Almaden Minerals (AAUAF) trims Q1 2026 loss while pursuing US$1.06B CPTPP arbitration

Q: How did Almaden Minerals (AAUAF) perform financially in Q1 2026?

Almaden reported a small comprehensive loss of $106,606 in Q1 2026 versus $1,316,336 a year earlier. The improvement mainly reflects the absence of gold-loan fair value adjustments and lower financing costs, while the company remains in the exploration stage with no mining revenue.

Q: What is Almaden Minerals’ cash position and working capital as of March 31, 2026?

As of March 31, 2026, Almaden held $6,064,828 in cash and cash equivalents and had working capital of $5,798,631 . Management concludes this is sufficient to sustain operations for the next twelve months while advancing its arbitration and evaluating exploration and development opportunities.

Q: How is Almaden Minerals funding its ICSID arbitration proceedings?

Almaden has a non-recourse litigation funding agreement providing up to US$9.5 million to cover legal, tribunal and expert costs. As of March 31, 2026, the funder had disbursed US$4,256,333 to the claim, repayable only from any damages award the tribunal may grant.

Q: What happened to Almaden Minerals’ Ixtaca project and Tuligtic concessions?

The Tuligtic concessions underpinning the Ixtaca project were declared ineffective and later denied by Mexican authorities following court and administrative actions. Title to the project was revoked, leading Almaden to record past impairments and pursue arbitration, while the exploration and evaluation asset now carries a nominal balance of $1 .

Q: Does Almaden Minerals have any significant debt obligations as of Q1 2026?

As of March 31, 2026, Almaden reported no long-term financial debt . The prior secured gold loan from Almadex was fully repaid in July 2025, and only lease liabilities remain, with the long-term portion reduced to $Nil and a current lease liability of $132,686 outstanding.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Almaden Minerals Ltd. reported a much smaller comprehensive loss of $106,606 for the three months ended March 31, 2026, compared with $1,316,336 a year earlier, as financing costs tied to a repaid gold loan dropped and other income improved.

Cash and cash equivalents were $6,064,828 and working capital was $5,798,631, supporting management’s conclusion that the company can fund operations for the next twelve months. The company remains an exploration-stage issuer focused on its international arbitration claim against Mexico under the CPTPP, where it is seeking US$1.06 billion in damages and is funded by a non‑recourse litigation finance facility.

Insights

Q1 2026 shows stabilized costs, solid cash, and continued focus on arbitration-funded strategy.

Almaden recorded a modest Q1 2026 loss of $106,606, a sharp improvement from $1,316,336 in Q1 2025, mainly because gold-loan related fair value swings and financing costs are no longer present. Operating expenses also declined, helped by lower listing and financing costs.

Liquidity is relatively strong for an exploration-stage company, with cash and cash equivalents of $6.06M and working capital of $5.80M as of March 31, 2026. Management states this is sufficient for at least the next year, while non-recourse litigation funding of up to US$9.5M continues to support the ICSID arbitration.

The arbitration under the CPTPP remains central: Almaden and Almadex are seeking aggregate damages of US$1.06B related to loss of the Ixtaca project. Mexico filed its counter-memorial in December 2025, Almaden is preparing its reply by May 18, 2026, and hearings are scheduled for December 2026. Actual financial impact will depend on the tribunal’s decision and any damages award.

Key Figures

Comprehensive loss: $106,606 Comprehensive loss prior year: $1,316,336 Cash and cash equivalents: $6,064,828 +5 more

8 metrics

Comprehensive loss $106,606 Three months ended March 31, 2026

Comprehensive loss prior year $1,316,336 Three months ended March 31, 2025

Cash and cash equivalents $6,064,828 As of March 31, 2026

Working capital $5,798,631 As of March 31, 2026

Other income $408,814 Three months ended March 31, 2026

Arbitration damages sought US$1.06 billion CPTPP claim against Mexico

Litigation funding disbursed US$4,256,333 As of March 31, 2026 under LFA

Stock options outstanding 11,635,000 options at $0.27 average As of March 31, 2026

Key Terms

Comprehensive and Progressive Agreement for Trans-Pacific Partnership, ICSID Arbitration, Litigation Funding Agreement, Exploration and evaluation assets, +2 more

6 terms

Comprehensive and Progressive Agreement for Trans-Pacific Partnership regulatory

"the Claim against the United Mexican States (“Mexico”) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”)"

ICSID Arbitration regulatory

"arbitration claim against Mexico will be prosecuted pursuant to the ... International Centre for Settlement of Investment Disputes (“ICSID”)"

Litigation Funding Agreement financial

"the Company entered into a litigation funding agreement (the “LFA”) with a leading legal finance provider"

Exploration and evaluation assets financial

"The Company is in the business of evaluating, exploring and developing mineral projects. In the past, the Company’s principal asset was the Ixtaca precious metals project"

Net smelter return royalty financial

"The Company held a 100% interest in the Concessions subject to a 2.0% NSR royalty held by Almadex Minerals Ltd."

A net smelter return (NSR) royalty is a contractual right to receive a percentage of the revenue from minerals sold after they are processed and refined, with common deductions for transportation and refining fees. Investors care because an NSR provides a predictable slice of mining project income without owning the mine, so it affects expected cash flow, risk exposure to commodity prices, and the valuation of both the royalty and the operating project—similar to collecting a portion of rent after paying building maintenance costs.

Stock option plan financial

"The Company’s stock option plan permits the issuance of options up to a maximum of 10% of the Company’s issued share capital."

A stock option plan is a company program that gives employees the right to buy company shares at a preset price after a certain time, like a coupon allowing purchase later at a fixed rate. It matters to investors because these options can increase the number of shares outstanding — reducing each existing share’s ownership slice and potentially changing per-share results — while also aligning employee incentives with boosting the company’s value.

Form 6-K: How Foreign Companies Report to the SEC →

05/07/2026 - 03:06 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13A-16 or 15D-16

of the Securities Exchange Act of 1934

For the month of May 2026

Commission File Number: 001-32702

Almaden Minerals Ltd.

(Translation of registrant's name into English)

Suite 210 - 1333 Johnston Street, Vancouver V6H 3R9

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

	Form 20-F	☒

	Form 40-F	☐

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Almaden Minerals Ltd.

Dated: May 7, 2026

By:

/s/ Duane Poliquin
Duane Poliquin

Chairman

Exhibit Index

Exhibit	Description of Exhibit

99.1	Financial Statements
99.2	Management's Discussion and Analysis
99.3	Certification of Annual Filing - CEO
99.4	Certification of Annual Filing - CFO

Exhibit 99.1

Condensed Consolidated Interim Financial Statements of

Almaden Minerals Ltd.

For the three months ended March 31, 2026

(Unaudited)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated interim financial statements of Almaden Minerals Ltd (“the Company”) for the three months ended March 31, 2026 have been prepared by the management of the Company and approved by the Company’s Audit Committee and the Company’s Board of Directors.

Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the consolidated interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company’s management.

The Company’s independent auditor has not performed a review of these financial statements in accordance with standards established by CPA Canada for a review of the condensed consolidated interim financial statements by an entity’s auditor.

Almaden Minerals Ltd.

Condensed consolidated interim statements of financial position

(Unaudited - Expressed in Canadian dollars)

	March 31, 2026		December 31, 2025
	$		$
ASSETS
Current assets
Cash and cash equivalents (Note 12)	6,064,828		6,171,157
Accounts receivable and prepaid expenses (Note 4)	257,112		331,736
	6,321,940		6,502,893

Non-current assets
Deposits	17,367		17,367
Right-of-use assets (Note 5)	101,722		127,153
Property, plant and equipment (Note 6)	42,701		45,924
Exploration and evaluation assets (Note 7)	1		1
	161,791		190,445
TOTAL ASSETS	6,483,731		6,693,338

LIABILITIES
Current liabilities
Trade and other payables	390,623		463,186
Current portion of lease liabilities (Note 5)	132,686		128,766
	523,309		591,952

Non-current liabilities
Long-term portion of lease liabilities	-		34,358
Total liabilities	523,309		626,310

EQUITY
Share capital (Note 9)	141,104,844		141,104,844
Reserves (Note 9)	23,418,523		23,418,523
Deficit	(158,562,945	)	(158,456,339	)
Total equity	5,960,422		6,067,028
TOTAL EQUITY AND LIABILITIES	6,483,731		6,693,338

These condensed consolidated interim financial statements are authorized for issue by the Board of Directors on May 7, 2026.

They are signed on the Company’s behalf by:

/s/Duane Poliquin	/s/ Michael Kosowan
Director	Director

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

Almaden Minerals Ltd.

Condensed consolidated interim statements of comprehensive loss

(Unaudited - Expressed in Canadian dollars)

	Three months ended March 31,
	2026		2025
	$		$
Expenses
Professional fees	21,058		54,582
Salaries and benefits (Note 10(a))	372,436		361,709
Travel and promotion	21,976		10,119
Depreciation (Note 6)	3,223		1,641
Office and license (Note 10(b))	27,283		15,328
Amortization of right-of-use assets (Note 5)	25,431		25,431
Occupancy expenses (Note 5)	11,543		9,894
Interest expense on lease liabilities (Note 5)	3,367		6,109
Interest and standby fees on gold loan payable	-		78,202
Listing and filing fees	18,435		68,012
Insurance	10,668		23,893
Directors’ fees (Note 10(a))	-		26,250
	515,420		681,170

Other income (loss)
Administrative services fees (Note 10(b))	291,960		294,606
Interest and other income	29,966		18,575
Impairment of exploration and evaluation assets	-		(57,102	)
Fair value adjustments on gold loan payable	-		(1,169,390	)
Unrealized gain on gold in trust	-		290,671
Unrealized foreign exchange loss on gold loan payable	-		(10,030	)
Unrealized foreign exchange loss on gold in trust	-		(1,347	)
Foreign exchange gain (loss)	86,888		(1,149	)
	408,814		(635,166	)

Total comprehensive loss for the period	(106,606	)	(1,316,336	)

Basic and diluted net loss per share (Note 11)	0.00		(0.01	)

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

Almaden Minerals Ltd.

