Almaden Minerals

What Almaden Minerals does

Almaden Minerals Ltd. is a Canadian mining exploration and development company headquartered in Vancouver, British Columbia, with a wholly-owned Mexican subsidiary (Minera Gorrión) focused exclusively on the Ixtaca silver-gold deposit in Puebla State, Mexico. The company began exploration in the project area in 2001 and announced a Feasibility Study in 2018 documenting proven and probable reserves of 85,159,000 ounces of silver and 1,387,000 ounces of gold, with base case economics using US$1,275/oz gold and US$17/oz silver prices. Metallurgical recoveries are estimated at 90% for gold and 90% for silver on limestone host rock. Almaden is publicly traded on the TSX Venture Exchange (AMM) and OTCQB Marketplace (AAUAF), with approximately 137.3 million shares issued and 11.6 million options outstanding.

The company's core technology is conventional mineral exploration and development: drilling, geological modeling, metallurgical test work, and mill process design. Almaden completed an independent Human Rights Impact Assessment to the Danish standard — the first such assessment for a mineral development project in Mexico — and built social license through nine large-scale Community Information Meetings, 57 Mining Dialogues, 19 mine tours reaching 500 community members, and signed community agreements with the Ejido of Santa Maria Zotoltepec and allied groups.

Almaden is pre-revenue and does not yet produce silver or gold. Future revenue is intended to come from sale of extracted precious metals to refiners and global commodity markets upon production. The company has been engaged in an investment dispute with Mexico since December 2023 after Mexico's environmental authority (SEMARNAT) denied the project's environmental permit in December 2020 and Mexico's Mining Authority (Economia) cancelled the mineral concessions in February 2023. Almaden, jointly with related entity Almadex Minerals Ltd. (which holds a 2.0% NSR royalty on Ixtaca), filed a CPTPP arbitration at ICSID in June 2024 and is pursuing US$2.68 billion in damages, funded in part by a US$9.5 million non-recourse litigation facility obtained in 2024.

Name

Almaden Minerals

Legal name

Almaden Minerals Ltd.

Website

https://almadenminerals.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Short description

Almaden Minerals Ltd. is a Canadian mining exploration and development company focused on the Ixtaca silver-gold deposit in Puebla State, Mexico. The company is pre-revenue and currently pursuing a US$2.68 billion CPTPP arbitration against Mexico following regulatory actions that blocked and terminated its mineral concessions.

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Other Metal Ore Mining (21229)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Silver gold mining
• Precious metals exploration
• Mineral resource development
• Mining feasibility studies
• Community engagement mining

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales

Revenue model

1. Silver and Gold Sales: Upon production, the company will generate revenue through the sale of extracted silver and gold commodities. The Feasibility Study announced in 2018 demonstrated robust economics with base case using US$1275/oz gold and US$17/oz silver prices.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Almaden Minerals is a mining exploration and development company focused on advancing the Ixtaca Silver-Gold Deposit in Puebla State, Mexico. The company has completed extensive drilling, a Feasibility Study demonstrating 85,159,000 ounces of silver and 1,387,000 ounces of gold in proven and probable reserves, and supporting metallurgy, mill, and water/waste management plans. Almaden is pre-production and currently pursuing a US$2.68 billion CPTPP arbitration against Mexico following the cancellation of its mineral concessions.

Product overview

Almaden Minerals is a mining exploration and development company with a primary focus on the Ixtaca Silver-Gold Deposit in Puebla State, Mexico. The company operates a portfolio centered on this single major project, which includes the mine development plan, resource extraction, and processing infrastructure. Supporting offerings include independent Human Rights Impact Assessments and comprehensive community engagement and CSR programs. The company also produces technical reports, economic studies, and financial disclosures for investors. Almaden is listed on TSX Venture Exchange (AMM) and OTCQB Marketplace (AAUAF), and is currently engaged in an investment arbitration with Mexico regarding the Ixtaca project.

