Almadex Minerals

Almadex Minerals Ltd. is a Canadian-based prospect generator and exploration company focused on discovering and advancing copper-gold and precious metal systems across North America. The company controls a diversified portfolio of early to advanced‑stage projects in Canada, the United States, and Mexico, complemented by a significant suite of net smelter return (NSR) royalties generated over more than two decades of exploration and deal‑making.​

Almadex’s business model is designed to capture upside from discovery while minimizing capital intensity and operating risk. The company combines in‑house technical expertise, proprietary regional datasets, and owned portable diamond drill rigs to cost‑effectively test targets, then advances projects through partnerships, joint ventures, or royalty structures.​

Almadex is listed on the TSX Venture Exchange under the symbol DEX and maintains strong financial flexibility with a clean balance sheet, substantial cash and term deposits, no long‑term debt, and physical gold in treasury following repayment of its secured gold loan to Almaden Minerals.​

Almadex offers leveraged exposure to a growing portfolio of porphyry copper‑gold and epithermal gold‑silver projects, as well as a broad suite of NSR royalties on third‑party assets operated by established mining and exploration companies. In Canada and Mexico, key royalties include interests over projects such as El Cobre (Azucar Minerals), Caballo Blanco (Candelaria Mining), La Bufa (Endeavour Silver), Cerro Colorado and El Fuego (Gold Resource), El Encuentro (McEwen Mining, with annual advance royalty payments), and Dillard, Ponderosa, Prospect Valley, and Skoonka Creek in British Columbia’s Spences Bridge Gold Belt.​

In the United States, Almadex’s exposure includes a 2.0% NSR on the Willow copper‑gold porphyry target in Nevada, now advanced by Abacus Mining and Exploration Corp., and a pipeline of 100%-owned lithocap‑hosted porphyry targets such as Paradise (Nevada) and New Hope (Arizona). This royalty and project portfolio provides diversified upside to potential new discoveries, resource growth, and future production across multiple operators and jurisdictions without Almadex bearing mine‑building capital costs.​

The company’s option‑joint venture agreement with Azucar Minerals over three Nevada projects (Pilot, Confusion Hills, and Red Ring) further demonstrates the scalability of the generative model: Almadex can crystallize value through cash payments, partner‑funded exploration, and potential retained royalties while preserving its capital for new target generation.​

Almadex Minerals Ltd. is led by a seasoned team combining deep technical and financial expertise in the mining sector. Founder and Chairman J. Duane Poliquin is a geological engineer who has been continuously active in global exploration since 1962. Over his career he has worked with major base metal and gold companies, contributed to significant copper‑zinc discoveries, and originated multiple projects that became producing mines, including the Santa Fe gold property in Nevada, the Apex germanium‑gallium mine in Utah, and the Trinidad gold deposit in Mexico, later sold with a retained royalty to Eldorado Gold Corporation.

Operational leadership is provided by President and CEO Dr. Morgan Poliquin, a geological engineer and economic geologist with extensive experience in porphyry and epithermal systems. He holds a Geological Engineering degree from the University of British Columbia, an M.Sc. from the University of Auckland, and a Ph.D. from the University of Exeter’s Camborne School of Mines focused on eastern Mexico. His exploration work directly led to Almadex’s involvement in the Caballo Blanco and Ixtaca projects.

Chief Financial Officer Korm Trieu is a Chartered Professional Accountant with more than 20 years of experience in corporate finance, management, and taxation in the natural resource and lending sectors. He previously served as Vice President Finance at Sprott Resource Lending Corp. and worked at Ernst & Young LLP with publicly listed mining companies.

Almadex is executing a disciplined growth strategy centered on three pillars: systematic exploration of its US porphyry lithocap portfolio, continued royalty and project generation, and strategic partnerships to advance assets while managing risk. In the western United States, the company has assembled an important portfolio of projects characterized by large, well‑preserved lithocaps interpreted as the upper parts of porphyry copper‑gold systems, which are being tested through “vectoring” scout drilling programs designed to build three‑dimensional models and guide follow‑up drilling.​

The 2025 drilling program at the Paradise project in Nevada exemplifies this approach: a multi‑hole campaign was designed to systematically test different parts of a 4.5 by 1.8 kilometre alteration footprint defined by advanced argillic mineralogy, IP chargeability, and magnetic anomalies. Initial holes intersected broad zones of propylitic and phyllic alteration with localized gold anomalism, providing key geological and geochemical data, while the company now pauses to integrate new petrographic and geophysical information ahead of planning a potential stage‑two program.​

Almadex plans to continue rotating its in‑house drill rigs through priority projects such as New Hope in Arizona, where permitted drill sites will test surface veining and IP anomalies, while using option‑JV structures like the Azucar agreement in Nevada to unlock value on other claim blocks. By combining first‑pass drilling, royalty creation, and selective farm‑outs, the company aims to grow its portfolio of quality royalties and interests, positioning itself to benefit from future discoveries without taking on development‑stage capital burdens.​

As of June 30, 2025, Almadex maintained a strong and conservative financial position, with total assets of approximately 27.07 million Canadian dollars and minimal current liabilities of 0.25 million Canadian dollars, resulting in total equity of 26.81 million Canadian dollars. The balance sheet is underpinned by cash and cash equivalents of 10.28 million Canadian dollars, term deposits, a fair‑value gold loan receivable of 8.86 million Canadian dollars at quarter‑end, marketable securities and investments of 0.86 million Canadian dollars, and exploration and evaluation assets of 5.80 million Canadian dollars.​

For the three and six months ended June 30, 2025, Almadex reported net income of 1.65 million and 1.02 million Canadian dollars respectively, driven primarily by fair value and foreign exchange gains on the gold loan receivable, alongside interest income and modest financing and royalty revenues. Operating cash flow for the six‑month period was an inflow of 1.47 million Canadian dollars, offset by 1.15 million Canadian dollars of investing cash outflows, principally related to exploration and evaluation expenditures and modest equipment additions.​

Subsequent to quarter‑end, Almaden Minerals fully repaid the secured gold loan through the delivery of physical gold bullion and the return of undrawn ounces, effectively converting Almadex’s receivable into physical gold holdings and cash, further reinforcing its treasury position. Together with a liquid portfolio of marketable securities, an investment in Azucar Minerals accounted for using the equity method, and no long‑term debt, Almadex is well‑positioned to fund its ongoing generative exploration and first‑pass drilling programs.​

Almadex Minerals Ltd. is positioned as a high‑leverage, low‑overhead participant in North American copper‑gold and precious metals exploration, combining a robust treasury, in‑house drilling capability, and an extensive portfolio of projects and royalties generated over many years. The company’s prospect generator model, anchored by a disciplined approach to target selection and a willingness to partner on capital‑intensive phases, provides exposure to discovery and development upside without requiring it to finance mine construction.​

With active scout drilling programs at lithocap‑hosted porphyry targets such as Paradise and New Hope, a growing suite of third‑party‑operated royalties across Canada, the United States, and Mexico, and strategic agreements like the Azucar option‑JV in Nevada, Almadex is steadily expanding its pipeline of potential value catalysts. The company’s strong financial position, physical gold holdings, and minimal liabilities allow it to sustain its generative work through cycles and respond quickly to emerging opportunities.​

For investors seeking diversified exposure to copper‑gold and precious metal exploration, along with royalty leverage and disciplined capital allocation, Almadex Minerals offers a differentiated opportunity. Its combination of technical depth, financial strength, and a portfolio spanning both self‑operated projects and third‑party royalties positions the company to benefit from future discoveries, commodity price strength, and potential development decisions across its asset base.