Condensed consolidated interim statements of cash flows

(Unaudited - Expressed in Canadian dollars)

	Three months ended March 31,
	2026		2025
	$		$
Operating activities
Net loss for the period	(106,606	)	(1,316,336	)
Items not affecting cash
Depreciation	3,223		1,641
Amortization of right-of-use assets	25,431		25,431
Impairment of exploration and evaluation assets	-		57,102
Interest expenses on lease liability	3,367		6,109
Interest and standby fees on gold loan payable	-		78,202
Fair value adjustments on gold loan payable	-		1,169,390
Unrealized gain on gold in trust	-		(290,671	)
Unrealized foreign exchange loss on gold loan payable	-		10,030
Unrealized foreign exchange loss on gold in trust	-		1,347
Changes in non-cash working capital components
Accounts receivable and prepaid expenses	74,624		149,616
Trade and other payables	(72,563	)	(33,906	)
Net cash used in operating activities	(72,524	)	(142,045	)
Investing activities
Property, plant and equipment – purchase	-		(12,154	)
Deposit	-		2,443,920
Exploration and evaluation assets – costs	-		(57,102	)
Net cash from investing activities	-		2,374,664
Financing activities
Repayment of lease liabilities	(33,805	)	(32,981	)
Net cash used in financing activities	(33,805	)	(32,981	)

Change in cash and cash equivalents	(106,329	)	2,199,638
Cash and cash equivalents, beginning of period	6,171,157		3,155,750
Cash and cash equivalents, end of period	6,064,828		5,355,388

Supplemental cash flow information (Note 12)

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

Almaden Minerals Ltd.

Condensed consolidated interim statements of changes in equity

(Unaudited - Expressed in Canadian dollars)

	Share capital			Reserves
	Number of shares	Amount		Share-based payments		Warrants	Total reserves		Deficit		Total
		$		$		$	$		$		$
Balance, January 1, 2025	137,221,408	141,040,654		22,640,555		715,968	23,356,523		(161,445,385	)	2,951,792
Total comprehensive loss for the period	-	-		-		-	-		(1,316,336	)	(1,316,336	)
Balance, March 31, 2025	137,221,408	141,040,654		22,640,555		715,968	23,356,523		(162,761,721	)	1,635,456
Share-based payments	-	-		128,000		-	128,000		-		128,000
Options exercised	50,000	8,000		-		-	-		-		8,000
Fair value of cash share options transferred to share capital	-	6,000		(6,000	)	-	(6,000	)	-		-
Shares issued on cashless exercise of options	91,773	-		-		-	-		-		-
Shares issuance cost on cashless exercise of options	-	(9,810	)	-		-	-		-		(9,810	)
Fair value of cashless share options transferred to share capital	-	60,000		(60,000	)	-	(60,000	)	-		-
Total comprehensive income for the period	-	-		-		-	-		4,305,382		4,305,382
Balance, December 31, 2025	137,363,181	141,104,844		22,702,555		715,968	23,418,523		(158,456,339	)	6,067,028
Total comprehensive loss for the period	-	-		-		-	-		(106,606	)	(106,606	)
Balance, March 31, 2026	137,363,181	141,104,844		22,702,555		715,968	23,418,523		(158,562,945	)	5,960,422

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

1.	Nature of operations

Almaden Minerals Ltd. (the “Company” or “Almaden”) was formed by amalgamation under the laws of the Province of British Columbia, Canada on February 1, 2002. The Company is an exploration stage public company that is engaged directly in the exploration and development of exploration and evaluation property in Mexico. The Company’s shares are trade on the TSX Venture Exchange under the symbol “AMM”. The address of the Company’s registered office is Suite 1200 – 200 Burrard Street, Vancouver, BC, Canada V7X 1T2.

The Company is in the business of evaluating, exploring and developing mineral projects. In the past, the Company’s principal asset was the Ixtaca precious metals project located on the Tuligtic claim in Puebla State, Mexico. However, as discussed in Note 7, title to this project was revoked by the Mexican government.

These condensed consolidated interim financial statements were prepared on a “going concern” basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As of March 31, 2026, the Company had cash of $6,064,828 (December 31, 2025 – $6,171,157) and working capital of $5,798,631 (December 31, 2025 – $5,910,941). The Company incurred a net loss for the three months ended March 31, 2026, of $106,606 (2025 – $1,316,336). Management has concluded that the Company has sufficient working capital to sustain operations for the next twelve months.

2.	Basis of presentation

(a)

Statement of Compliance with International Financial Reporting Standards (“IFRS”)

These condensed consolidated interim financial statements, including comparatives, have been prepared in accordance and compliance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

(b)

Basis of preparation

These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. This interim financial report does not include all of the information required of a full annual financial report and is intended to provide users with an update in relation to events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since the end of the last annual reporting period. It is therefore recommended that this financial report be read in conjunction with the annual audited consolidated financial statements of the Company for the year ended December 31, 2025. However, this interim financial report provides selected significant disclosures that are required in the annual audited consolidated financial statements under IFRS.

Except as described below, these condensed consolidated interim financial statements follow the same accounting policies and methods of application as the annual audited consolidated financial statements for the year ended December 31, 2025.

The changes in accounting policies are also expected to be reflected in the Company's consolidated financial statements as at and for the year ending December 31, 2026.

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

3.	Material accounting policies

These condensed consolidated interim financial statements do not include all note disclosures required by IFRS for annual financial statements and, therefore, should be read in conjunction with the annual financial statements for the year ended December 31, 2025. In the opinion of management, all adjustments considered necessary for fair presentation of the Company’s financial position, results of operations and cash flows have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

4.	Accounts receivable and prepaid expenses

Accounts receivable and prepaid expenses consist of the following:

		March 31,		December 31,
		2026		2025
Accounts receivable (Note 11(b))	$	220,948	$	310,294
Prepaid expenses		36,164		21,442
	$	257,112	$	331,736

During the period ended March 31, 2026, the Company has recorded value added taxes of $Nil included in exploration and evaluation assets, as the value added tax relates to certain projects and is expected to be recovered when the assets are sold (Note 7).

5.	Right-of-use assets and lease liabilities

The Company has lease agreements for its headquarter office space in Vancouver, B.C.

One lease containing an extension option exercisable only by the Company was exercised on November 22, 2021. The lease was therefore extended from March 31, 2022 to March 31, 2027. The Company reassessed this significant event as a lease modification and has estimated that the potential future lease payments under the extended lease term would result in an increase in lease liability by $508,799.

The continuity of lease liabilities is as follows:

		March 31, 2026			December 31, 2025
Opening balance	$	163,124		$	277,105
Less: lease payments		(33,805	)		(134,394	)
Interest expense		3,367			20,413
		132,686			163,124
Less: current portion of lease liabilities		(132,686	)		(128,766	)
Long-term portion of lease liabilities		-		$	34,358

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

5.	Right-of-use assets and lease liabilities (Continued)

The continuity of ROU assets is as follows:

		March 31, 2026			December 31, 2025
Opening balance	$	127,153		$	228,875
Less: amortization of ROU assets		(25,431	)		(101,722	)
	$	101,722		$	127,153

During the three months ended March 31, 2026, the Company recognized occupancy expenses of $11,543 (2025 - $9,894) related to short term leases.

As at March 31, 2026, the remaining payments for the operating lease are due as follows:

			2026				2027				2028				2029				2030				Total
Office lease		$	132,951			$	44,523				-				-				-			$	177,474

6.	Property, plant and equipment

	Furniture and fixtures and other	Computer hardware	Computer software	Geological library	Field equipment	Mill equipment	Total
	$	$	$	$	$	$	$
Cost
December 31, 2025	160,941	297,578	202,904	51,760	245,647	-	958,830
Additions	-	-	-	-	-	-	-
March 31, 2026	160,941	297,578	202,904	51,760	245,647	-	958,830

Accumulated depreciation
December 31, 2025	156,772	266,518	196,879	51,357	241,380	-	912,906
Depreciation	209	2,329	452	20	213	-	3,223
March 31, 2026	156,981	268,847	197,331	51,377	241,593	-	916,129

Carrying amounts
December 31, 2025	4,169	31,060	6,025	403	4,267	-	45,924
March 31, 2026	3,960	28,731	5,573	383	4,054	-	42,701

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

7.	Exploration and evaluation assets

			Tuligtic
Exploration and evaluation assets			$
Acquisition costs:
Opening balance - (December 31, 2025)			1
Closing balance - (March 31, 2026)			1
Deferred exploration costs:
Opening balance - (December 31, 2025)			-
Costs incurred during the period
Professional fees			-
Travel and accommodation			-
Environmental and permit			-
Value-added tax (Note 4)			-
Refund - Value-added tax			-
Impairment of deferred exploration costs			-
Total deferred exploration costs during the period			-
Closing balance - (March 31, 2026)			-
Total exploration and evaluation assets			1

During the three months ended March 31, 2026, the Company recorded an impairment of deferred exploration costs of $Nil (2025 - $57,102) with respect to Tuligtic property due to the Mexican government’s action to revoke the Company’s mineral concession title and to prevent any further exploration and development plans on the Tuligtic property.

