Almaden Minerals Ltd. announced the completion of a social impact assessment relating to the potential impacts caused by the grant of the Company's Ixtaca mineral claims (the “SIA”), and the completion of a human rights impact assessment that examines the potential impacts that could be caused if the Ixtaca project is developed in a manner consistent with the Ixtaca Feasibility Study first announced on December 11, 2018 (the “HRIA”). The SIA was completed by an independent and technically capable expert consulting group named Centro de Investigaciones Interculturales, Juridicas y Ambientales, S.C. (“CIIJA”), and, consistent with the 2022 ruling of Mexico's Supreme Court of Justice and resolutions issued by the Inter-American Court of Human Rights, is focused on the identification and prediction of potential positive and negative human rights impacts that could be caused simply through the grant of the mineral titles. The SIA also proposes adequate mitigation and compensation measures for any human rights impacts identified through an ad hoc Social Action Plan.

It considers the potential impacts on the rights of both indigenous and non-indigenous communities which physically overlap with the area of the mineral title applications. The SIA concluded that there were no elements identified that would justify the cancellation of the concessions so long as the necessary social management measures were in place to avoid, mitigate or compensate for the potential negative impacts and amplify the positive ones. The SIA was completed in the Fall of 2022 and submitted to Mexico's Ministry of the Economy (“Economia”) in order to provide the Mexican State with a social impact study completed by an independent and technically capable entity and thus enable Economia to proceed with free prior and informed consultation of indigenous communities in fulfilment of its compliance with the February 2022 decision of the SCJN. At the time of submission of the SIA, the Company also submitted modified claim applications requesting a significant reduction to the area of the mineral title applications.

Neither the modified mineral claim applications nor the SIA were considered by Economia when it issued its submission to the Second District Court in Puebla State alleging the applications for mineral titles that were granted in 2003 and 2009 contain technical faults. The HRIA was commenced in 2021 and represents a much more significant and holistic study than the SIA, as it aims to predict, identify, characterize, and assess the potential positive and negative impacts that the Ixtaca project could have during its lifespan on the human rights of both indigenous and non-indigenous communities located within its areas of influence and on other identified project stakeholders. In the event potential impacts are identified, the HRIA proposes strategies to amplify the positive and mitigate or compensate for the negative.

The HRIA is not confined to the area of the mineral title applications and defines three areas of influence of the project: core, direct, and indirect. The HRIA was also led by CIIJA, and to the Company's knowledge, is the first time that an independent HRIA has been completed to the “Danish standard”1 for a mineral development project in Mexico. The Company believes that completion of an HRIA reflects best international standards and produces substantial long-term value for stakeholders as it is conducive to operational continuity, community integration with the project, and culturally pertinent sustainable development for all stakeholders.

The Company expects that the HRIA would be an important consideration for Mexican authorities at the time of potential permitting of the Ixtaca project as currently envisaged, which the Company would likely proceed with subject to receipt of the required mineral titles. The Company confirms its interest in continuing to work with the indigenous community of Santa María Zotoltepec and other communities located within the areas of influence of the Ixtaca project to amplify its local net benefits which are a part of Almaden's Social Action Plan. The foregoing is subject to the adequate completion of the indigenous consultation by Economia, as mandated by the SCJN in compliance with Mexico's international human rights obligations.