) provides an update on its international arbitration proceedings (the “Claim”) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership with the United Mexican States (“Mexico”). The Claim is being prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes. The Company is financing the Claim with up to US$9.5 million in non-recourse litigation funding provided by a leading legal finance counterparty (see June 27, 2024 press release).

Since the last update of June 27, 2024, the following key milestones have been met:

• Each of the Company and Mexico has appointed an arbitrator to the three-person arbitration panel (the “Tribunal”);

• The third and presiding arbitrator has also been appointed, and the Tribunal has now been duly constituted. The place of the arbitration is Washington, D.C.;

• The Tribunal held its first session with the Company and Mexico on November 20, 2024;

• As determined by the Tribunal, the Company will submit its Memorial document, which describes in detail the Company’s legal arguments and evidence, by March 20, 2025;

• The Company has engaged a quantum expert to assess the damages relating to the Claim. This work will form an important part of the Memorial submission;

• The Company and its legal representatives at Boies Schiller Flexner continue to prepare the case. Document analysis and interviews with pertinent personnel and experts are progressing as scheduled.

While the Company is vigorously pursuing this Claim, its preference is for a constructive resolution with Mexico that results in a positive outcome for all stakeholders.

For background on the basis for the arbitration and ongoing updates with respect to the arbitration, please refer to the Company’s website at www.almadenminerals.com.

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 total potential cost of the legal claims and the sufficiency of the money available under the litigation funding agreement to cover these costs, and the result and damages arising from the Company’s request for arbitration.