Title to exploration and evaluation assets involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mineral claims.

The following is a description of the Company’s most significant property interests:

(a)

Tuligtic

The Tuligtic property consisted of two mineral concessions which the Company applied for in 2002 and 2008. The mineral concessions were granted in 2003 and 2009, respectively (“the “Concessions”). The Company held a 100% interest in the Concessions subject to a 2.0% NSR royalty held by Almadex Minerals Ltd. (‘’Almadex”). The Concessions covered approximately 14,000 Ha, including certain endowed lands of the Ejido Tecoltemi, which comprise approximately 330 Ha. The Concessions are located in Puebla, Mexico and underpinned the discovery made by the Company in 2010, referred to as “Ixtaca”.

In 2015, the Ejido Tecoltemi initiated a lawsuit against the Mexican government (President, Congress, Ministry of Economy, Directorate of Mines, Mining Registry Office) asserting that the Mexican mining law is unconstitutional because it fails to include provisions requiring consultation of indigenous communities before granting mineral titles. This lawsuit ultimately came before Mexico’s Supreme Court (“SCJN”), and in early 2022, the SCJN ruled that the Mexican mineral title

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

7.	Exploration and evaluation assets (Continued)

(a)

Tuligtic (Continued)

law is constitutional, but that the Ministry of Economy (“Economia”) should have provided for a consultation procedure with relevant indigenous communities prior to issuing the Concessions to the Company. The SCJN ordered Economia to declare the Concessions insubsistentes, or “ineffective” and to conduct indigenous consultation prior to re-instating them.

In July, 2022 the Company announced that Economia notified Almaden that the Concessions were “ineffective”. The Company understood that the mineral rights at Tuligtic were preserved for the Company, but that Almaden was not allowed to engage in exploration, until such time as Economia completed its court-ordered process to properly issue the Concessions after conducting indigenous consultation in the area covered by the mineral title applications.

However, on February 22, 2023, Economia made a submission to Mexican courts seeking to deny the two mineral title applications which were first made by Almaden in 2002 and 2008 (the “Submission”). The Submission claimed that the applications contain technical faults, despite Economia’s previous statements to the contrary and its acceptance of the mineral title applications and grant of the Concessions in 2003 and 2009.

During the year ended December 31, 2024, the Company submitted a claim for arbitration under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) (Note 18). Almaden alleges that Mexico has breached its obligations under the CPTPP through actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Company’s mineral concessions, causing the loss of the Company’s investments in Mexico.

(b)

Other

Expenditures incurred by the Company in Mexico are subject to Mexican Value added tax (“VAT”). The VAT is included in exploration and evaluation assets as incurred. Under Mexican law, VAT paid can be used in the future to offset amounts resulting from VAT charged on sales. Under certain circumstances and subject to approval from tax authorities, a Company can also apply for an early refund of VAT prior to generating sales. During the three months ended March 31, 2026, the Company received a VAT recovery of $Nil (2025 - $24,632) and other income of $Nil (2025 - $7,159) related to a VAT refund from prior years which is recorded in interest and other income.

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

8.	Gold loan payable and gold in trust

The Company has entered into a secured gold loan agreement (“Gold Loan”) with Almadex or the “Lender” pursuant to which Almadex has agreed to loan up to 1,597 ounces of gold bullion to the Company. The approximate value of this gold as at May 14, 2019 was USD$2,072,060 or $2,790,858.

Under the terms of the Gold Loan, the Company will be entitled to draw-down the gold in minimum 400 ounce tranches. At any given time, the amount of gold ounces drawn multiplied by the London Bullion Market Association (“LBMA”) AM gold price in US dollars, plus any accrued interest or unpaid fees, shall constitute the Loan Value.

The maturity date for the Gold Loan was March 31, 2024, and can be extended by two years at the discretion of the Company (the “Term”). Repayment of the Loan Value shall be made either through delivery of that amount of gold drawn, or through the issuance of common shares of the Company (“Shares”), according to the Lender’s discretion. Mandatory prepayment shall be required in the event that the Company’s Ixtaca gold-silver project located in Puebla State, Mexico (the “Ixtaca Project”) enters into commercial production during the Term, requiring the Company to deliver 100 gold ounces per month to the Lender. In addition, the Company has the right to pre-pay the Loan Value at any time without penalty, in either gold bullion or Shares as chosen by the Lender, and the Lender has the right to convert the Loan Value into Shares at any time during the Term. The conversion rate is equal to 95% of the 5 trading day volume weighted average price of the Share on the Toronto Stock Exchange or an equivalent.

The annual interest rate of the Gold Loan is 10% of the loan value at drawdown date, calculated monthly, paid in arrears. Interest payments can either be accrued to the Loan Value, or paid by the Company in cash or gold bullion. A standby fee of 1% per annum, accrued quarterly, will be applied to any undrawn amount on the Gold Loan.

In addition, the Company has issued Almadex 500,000 transferable share purchase warrants (“Warrants”), with an exercise price of $1.50 per Share and expiry date of May 14, 2024 as an arrangement fee to cover the administrative costs of setting up the credit facility. These warrants were valued at $50,000 using the Black-Scholes option-pricing model with the following assumptions: expected life of five years, risk-free interest rate of 1.54%, expected dividend yield of 0% and expected volatility of 44.25%.

Security for the loan is certain equipment related to the Rock Creek Mill, which is not required for the Ixtaca Project. The Gold Loan includes industry standard provisions in the event of default, material breach and change of control.

The Gold Loan was recorded at fair value at inception and is subsequently measured at fair value through profit or loss plus accrued interest at 10% per annum. Fair value is based on market price of gold at the end of each reporting period.

On March 12, 2024, the Company formally notified the Lender to extend the maturity date of the Gold Loan from March 31, 2024 to March 31, 2026. On June 26, 2024, the Gold Loan was amended by both the Lender and the Company in connection with its Ixtaca Project and to extend the maturity date from March 31, 2026 to March 31, 2030. The amendment resulted in a substantial modification of the Gold Loan; accordingly the Company derecognized the existing liability and recognized the new liability at fair value, resulting in a loss on substantial modification of $372,941.

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

8.	Gold loan payable and gold in trust (Continued)

Upon maturity date, at the discretion of the Lender, Almadex still has the right to convert the Loan Value into Shares at the same conversion rate. However, the maximum number of Shares issuable is at 13,722,000 Shares. If any additional payments are required, the balance of the Loan Value shall be paid by gold bullion.

During the year ended December 31, 2025, the Company notified Almadex of its intention to make an early repayment of the outstanding Gold Loan. The gold Loan Value was fixed as of May 13, 2025 with the total outstanding loan balance including accrued interest and standby fees, determined to be US$5,194,354 (the “Loan Amount”). Under the agreement, Almaden was to repay the Loan Amount by physical delivery of gold bullion of 99.99% purity to Almadex, with such delivery occurring following Almaden’s receipt of the final payment from the sale of its Rock Creek mill pursuant to the purchase agreement dated February 28, 2025. The amount of borrowed gold to be delivered was to be determined based on the prevailing London Bullion Market Association AM gold price in U.S. dollars on the business day prior to the settlement date. In addition to the borrowed gold, Almaden was to return the undrawn portion of the Gold Loan, comprising 397 ounces of gold bullion.

On July 17, 2025, the Company completed the repayment of the Gold Loan to Almadex pursuant to the secured gold loan agreement. The repayment involved the return to Almadex of 397 ounces of gold which were not drawn under the Gold Loan, plus the payment of US$5,194,354 through the delivery to Almadex of approximately 1,553 ounces of 99.99% purity physical gold bullion, as described above.

9.	Share capital and reserves

(a)

Authorized share capital

At March 31, 2026, the authorized share capital comprised an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid.

(b)

Share purchase option compensation plan

The Company’s stock option plan permits the issuance of options up to a maximum of 10% of the Company’s issued share capital. Stock options issued to any consultant or person providing investor relations services cannot exceed 2% of the issued and outstanding common shares in any twelve month period. At March 31, 2026, the Company had reserved 2,101,318 stock options that may be granted. The exercise price of any option cannot be less than the volume weighted average trading price of the shares for the five trading days immediately preceding the date of the grant.

The maximum term of all options is five years. The Board of Directors determines the term of the option (to a maximum of five years) and the time during which any option may vest. Options granted to consultants or persons providing investor relations services shall vest in stages with no more than 25% of such option being exercisable in any three month period.

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

9.	Share capital and reserves (Continued)

(b)

Share purchase option compensation plan (Continued)

The Company’s stock option plan permits the option holder to exercise cashless by surrendering a portion of the underlying option shares to pay for the exercise price and the corresponding withholding taxes, if applicable.

The continuity of stock options for the three months ended March 31, 2026, is as follows:

Expiry date		Exercise price		December 31, 2025	Granted	Exercised	Expired		March 31, 2026
March 7, 2027	$	0.38		1,000,000	-	-	-		1,000,000
June 10, 2027	$	0.33		3,110,000	-	-	-		3,110,000
October 4, 2027	$	0.30		755,000	-	-	-		755,000
December 16, 2027	$	0.33		840,000	-	-	-		840,000
February 14, 2028	$	0.30		600,000	-	-	-		600,000
April 3, 2028	$	0.26		1,575,000	-	-	-		1,575,000
July 10, 2028	$	0.16		1,920,000	-	-	-		1,920,000
September 19, 2028	$	0.18		1,035,000	-	-	-		1,035,000
August 9, 2030	$	0.25		800,000	-	-	-		800,000
Options outstanding and exercisable				11,635,000	-	-	-		11,635,000
Weighted average exercise price			$	0.27	-	-	-	$	0.27

10.

