Almadex Announces TSXV Approval of Option Agreement and Management Changes

Executive Summary

• The TSX Venture Exchange approved Almadex Minerals’ previously announced option‑joint venture agreement with Azucar Minerals, giving Azucar the right to acquire a 60% interest in three of Almadex’s wholly owned Nevada claim blocks (Pilot, Confusion Hills and Red Ring).
• Douglas McDonald resigned from all Company roles—including Director and Executive Vice President—effective October 2, 2025; he will remain on an advisory basis to support succession initiatives.

Key Details

• Option‑Joint Venture Agreement:
• Counterparties: Almadex Minerals Ltd. (TSX‑V: DEX) and Azucar Minerals Ltd.
• Subject properties: Pilot, Confusion Hills, and Red Ring prospects in Nevada (three wholly owned claim blocks).
• Option terms: Azucar may acquire a 60 % interest in each block under the previously announced agreement dated May 1, 2025.

• Regulatory approval: TSX Venture Exchange has now formally approved the arrangement.

• Management Change:

• Douglas McDonald resigned as Director and Executive Vice President effective 2 Oct 2025.
• He will continue in an advisory capacity to assist with succession planning and ongoing business activities.

Notable Quotes

“We are pleased that the TSX Venture Exchange has approved our option‑joint venture agreement with Azucar, which positions us to advance the development of our Nevada assets while maintaining a strong partnership framework.” – Morgan Poliquin, President & CEO, Almadex Minerals Ltd.

The release contains forward‑looking statements regarding the likelihood that Azucar will exercise its option and the continued advisory role of Douglas McDonald.