Drilling Underway at The New Hope Copper Porphyry Project, Arizona, USA

The most recent news release (February 3, 2026) announces the recommencement of drilling at the 100%-owned New Hope copper-gold porphyry project in Arizona. This follows a brief "scout" drilling period in December 2025 that was interrupted by the holiday break. The current hole is targeting a specific area where surface mapping of veining coincides with an Induced Polarization (IP) chargeability anomaly. Management indicates that subsequent drilling locations will be determined based on the geological data gathered from this initial hole.

The impact of this news is Routine - Positive. While the commencement of drilling is a necessary step for value creation, it is an expected operational milestone rather than a discovery. - Project Pivot: After the Paradise project in Nevada failed to deliver significant discovery-grade intercepts in November 2025 (program paused due to difficult conditions and only anomalous gold), the market's focus has shifted entirely to New Hope. - Execution: The news confirms that management is following through on its "2026 exploration plan" released in January. - Risk Mitigation: Unlike most juniors, Almadex is using its own company-owned drills (6 units), which significantly lowers the cost of "scout" drilling and allows for more aggressive testing of early-stage targets without the same level of capital destruction seen with contract drillers.

Almadex operates a "prospect generator" model, staking large-scale targets in the Western USA and Canada based on proprietary geological modeling. - Flagship Project: Currently the New Hope Project (Arizona). It is a copper-gold porphyry target identified through alteration mapping and IP geophysics. It is located in a known porphyry district (near Lone Star and Morenci). - Secondary Assets: A portfolio of 15+ royalties and several early-stage projects (Paradise, Ruby Hill, Logan Zinc-Silver).