Related party transactions and balances

(a)

Compensation of key management personnel

Key management includes members of the Board, the Chair, the Vice Chair, the President and Chief Executive Officer and the Chief Financial Officer. The net aggregate compensation paid or payable to key management for services after recovery from Mustang Mineral Limited (Mustang) and Almadex (Note 10 (b)) is as follows:

		Three months ended March 31,
		2026		2025

Salaries and benefits	$	95,038	$	65,350
Director’s fees		-		26,250
	$	95,038	$	91,600

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

10.

Related party transactions and balances (Continued)

(b)

Administrative Services Agreements

The Company recovers a portion of rent, office and license expenses from Mustang pursuant to an Administrative Services Agreement dated May 15, 2015 and First Amending Agreement dated December 16, 2015 between the Company and Mustang.

The Company also recovers a portion of rent, office and license expenses from Almadex pursuant to an Administrative Services Agreement dated March 29, 2018 between the Company and Almadex.

At March 31, 2026, the Company received $40,776 (2025 - $40,328) from Mustang for administrative services fees included in other income and received $251,184 (2025- $254,278) from Almadex for administrative services fees included in other income.

At March 31, 2026, included in accounts receivable is $29,559 (December 31, 2025 - $33,584) due from Mustang and $190,918 (December 31, 2025 - $243,211) due from Almadex in relation to expense recoveries.

Under the Administrative Services Agreements, the Company is the sole and exclusive manager of Mustang and Almadex that provides general management services, office space, executive personnel, human resources, geological technical support, accounting and financial services at cost with no mark-up or additional direct charge. The three companies are considered related parties through common officers.

(c)

Other related party transactions

During the three months ended March 31, 2026, the Company employed the Chairman’s daughter for a salary of $5,163 less statutory deductions (2025 - $5,163) for marketing and administrative services provided to the Company.

11.

Net loss per share

Basic and diluted net loss per share

The calculation of basic net loss per share for the three months ended March 31, 2026 was based on the loss attributable to common shareholders of $106,606 (2025 - $1,316,336) and a weighted average number of common shares outstanding of 137,363,181 (2025 – 137,221,408).

The calculation of diluted net loss per share for the period ended March 31, 2026 and 2025 did not include the effect of stock options and warrants, as they were considered to be anti-dilutive.

12.

Supplemental cash flow information

Supplemental information regarding the split between cash and cash equivalents is as follows:

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

12.

Supplemental cash flow information (Continued)

		March 31, 2026		December 31, 2025

Cash	$	686,178	$	588,757
Term Deposits		5,378,650		5,582,400
	$	6,064,828	$	6,171,157

13.

Financial instruments

The fair values of the Company’s cash and cash equivalents, accounts receivable and trade and other payables approximate their carrying values because of the short-term nature of these instruments.

The Company does not carry any financial instruments at FVTPL.

The Company is exposed to certain financial risks, including currency risk, credit risk, liquidity risk, interest rate risk and commodity and equity price risk.

(a)

Currency risk

The Company’s property interests in Mexico make it subject to foreign currency fluctuations and inflationary pressures which may adversely affect the Company’s financial position, results of operations and cash flows. The Company is affected by changes in exchange rates between the Canadian dollar, the US dollar and the Mexican peso. The Company does not invest in foreign currency contracts to mitigate the risks.

As at March 31, 2026, the Company is exposed to foreign exchange risk through the following monetary assets and liabilities denominated in currencies other than the functional currency of the applicable subsidiary:

All amounts in Canadian dollars		US dollar		Mexican peso
Cash and cash equivalents	$	5,211,978	$	57,169
Accounts receivable and prepaid expenses		-		470
Total assets	$	5,211,978	$	57,639

Trade and other payables	$	3,061	$	7,749
Total liabilities	$	3,061	$	7,749

Net assets	$	5,208,917	$	49,890

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company’s net loss by $520,000.

A 10% change in the Mexican peso relative to the Canadian dollar would change the Company’s net loss by $5,000.

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

13.

Financial instruments (Continued)

(b)

Credit risk

The Company’s cash and cash equivalents are held in large financial institutions, located in both Canada and Mexico. Cash equivalents mature at less than ninety days during the twelve months following the statement of financial position date. The Company’s accounts receivable consists of amounts due from related parties which are subsequently collected.

To mitigate exposure to credit risk on cash and cash equivalents, the Company has established policies to limit the concentration of credit risk with any given banking institution where the funds are held, to ensure counterparties demonstrate minimum acceptable credit risk worthiness and ensure liquidity of available funds.

As at March 31, 2026, the Company’s maximum exposure to credit risk is the carrying value of its cash and cash equivalents, and accounts receivable.

(c)

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. Liquidity risk is considered low as the Company has sufficient cash and cash equivalent to meet its current liabilities.

Trade and other payables are due within twelve months of the statement of financial position date.

(d)

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to varying interest rates on cash and cash equivalents. The Company has no debt bearing variable interest rate.

A 1% change in the interest rate would change the Company’s net loss by $61,000.

(e)

Commodity and equity price risk

The ability of the Company to explore its exploration and evaluation assets and the future profitability of the Company are directly related to the market price of gold and other precious metals. The Company monitors gold prices to determine the appropriate course of action to be taken by the Company. Equity price risk is defined as the potential adverse impact on the Company’s performance due to movements in individual equity prices or general movements in the level of the stock market.

A 1% change in the commodity price would change the Company’s net loss by $Nil.

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

14.

Management of capital

The Company considers its capital to consist of components of equity. The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration of its exploration and evaluation assets and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk.

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares and, acquire or dispose of assets.

In order to maximize ongoing exploration efforts, the Company does not pay out dividends. The Company’s investment policy is to invest its short-term excess cash in highly liquid short-term interest-bearing investments with short term maturities, selected with regards to the expected timing of expenditures from continuing operations.

The Company expects its current capital resources will be sufficient to carry its exploration plans and operations for the foreseeable future. There were no changes to the Company’s approach to the management of capital during the period. The Company has no externally imposed capital requirements.

15.

Segmented information

The Company operates in one reportable operating segment, being the acquisition and exploration of mineral resource properties.

The Company’s non-current assets are located in the following geographic locations:

		March 31, 2026		December 31, 2025
Canada	$	160,859	$	184,514
Mexico		932		5,931
	$	161,791	$	190,445

16.

Commitments and contingencies

ICSID Arbitration

During the year ended December 31, 2024, the Company formally commenced international arbitration proceedings against the United Mexican States (“Mexico”) under the CPTPP, by filing a Request for Arbitration. Almaden is pursuing this arbitration together with Almadex, on behalf of themselves and their Mexican subsidiaries. Through a subsidiary, Almadex held a 2% net smelter return royalty on the Ixtaca project.

The international arbitration claim against Mexico will be prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes (“ICSID”) as Mexico terminated the Company’s mineral concessions. The Company has appointed a quantum expert to prepare a professional damages assessment for review by the arbitration tribunal.

Almaden Minerals Ltd.

Notes to the condensed consolidated interim financial statements

For the three months ended March 31, 2026

Unaudited - Expressed in Canadian dollars

16.

Commitments and contingencies(Continued)

ICSID Arbitration (Continued)

In September 2025, the tribunal established a procedural schedule for the arbitration, as amended on November 19, 2025. Mexico filed its counter-memorial in December 2025, and hearings are currently scheduled for December 2026.

As arbitration proceedings are ongoing, the Company cannot determine the likelihood of succeeding in collecting any amount, as such it has not accrued any amounts in the consolidated financial statements with respect to this claim.

Litigation management agreement

On June 26, 2024, the Company agreed with Almadex and its Mexican subsidiary to streamline the management of the arbitration proceedings by entering into a Litigation Management Agreement (“LMA”). Under the LMA, Almaden will bear the up-front costs of the arbitration and provide overall direction to the arbitration process for itself and its subsidiaries, as well as Almadex and its subsidiaries, with certain limitations. Almadex will remain a party to the arbitration and continue in its cooperation and support of the process.

Should the arbitration proceedings result in an award of damages, the pro rata portion of those damages, if any, which may be attributable to Almadex from the 2.0% NSR royalty it held on the Ixtaca project will be determined. Almadex’s award will consist of this pro rata portion, less its pro-rata share of the costs of pursuing the legal claims, including the financing costs (the “Almadex Award”). Almadex will compensate Almaden in the amount of 10% of the Almadex Award in exchange for managing the claim proceedings.

Litigation funding agreement

On June 26, 2024, the Company entered into a litigation funding agreement (the “LFA”) with a leading legal finance provider (the “Funder”). The LFA provides up to US$9.5 million in non-recourse funding for the Company to pursue its international arbitration proceedings (the “Claims”) against Mexico under the CPTPP. This funding is expected to cover all legal, tribunal and external expert costs of the legal claims. The funding is repayable in the event that a damages award is recovered from Mexico, with such repayment being a contingent entitlement to those damages.

As at March 31, 2026, the Funder had disbursed a total of US$4,256,333 to the Claim. (December 31, 2025 - US$4,000,000). Should the Claim result in the receipt of a damages award, the Funder shall be entitled to the return of its funding capital outlay, plus a contingent entitlement to the damages award.

Exhibit 99.2

ALMADEN MINERALS LTD.