Differentiator

Problem solved

Functional benefit

Products and services

• Ixtaca Silver-Gold Deposit Multi-million ounce silver-gold deposit located in Puebla State, Mexico, discovered by Almaden's exploration team. Contains proven and probable reserves of 85,159,000 ounces of silver and 1,387,000 ounces of gold, intended for future production and sale to precious metals markets.
• Ixtaca Mine Development Project The planned mine development at the Ixtaca deposit, encompassing feasibility study, environmental permitting, metallurgy, mill processing, and water/waste management components required to bring the Ixtaca Silver-Gold Deposit into production.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Boies, Schiller, Flexner, LLPcoreOthersLegal counsel representing Almaden and Almadex in the CPTPP arbitration against Mexico at ICSID.
• Willkie Farr & Gallagher LLPcoreOthersLegal counsel representing Almaden and Almadex in the CPTPP arbitration against Mexico at ICSID.
• RiosFerrer + Gutierrez, S.C.coreOthersLegal counsel representing Almaden and Almadex in the CPTPP arbitration against Mexico at ICSID.
• Irrigation Group of Small Producers from Zacatecas A.C. (IGSP)coreStrategic or Co-development PartnerLocal community partnership to co-fund and build irrigation reservoirs in Zacatecas. Partnership with Federal Government water authority to co-fund a new water reservoir completed in March 2020. Signed community agreement for ongoing social investment plan.
• Wheelchair FoundationminorStrategic or Co-development PartnerPartnership to sponsor purchase and distribution of wheelchairs in Puebla, Veracruz, and Oaxaca States. Over 700 wheelchairs distributed with Almaden's sponsorship.
• Centro de Investigaciones Interculturales, Juridicas y Ambientales, S.C. (CIIJA)coreStrategic or Co-development PartnerIndependent expert consulting group that completed the Human Rights Impact Assessment (HRIA) to the Danish standard - the first such assessment for a mineral development project in Mexico.
• Ejido of Santa Maria ZotoltepeccoreStrategic or Co-development PartnerSigned community agreement for ongoing dialogue and shared benefits from the Ixtaca project. HRIA identified Santa Maria Zotoltepec (pop. 478) as one of four core communities receiving majority of project impacts.
• United Ejidatarios for the Sustainable Development of Santa Maria Zotoltepec, A.C.coreStrategic or Co-development PartnerSigned community agreement providing basis for ongoing dialogue and delivery of shared benefits from the Ixtaca project.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Alamos Gold Inc. Established mid-tier gold producer with the Mulatos mine and other assets in Mexico; comparable as a large precious metals operator in Mexico with deeper resource base and operating cash flow.
• Agnico Eagle Mines Limited: Senior gold-silver producer with the Pinos Altos and La India mines in Mexico; comparable as a major Mexican precious metals operator with multi-decade exposure to the same jurisdiction.

Direct peers

• Endeavour Silver Corp. Mid-tier silver-gold producer operating multiple mines in Mexico; comparable as a Mexican-focused precious metals miner with similar community, permitting, and concession exposure as Almaden.
• SilverCrest Metals Inc. Pre-production silver-gold developer that advanced the Las Chispas mine in Mexico to production; highly comparable as a silver-gold developer navigating Mexican permitting and community relations.
• Coeur Mining Inc. Silver-gold producer with significant Mexican assets (Palmarejo complex); comparable precious metals focus with development and operating exposure in Mexico.
• MAG Silver Corp. Silver-focused developer with primary Mexican assets (Juanicipio joint venture with Fresnillo); directly comparable as a silver-dominant exploration/development company operating in Mexico and exposed to similar sovereign and permitting dynamics.
• Fortuna Silver Mines Inc. Silver-gold producer operating the San Jose mine in Mexico; directly comparable silver-gold exposure and Mexican operating footprint to Almaden's Ixtaca project profile.
• First Majestic Silver Corp. Pure-play silver producer with all operations in Mexico; directly comparable on jurisdiction, commodity exposure, and development-stage project pipeline.

Emerging players

• Argonaut Gold Inc. Junior-mid gold producer with multiple Mexican assets (El Castillo, La Colorada, Magino); comparable as a smaller precious metals company exposed to Mexican permitting and concession risks.
• Almadex Minerals Ltd. Closely affiliated junior explorer (spun out of Almaden in 2015) that holds the 2.0% NSR royalty on Ixtaca; directly comparable as a related precious metals royalty and exploration peer with material exposure to the same asset.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/almaden-minerals-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Almaden Minerals