MANAGEMENT’S DISCUSSION AND ANALYSIS

March 31, 2026

INTRODUCTION

This Management’s Discussion and Analysis (“MD&A”) for Almaden Minerals Ltd. (“Almaden” or the “Company”) has been prepared based on information known to management as of May 7, 2026. This MD&A is intended to help the reader understand, and should be read in conjunction with, the condensed consolidated interim financial statements of Almaden for the financial period ended March 31, 2026 and supporting notes. The condensed consolidated interim financial statements have been prepared in accordance and compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

Management is responsible for the preparation and integrity of the Company’s condensed consolidated interim financial statements, including the maintenance of appropriate information systems, procedures and internal controls. The audit committee of the board of directors of the Company (the “Board”) meets with management regularly to review the Company’s condensed consolidated interim financial statements and MD&A, and to discuss other financial, operating and internal control matters.

All currency amounts used in this MD&A are expressed in Canadian dollars unless otherwise noted.

The Company’s common stock is quoted on the TSX Venture Exchange under the symbol “AMM” and the OTCQB under the symbol “AAUAF”.

This MD&A contains forward looking statements that involve numerous risks and uncertainties. The Company continually seeks to minimize its exposure to business risks, but the nature of its business will always have some risk. These risks are not always quantifiable due to their uncertain nature. Should one or more of these risks and uncertainties set forth in this MD&A under the headings “Cautionary Notes Regarding Forward-Looking Statements” materialize, or should underlying assumptions prove incorrect, then actual results may vary materially from those described in forward-looking statements.

ADDITIONAL INFORMATION

The Company’s financial statements, MD&A and additional information relevant to the Company for the year ended December 31, 2025, can be found on SEDAR+ at www.sedarplus.ca, on the EDGAR section of the SEC’s website at www.sec.gov, and/or on the Company’s website at www.almadenminerals.com.

QUARTERLY HIGHLIGHTS

During the quarter, the Company continued to advance the international arbitration proceedings (the “Claim”) against the United Mexican States (“Mexico”) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”), with a focus on filing its Reply to Mexico’s counter memorial by May 18, 2026.

OVERALL PERFORMANCE

Overview

Company Mission and Focus

The Company’s goal is to evaluate exploration and development opportunities while also seeking compensation from the Government of Mexico for actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Company’s mineral concessions, causing the loss of the Company’s investments in Mexico.

Background to the Claim

In April 2015, an ejido community (“Ejido”), filed a lawsuit (“Lawsuit”) against Mexico (the President, Congress, Ministry of Economy, Directorate of Mines, Mining Registry Office), claiming that Mexico’s mineral title system was unconstitutional because Indigenous consultation was not required before the granting of mineral title. Under Mexican law, an ejido refers to a form of communal land tenure where a group of individuals, known as ejidatarios, collectively own and manage agricultural land.

The Ejido in question is a small, remote mountain village of approximately 150 residents, located at an altitude of 2,569 meters, a higher elevation than the Project. It is situated entirely outside the Project’s “area of influence” as defined in the Company’s environmental permit application of February, 2019, approximately 45 minutes to an hour by car from the Project site. The Ejido lands cover an area of approximately 330 hectares, in the southeastern portion of the mineral concessions which were owned by the Company and which underpinned the Project. The Lawsuit was supported by internationally funded non-governmental organizations.

Upon learning of the Lawsuit, Almaden immediately sought to relinquish approximately 7,000 hectares of its mineral title area including the portion overlapping with the Ejido lands, believing that this would address the Ejido’s concerns. The reduced title area was confirmed by the Mexican mining authorities in 2017. However, the Ejido appealed this reduction, and in late 2020 the Mexican courts confirmed that the Company was obligated to continue in its possession of the larger title area.

In 2018, President Lopez-Obrador (“AMLO”) came into power in Mexico. The AMLO regime is widely recognized as having been hostile to the mining industry, in particular foreign mining companies that owned or sought to develop mining projects in Mexico.

In 2022, Mexico’s Supreme Court (“SCJN”) ruled on the Lawsuit. In effect, the SCJN ruling concluded that the Mexican mining law was not unconstitutional, but that the Mexican mining authority (“Economia”) had improperly issued the Claimants’ mineral titles as it had not incorporated Mexico’s Indigenous consultation obligations into the mineral title issuance procedures. The SCJN required that the Company’s two mineral titles be suspended, in order that the Company’s mineral title applications, originally made in 2002 and 2008 and approved in 2003 and 2009, could be reissued by Economia after it complied with its Indigenous consultation obligations.

The rights endowed by the Company’s mineral titles were suspended in June, 2022, and the Company began working cooperatively with Economia to facilitate what it thought would be the first ever Indigenous consultation in Mexico in respect of the granting of mineral titles. In October, 2022 however, the head of Economia was replaced and the Company’s access to Economia ceased.

In February, 2023 Economia filed a notice with the courts charged with implementing the SCJN decision, seeking to deny the two mineral title applications retroactively. The notice claimed that the applications contained alleged de minimis technical faults, despite Economia’s acceptance of the mineral title applications and grant of the mineral titles in 2003 and 2009. By alleging such de minimis technical faults in the mineral title applications, Economia breached Mexican domestic law and international law to deny arbitrarily and pre-emptively the grant of the mineral titles and thereby avoid the Indigenous consultation ordered by the SCJN. Such consultation would have been welcomed by both the Company and community members living in the area of influence of the Project.

Despite the legal appeals of the Company and surrounding community members that Indigenous consultation should proceed, the Mexican courts endorsed Economia’s position. Therefore, the mineral rights underpinning the Project were definitively cancelled and reverted to the Government of Mexico, and Indigenous consultation never occurred.

The Claimants have suffered substantial harm arising out of Mexico’s conduct in breach of its investment protection obligations under the CPTPP, including (without limitation):

•	Economia’s reassessment of the original applications for the mineral titles, holding them to be deficient and unfeasible, contradicting the position previously adopted by it decades earlier, and violating the Company and its subsidiary’s right to amend or supplement the original mineral title applications; and
•	the Mexican Secretariat of Environment and Natural Resources’ (Secretaría del Medio Ambiente y Recursos Naturales, “SEMARNAT”) delay in issuance and ultimate refusal to issue the environmental permit (Manifiesto de Impacto Ambiental) for the Project.

The Claimants filed their Request for Arbitration in June, 2024, and the three-person arbitration panel has now been formed. Almaden filed its memorial documentation in March, 2025, and the Claimants are seeking damages of US$1.06 billion, in the aggregate. This number will be further updated as the Claim proceeds, to reflect future movements in precious metal prices, exchange rates, interest rates, and other factors.

On June 27, 2024, the Company announced that it had agreed with Almadex and its Mexican subsidiary to streamline the management of the arbitration proceedings by entering into a Litigation Management Agreement (“LMA”). Under the LMA, Almaden will bear the up-front costs of the arbitration and provide overall direction to the arbitration process for itself and its subsidiaries, as well as Almadex and its subsidiaries, with certain limitations. Almadex will remain a party to the arbitration and continue in its cooperation and support of the process.

Should the Claims result in an award of damages (“Claim Proceeds”), the pro rata portion of the Claim Proceeds, if any, which may be attributable to Almadex from the 2.0% NSR royalty it held on the Project will be determined. Almadex’s award will consist of this pro rata portion, less its pro rata share of the costs of pursuing the Claims, including the financing costs (the “Almadex Award”). Almadex will compensate Almaden in the amount of 10% of the Almadex Award in exchange for managing the Claims.

Coincidental with announcing the LMA, Almaden entered into a litigation funding agreement (the “LFA”) with a leading legal finance provider (the “Funder”). The LFA provides up to US$9.5 million in non-recourse funding for the Company to pursue the Claims. This funding is expected to cover all legal, tribunal and external expert costs of the Claims. The funding is repayable in the event that Claim Proceeds are recovered from Mexico, with such repayment being a contingent entitlement to the Claim Proceeds.

Finally, also on June 27, 2024, Almaden announced that it had agreed with Almadex to extend the maturity of the gold loan (see press release of May 14, 2019) from March 31, 2026 to the earlier of March 31, 2030, or the receipt by Almaden or its subsidiary of any Claim Proceeds.

In return for this amendment, in addition to its obligation to repay the gold loan, Almaden agreed to pay Almadex 2.0% of the gross amount of any Claim Proceeds that Almaden may receive as a result of the Claims, such repayment to be subordinate to amounts due under the LFA, and any additional legal and management costs. As noted above under the section “Annual Highlights”, Almaden paid off this gold loan in 2025.

As at March 31, 2026, the Funder has disbursed a total of US$4,256,333 to the Claim. While the Company is vigorously pursuing this Claim, its preference is for a constructive resolution with Mexico that results in a positive outcome for all stakeholders.

RISKS AND UNCERTAINTIES

Below are some of the risks and uncertainties that the Company faces. For a full list of risk factors, please refer to the Company’s Form 20-F for the year ended December 31, 2025, as filed on SEDAR on March 19, 2026.

Industry

The Company is engaged in the evaluation of exploration and development opportunities while also seeking compensation from the Government of Mexico for actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Company’s mineral concessions, causing the loss of the Company’s entire investment in Mexico. The Company’s business is inherently risky. There is no assurance that a mineral deposit will ever be discovered, developed and economically produced. Few exploration projects result in the discovery of commercially mineable ore deposits. If market conditions make financings difficult, it may be difficult for the Company to find joint venture partners or to finance development of its projects. The Company may be unsuccessful in identifying and acquiring projects of merit. Furthermore, while the Company believes it has valid reasons to commence legal proceedings against the Government of Mexico, litigation matters are inherently uncertain and there is no guarantee that the arbitration will be successful, or that the likely outcome of this matter will be consistent with the ultimate resolution of the matter. Any legal proceedings require the Company to incur significant expense, devote significant resources, and may generate adverse publicity, which could materially, and possibly adversely, affect its business. The Company’s inability to enforce its rights and the enforcement of rights on a prejudicial basis by foreign courts or international arbitral tribunals could have an adverse effect on the Company’s outlook. Outcomes in any legal proceedings and the process for recovering funds even if there is a successful outcome in any legal proceedings can be lengthy and unpredictable. Furthermore, there is a risk that the Company will be unable to secure or maintain the necessary funding to advance any legal proceedings.

Exchange rate fluctuations

Fluctuations in currency exchange rates, principally the Canadian/U.S. Dollar and the Canadian/Mexican Peso exchange rates, can impact cash flows. The exchange rates have varied substantially over time. Fluctuations in exchange rates may give rise to foreign currency exposure, either favourable or unfavourable, which will impact financial results. The Company does not engage in currency hedging to offset any risk of exchange rates fluctuation.

Title to mineral properties

While the Company investigates title to its mineral properties, this should not be construed as a guarantee of title. Any property held by the Company may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects. The Company does not hold title to the Tuligtic property or the Ixtaca project.

Environmental

The Company’s exploration and development activities are subject to extensive laws and regulations governing environmental protection. The Company is also subject to various reclamation-related conditions. Although the Company closely follows and believes it is operating in compliance with all applicable environmental regulations, there can be no assurance that all future requirements will be obtainable on reasonable terms. Failure to comply may result in enforcement actions causing operations to cease or be curtailed and may include corrective measures requiring capital expenditures. Intense lobbying over environmental concerns by NGOs opposed to mining has caused some governments to cancel or restrict development of mining projects. Current publicized concern over climate change may lead to carbon taxes, requirements for carbon offset purchases or new regulations. The costs or likelihood of such potential issues to the Company cannot be estimated at this time.

Laws, Regulations, and Permits

The Company’s exploration activities are subject to extensive federal, provincial, state and local laws and regulations governing prospecting, development, production, exports, taxes, labour standards, occupational health and safety, mine safety, waste disposal, protection of the environment, protection of historic and archeological sites, protection of endangered and protected species and other matters in all the jurisdictions in which it operates. The Company is required to have a wide variety of permits from governmental and regulatory authorities to carry out its activities. These permits relate to virtually every aspect of the Company’s exploration and exploitation activities. Changes in these laws and regulations or changes in their enforcement or interpretation could result in changes in legal requirements or in the terms of the Company’s permits that could have a significant adverse impact on the Company’s existing or future operations or projects. Obtaining permits can be a complex, time-consuming process. There can be no assurance that the Company will be able to obtain the necessary permits on acceptable terms, in a timely manner or at all. The costs and delays associated with obtaining permits and complying with these permits and applicable laws and regulations could stop or materially delay or restrict the Company from continuing or proceeding with existing or future operations or projects. Any failure to comply with permits and applicable laws and regulations, even if inadvertent, could result in the interruption or closure of operations or material fines, penalties or other liabilities. The Company applies the expertise of its management, advisors, legal counsel, employees and contractors to ensure compliance with current laws.

Possible dilution to present and prospective shareholders

The Company’s plan of operation, in part, contemplates the financing of its business by the issuance of securities and possibly incurring debt. Any transaction involving the issuance of previously authorized but unissued common shares, or securities convertible into common shares, would result in dilution, possibly substantial, to present and prospective shareholders. The Company has traditionally sought joint venture partners to fund in whole or in part exploration projects. Offering an interest in its projects to partners would dilute the Company’s interest in the projects.

Material risk of dilution presented by large number of outstanding share purchase options and warrants

At May 7, 2026, there were 11,635,000 stock options outstanding. Directors and officers hold 9,650,000 of the options and 1,985,000 are held by employees and consultants of the Company. No warrants were outstanding as at May 7, 2026.

Trading volume

The relatively low trading volume of the Company’s shares reduces the liquidity of an investment in its shares.

Volatility of share price

Market prices for shares of early-stage companies are often volatile. Factors such as announcements regarding developments in the Claim, or of mineral discoveries or discouraging exploration results, changes in financial results, and other factors could have a significant effect on share price.

Competition

There is competition from other mining exploration companies with operations similar to Almaden. Many of the companies with which it competes have operations and financial strength greater than the Company.

Dependence on management

The Company depends heavily on the business and technical expertise of its management.

Conflict of interest

Some of the Company’s directors and officers are directors and officers of other natural resource or mining-related companies. These associations may give rise from time-to-time to conflicts of interest. If a conflict arises, the Company may miss the opportunity to participate in certain transactions.

Risk related to proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”)

On December 13, 2023, the Company delivered to the United Mexican States (“Mexico”) a Request for Consultations in accordance with the CPTPP relating to an investment dispute with Mexico. On March 14, 2024, the Company delivered to Mexico notice of its intention to submit a claim to arbitration against Mexico in accordance with Article 9.19.3 of the CPTPP. On June 14, 2024, the Company announced that it had commenced international arbitration proceedings against Mexico by filing its Request for Arbitration with the International Centre for Settlement of Investment Disputes (“ICSID”), and on March 21, 2025, the Company announced that it had filed its memorial documentation pursuant to the Arbitration. These legal proceedings, or others that could be brought against or by the Company in the future, could have a material adverse effect on our financial position or prospects. While the Company believes it has valid reasons to commence legal proceedings, litigation matters are inherently uncertain and there is no guarantee that the arbitration will be successful, or that the likely outcome of this matter will be consistent with the ultimate resolution of the matter. Any legal proceedings require the Company to incur significant expense, devote significant resources, and may generate adverse publicity, which could materially, and possibly adversely, affect its business. The Company’s inability to enforce its rights and the enforcement of rights on a prejudicial basis by foreign courts or international arbitral tribunals could have an adverse effect on the Company’s outlook. Outcomes in any legal proceedings and the process for recovering funds even if there is a successful outcome in any legal proceedings can be lengthy and unpredictable. Furthermore, there is a risk that the Company will be unable to secure or maintain the necessary funding to advance any legal proceedings.

Political, economic and social environment

The Company’s mineral properties may be adversely affected by political, economic and social uncertainties which could have a material adverse effect on the Company’s results of operations and financial condition. Areas in which the Company holds or may acquire properties may experience local political unrest and disruption which could potentially affect the Company’s projects or interests. Changes in leadership, social or political disruption or unforeseen circumstances affecting political, economic and social structure could adversely affect the Company’s property interests or restrict its operations. The Company’s mineral exploration and development activities may be affected by changes in government regulations relating to the mining industry and may include regulations on production, price controls, labour, export controls, income taxes, expropriation of property, environmental legislation and safety factors.

Any shifts in political attitudes or changes in laws that may result in, among other things, significant changes to mining laws or any other national legal body of regulations or policies are beyond the control of the Company and may adversely affect its business. The Company faces the risk that governments may adopt substantially different policies, which might extend to the expropriation of assets or increased government participation in the mining sector. In addition, changes in resource development or investment policies, increases in taxation rates, interest rates, higher mining fees and royalty payments, revocation or cancellation of mining concession rights or shifts in political attitudes in jurisdictions where the Company operates may adversely affect the Company’s business.

As a result of social media and other web-based applications, companies today are at much greater risk of losing control over how they are perceived

Damage to the Company’s reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Although the Company places a great emphasis on protecting its image and reputation, it does not ultimately have direct control over how it is perceived by others. Reputation loss may lead to increased challenges in developing and maintaining community relations, decreased investor confidence and act as an impediment to the Company’s overall ability to advance its projects, thereby having a material adverse impact on the Company’s business, financial condition or results of operations.

The Company may be subject to legal proceedings that arise in the ordinary course of business

Due to the nature of its business, the Company may be subject to regulatory investigations, claims, lawsuits and other proceedings in the ordinary course of its business. The Company’s operations are subject to the risk of legal claims by employees, unions, contractors, lenders, suppliers, joint venture partners, shareholders, governmental agencies or others through private actions, class actions, administrative proceedings, regulatory actions or other litigation. Plaintiffs may seek recovery of very large or indeterminate amounts, and the magnitude of the potential loss relating to such lawsuits may remain unknown for substantial periods of time. Defense and settlement costs can be substantial, even with respect to claims that have no merit. The results of these legal proceedings cannot be predicted with certainty due to the uncertainty inherent in litigation, including the effects of discovery of new evidence or advancement of new legal theories, the difficulty of predicting decisions of judges and juries and the possibility that decisions may be reversed on appeal. The litigation process could, as a result, take away from the time and effort of the Company’s management and could force the Company to pay substantial legal fees or penalties. There can be no assurances that the resolutions of any such matters will not have a material adverse effect on the Company’s business, financial condition and results of operations.

The prices of gold, silver and other metals

The price of gold is affected by numerous factors including central bank sales or purchases, producer hedging activities, the relative exchange rate of the U.S. dollar with other major currencies, supply and demand, political, economic conditions and production levels. In addition, the price of gold has been volatile over short periods of time due to speculative activities.

The price of silver is affected by similar factors and, in addition, is affected by having more industrial uses than gold, as well as sometimes being produced as a by-product of mining for other metals with its production thus being more dependent on demand for the main mine product than supply and demand for silver. The prices of other metals and mineral products that the Company may explore for have the same or similar price risk factors.

Cash flows and additional funding requirements

The Company currently has no revenue from operations. Additional capital is required to continue prosecuting the Claim and to evaluate mineral property exploration and development opportunities. The sources of funds currently available to the Company are litigation financing, equity capital. The Company believes, but cannot guarantee, that it currently has sufficient financial resources to undertake all of its currently planned activities.

Impairment of Exploration and Evaluation Assets

The Company assesses its exploration and evaluation assets quarterly to determine whether any indication of impairment exists. Common indications of impairment, which is often subjective, include but are not limited to, that the right to explore the assets has expired or will soon expire and is not expected to be renewed, that substantive expenditure of further exploration is not planned, or that results are not compelling enough to warrant further exploration by the Company.

At March 31, 2026, the Company concluded that impairment indicators existed with respect to its exploration and evaluation assets and an impairment of exploration and evaluation assets of $Nil (2025 - $57,102) was recognized.

SUMMARY OF QUARTERLY RESULTS

The following tables provide selected financial information for the Company’s eight most recently completed fiscal quarters, stated in Canadian dollars in accordance with IFRS:

	Quarter Ended Mar 31, 2026 ($)	Quarter Ended Dec 31, 2025 ($)	Quarter Ended Sep 30, 2025 ($)	Quarter Ended Jun 30, 2025 ($)
Revenue	Nil	Nil	Nil	Nil
Other income (loss)	408,814	329,385	5,157,852	830,164
Comprehensive income (loss)	(106,606)	(347,172)	4,529,596	122,958
Basic & diluted net income (loss) per share	(0.00)	(0.00)	0.03	0.00
Total assets	6,483,731	6,693,338	6,989,700	19,383,393
Total long term liabilities	Nil	34,358	67,912	8,962,209
Cash dividends declared	Nil	Nil	Nil	Nil

	Quarter Ended Mar 31, 2025 ($)	Quarter Ended Dec 31, 2024 ($)	Quarter Ended Sep 30, 2024 ($)	Quarter Ended Jun 30, 2024 ($)
Revenue	Nil	Nil	Nil	Nil
Other income (loss)	(635,166)	189,233	510,168	(1,006,744)
Comprehensive loss	(1,316,336)	(129,748)	(210,403)	(1,781,844)
Basic & diluted net loss per share	(0.01)	(0.00)	(0.00)	(0.01)
Total assets	14,106,053	11,781,625	11,844,778	11,920,179
Total long term liabilities	9,518,571	8,291,387	7,009,055	6,850,931
Cash dividends declared	Nil	Nil	Nil	Nil

Quarterly variances in other income are dependent on the interest income earned from various levels of cash balances, financing activities related to the gold loan and cost recoveries from administrative services earned from Mustang Minerals Limited (“Mustang”) and Almadex. The main changes in comprehensive income (loss) include non-cash impairments, share-based payments relating to the fair values of stock options granted, fair value adjustment on the gold loan payable and foreign exchange gain (loss) from foreign exchange rate fluctuations. Further details are discussed in Review of Operations and Financial Results section below.

Review of Operations and Financial Results

Results of Operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025

For the three months ended March 31, 2026, the Company recorded a comprehensive loss of $106,606, or $0.00 per common share, compared to $1,316,336, or $0.01 per common share, for the three months ended March 31, 2025. The decrease in comprehensive loss of $1,209,730 was primarily a result of a $1,209,730 increase in other income and a $165,750 decrease in operating expenses.

As the Company is in exploration stage, it has no revenue from mining operations. Other income totalled $408,814 for the three months ended March 31, 2026, compared to other loss of $635,166 in the three months ended March 31, 2025. The increase of other income was primarily due to the absence of fair value adjustments and unrealized losses from gold loan payable and gold in trust during Q1 2026 compared to Q1 2025.

The Company has an administrative services agreement with Mustang and Almadex whereby overhead and salary expenses are proportionally allocated as described under the heading “Transactions with Related Parties”. Amounts earned from administrative service fees depends on the business activities of each company. During Q1 2026, the Company earned approximately the same administrative services fees from Mustang of $40,776 (2025 - $40,328), and a slight decrease in administrative service fees from Almadex of $251,184 (2025 - $254,278) due to operational activities within each company.

Operating expenses were $515,420 for the three months ended March 31, 2026 compared to $681,170 during the three months ended March 31, 2025 resulting in a decrease of $165,750 during Q1 2026 compared to Q1 2025. Certain operating expenses were reported on a gross basis and recovered through other income from the administrative services agreements with Mustang and Almadex. The decrease in operating expenses of $165,750 in Q1 2026 compared to Q1 2025 was primarily due to a $78,202 reduction in interest and standby fees after settling the gold loan with Almadex. The decrease in exchange listing fees also contributed to a decrease in expenses by migrating down from the Toronto Stock Exchange to TSX Venture Exchange.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2026, the Company had working capital of $5,798,631, including cash and cash equivalents of $6,064,828, compared to working capital of $4,345,670, including cash and cash equivalents of $5,355,388 at March 31, 2025. The increase in working capital of $1,452,961 is due to the cash proceeds from the sale of the Rock Creek mill equipment and repayment of gold loan payable.

The Company has long term liabilities of $Nil at March 31, 2026 compared to $34,358 at December 31, 2025 that relates to the long-term portion of lease liabilities for office lease.

Three months ended March 31, 2026

Net cash used in operating activities during the three months ended March 31, 2026 was $72,524 (2025 – $142,045), after adjusting for non-cash activities.

Net cash from investing activities during the three months ended March 31, 2026 was $Nil (2025 – $2,374,664).

Net cash used in financing activities during the three months ended March 31, 2026 was $33,805 (2025 - $32,981).

Management estimates that the current cash position and potential future cash flows will be sufficient for the Company to carry out its business for the upcoming year.

DISCLOSURE OF OUTSTANDING SHARE DATA

Common Shares

The authorized share capital of the Company consists of an unlimited number of common shares without par value. As of date of this MD&A, there were 137,363,181 common shares issued and outstanding and 148,998,181 common shares outstanding on a diluted basis. The Company had the following common shares outstanding as at the dates indicated:

	Number of Common Shares Issued & Outstanding	Share Capital Amount
December 31, 2024	137,221,408	$141,040,654
December 31, 2025	137,363,181	$141,104,844
May 7, 2026	137,363,181	$141,104,844

Share Issuances during Fiscal 2025

The Company had no share issuances during the period ended March 31, 2026.

Stock Options

The Company grants directors, officers, employees, and contractors options to purchase common shares under its stock option plan. This plan and its terms, as well as options outstanding as at December 31, 2025, are detailed in Note 10(d) to the Company’s audited annual consolidated financial statements for the year ended December 31, 2025.

The following table summarizes information about stock options outstanding at May 7, 2026:

Expiry date	Exercise price	December 31, 2025	Granted	Exercised	Expired	May 7, 2026
March 7, 2027	$ 0.38	1,000,000	-	-	-	1,000,000
June 10, 2027	$ 0.33	3,110,000	-	-	-	3,110,000
October 4, 2027	$ 0.30	755,000	-	-	-	755,000
December 16, 2027	$ 0.33	840,000	-	-	-	840,000
February 14, 2028	$ 0.30	600,000	-	-	-	600,000
April 3, 2028	$ 0.26	1,575,000	-	-	-	1,575,000
July 10, 2028	$ 0.16	1,920,000	-	-	-	1,920,000
September 19, 2028	$ 0.18	1,035,000	-	-	-	1,035,000
August 9, 2030	$ 0.25	800,000	-	-	-	800,000
Options outstanding and exercisable		11,635,000	-	-	-	11,635,000
Weighted average
exercise price		$ 0.27	-	-	-	$ 0.27

ENVIRONMENTAL PROVISIONS AND POTENTIAL ENVIRONMENTAL CONTINGENCY

The Company’s mining and exploration activities are subject to various federal, provincial and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment and believes its operations are in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The Company estimates that future reclamation and site restoration costs based on the Company’s exploration activities to date are not significant however the ultimate amount of reclamation and other future site restoration costs to be incurred in the future is uncertain.

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements.

CONTRACTUAL COMMITMENTS

The Company has no contractual commitments.

TRANSACTIONS WITH RELATED PARTIES

(a) Compensation of key management personnel

Key management includes members of the Board, the Chair, the Vice Chair, the President & CEO and the Chief Financial Officer. The net aggregate compensation paid or payable to key management for services after recovery from Mustang and Almadex (Note 10(b) of the March 31, 2026 condensed consolidated interim financial statements) was as follows:

Three months ended March 31, 2026		Fees		Share-based Payments		Total

Chair	$	3,600	$	-	$	3,600
Vice Chair		8,625		-		8,625
President & CEO		66,250		-		66,250
CFO		16,563		-		16,563
Directors		-		-		-
	$	95,038	$	-	$	95,038

Three months ended March 31, 2025		Fees		Share-based Payments		Total

Chair	$	3,600	$	-	$	3,600
Vice Chair		8,625		-		8,625
President & CEO		37,500		-		37,500
CFO		15,625		-		15,625
Directors		26,250		-		26,250
	$	91,600	$	-	$	91,600

(b) Administration Services Agreements

The Company also recovers a portion of rent, office and license expenses from Almadex pursuant to an Administrative Services Agreement dated March 29, 2018 between the Company and Almadex.

At March 31, 2026, the Company received $40,776 (2025 - $40,328) from Mustang for administrative services fees included in other income and received $251,184 (2025 - $254,278) from Almadex for administrative services fees included in other income.

At March 31, 2026, included in accounts receivable is $29,559 (December 31, 2025 - $33,584) due from Mustang, and $190,918(December 31, 2025 - $243,211) due from Almadex in relation to expense recoveries.

(c) Other related party transactions

During the three months ended March 31, 2026, the Company employed the Chair’s daughter for a salary of $5,163 less statutory deductions (2025 - $5,163) for marketing and administrative services provided to the Company.

FINANCIAL INSTRUMENTS

The fair values of the Company’s cash and cash equivalents, accounts receivable, and trade and other payables approximate their carrying values because of the short-term nature of these instruments. Significant assumptions are discussed in Critical Accounting Estimates section of this MD&A.

The Company does not carry any financial instruments at fair value through profit or loss (FVTPL).

The Company is exposed to certain financial risks, including currency risk, credit risk, liquidity risk, interest rate risk, and commodity and equity price risk.

(a)

Currency risk

The Company is affected by changes in exchange rates between the Canadian dollar, the US dollar and the Mexican Peso. The Company does not invest in foreign currency contracts to mitigate the risks.

As at March 31, 2026, the Company was exposed to foreign exchange risk through the following monetary assets and liabilities denominated in currencies other than the functional currency of the applicable subsidiary:

All amounts in Canadian dollars		US dollar		Mexican peso
Cash and cash equivalents	$	5,211,978	$	57,169
Accounts receivable and prepaid expenses		-		470
Total assets	$	5,211,978	$	57,639

Trade and other payables	$	3,061	$	7,749
Total liabilities	$	3,061	$	7,749

Net assets	$	5,208,917	$	49,890

A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company’s net loss by $520,000.

A 10% change in the Mexican Peso exchange rate relative to the Canadian dollar would change the Company’s net loss by $5,000.

(b)

Credit risk

The Company’s cash and cash equivalents are held in large financial institutions, located in both Canada and Mexico. Cash equivalents mature at less than ninety days during the twelve months following the statement of financial position date. The Company’s accounts receivable consist of amounts due from related parties which are subsequently collected.

As at March 31, 2025, the Company’s maximum exposure to credit risk was the carrying value of its cash and cash equivalents, and accounts receivable.

(c)

Liquidity risk

Trade and other payables are due within twelve months of the statement of financial position date.

(d)

Interest rate risk

A 1% change in the interest rate would change the Company’s net loss by $61,000.

(e)

Commodity and equity price risk

The ability of the Company to evaluate exploration and evaluation assets and the damages being pursued under the Claim are directly related to the market price of gold and silver. The Company monitors these prices to determine the appropriate course of action to be taken by the Company. Equity price risk is defined as the potential adverse impact on the Company’s performance due to movements in individual equity prices or general movements in the level of the stock market.

A 1% change in the commodity price would change the Company’s net loss by $Nil.

Management of Capital

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares and, acquire or dispose of assets.

The Company expects its current capital resources will be sufficient to carry out its operations for the foreseeable future. There were no changes to the Company’s approach to the management of capital during the period. The Company is not subject to externally imposed capital requirements.

CRITICAL ACCOUNTING ESTIMATES

The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgements and estimates that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Based on historical experience and current conditions, management makes assumptions that are believed to be reasonable under the circumstances. These estimates and assumptions form the basis for judgements about the carrying value of assets and liabilities and reported amounts for revenues and expenses. Actual outcomes may differ from these judgements and estimates. These estimates and assumptions are also affected by management’s application of accounting policies, which is contained in Note 2 (d) of the December 31, 2025 annual consolidated financial statements. The impacts of such judgements and estimates are pervasive throughout the consolidated financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and the revision affects both current and future periods.

Significant assumptions about the future, and other sources of judgements and estimates that management has made at the statement of financial position dates, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

the analysis of the functional currency for each entity of the Company determined by conducting an analysis of the consideration factors identified in IAS 21, “The Effect of Changes in Foreign Exchange Rates”. In concluding that the Canadian dollar is the functional currency of the parent and its subsidiary companies, management considered the currency that mainly influences the cost of providing goods and services in each jurisdiction in which the Company operates. As no single currency was clearly dominant, the Company also considered secondary indicators, including the currency in which funds from financing activities are denominated and the currency in which funds are retained;

the estimated useful lives of property and equipment which are included in the consolidated statements of financial position and the related depreciation included in profit or loss;

the provision for income taxes which is included in profit or loss and composition of deferred income tax liability included in the consolidated statement of financial position and the evaluation of the recoverability of deferred tax assets based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions;

the assessment of indications of impairment of property plant and equipment and related determination of the net realizable value and write-down of those assets where applicable; and

the estimated incremental borrowing rate used to calculate the lease liabilities.

In addition to the foregoing, the Company uses the Black-Scholes option pricing model to determine the fair value of options, warrants, and derivative financial liabilities in order to calculate share-based payments expense, warrant liability and the fair value of finders’ warrants and stock options. Certain inputs into the model are estimates that involve considerable judgment or could be affected by significant factors that are out of the Company’s control.

CHANGES IN ACCOUNTING POLICY, INCLUDING INITIAL ADOPTION

Application of new and revised accounting standards effective January 1, 2026

New standards issued and not yet effective

On April 9, 2024, the IASB issued a new standard – IFRS 18, “Presentation and Disclosure in Financial Statements” with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

the structure of the statement of profit or loss;

required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and

enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. Adoption of IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its ‘operating profit or loss’. The Company is currently assessing the impact the new standard will have on its financial statements.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting that occurred during the period ended March 31, 2026 that materially affected, or that is reasonably likely to materially affect, the Company’s internal control over financial reporting.

CAUTIONARY NOTES REGARDING FORWARD LOOKING STATEMENTS

This MD&A contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information”). Forward-looking information contained herein is made as of the date of this document and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws. Forward-looking information includes statements that use forward-looking terminology such as “plans”, “expects”, “budget”, “estimates”, “intends”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements included in this document include, but are not limited to, statements with respect to: the Company’s forecasts and expected cash flows; the Company’s projected capital and operating costs; the timing, outcome, impact, and procedures relating to the arbitration proceedings under the CPTPP; disclosure regarding litigation financing; requirements for additional capital and expected use of proceeds; the Company’s cash resources and their adequacy to meet the Company’s working capital and litigation needs for its next fiscal year; the possible effect of changes in interest rates and exchange rates on the Company’s future operations; unanticipated reclamation expenses; limitations on insurance coverage; the Company’s outlook with respect to the price, demand and need for precious and other metals and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: both Almaden’s and the applicable Mexican authorities’ legal positions; stability and predictability in Mexico’s response to the arbitration process under the CPTPP; stability and predictability in the application of the CPTPP and arbitral decisions thereon; the ability to finance the arbitration process, and continued respect for the rule of law in Mexico, future economic and political conditions; future currency exchange rates remaining as estimated; availability of funds; favourable equity capital markets; the ability to raise any necessary capital on reasonable terms to advance the Company’s business objectives; future metal prices; the timing and reliability of sampling and assay data; and the accuracy of budgeted litigation costs or evaluation costs of exploration and development properties. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, legal, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks related to: resource exploration and development; uncertainty in developing a commercially viable mining operation; history of net losses; lack of cash flow and assurance of profitability; the need for additional capital; uncertainty of obtaining additional funding requirements; the application of the CPTPP and arbitral decisions thereon; continued respect for the rule of law in Mexico; political risk in Mexico; crime and violence in Mexico; corruption in Mexico; treatment of environmental matters and indigenous consultation under Mexican laws and regulations; impact of environmental impact assessment requirements on the Company; uncertainty as to the outcome of arbitration; community relations; governmental regulations; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; changes in mining, environmental or agrarian laws and regulations and changes in the application of standards pursuant to existing laws and regulations; governmental regulations and the ability to obtain necessary licences and permits; possible dilution to present and prospective shareholders; the material risk of dilution presented by a large number of outstanding share purchase options; volatility of share price; mineral prices not supporting corporate profit; unfavourable laws and regulations; political risk in jurisdictions where the Company operates; certainty of mineral title and the outcome of litigation; political, economic and social uncertainties; community relations; uncertainty of reserves and mineralization estimates; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; changes in environmental laws; dependence on management and other key personnel; conflicts of interest; foreign operations; changes to taxation regimes; foreign currency fluctuations; operating hazards and risks associated with the mining industry; the ability to manage growth; competition from other mining exploration companies; lack of a dividend policy; cybersecurity risks; foreign incorporation and civil liabilities; the Company being deemed a passive foreign investment company; the relatively low trading volume of the Common Shares; impairment of exploration and evaluation assets;; accidents, labour disputes and other risks of the mining industry; availability of third party contractors; failure of equipment to operate as anticipated; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; and the unknown direct and indirect consequences of the COVID-19 pandemic, as well as those factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form and all exhibits attached thereto. Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking information, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended.

The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

BOARD OF DIRECTORS AND MANAGEMENT

Directors:

Duane Poliquin, P.Eng

Morgan Poliquin, P.Eng, Ph.D

Kevin O’Kane, P.Eng, GCB.D

Alfredo Phillips, ACT, MPA

Michael Kosowan, M.A. Sc, P.Eng

Audit Committee members:

Michael Kosowan, M.A. Sc, P.Eng

Kevin O’Kane, P.Eng, GCB.D

Alfredo Phillips, ACT, MPA

Compensation Committee members:

Duane Polquin, P.Eng

Alfredo Phillips, ACT, MPA

Kevin O’Kane, P.Eng, GCB.D

Nominating & Corporate Governance Committee members:

Alfredo Phillips, ACT, MPA

Michael Kosowan, M.A. Sc, P.Eng

Morgan Poliquin, P.Eng, Ph.D

Management:

Duane Poliquin, P.Eng – Chair

Morgan Poliquin, P.Eng, Ph.D – Vice Chair

Douglas McDonald, M.A.Sc, B.Com. – Chief Executive Officer, President

Korm Trieu, CPA, CA – Chief Financial Officer, Corporate Secretary

John Thomas, P.Eng, BSc., MSc. PhD – Vice President, Project Development

Exhibit 99.3

Form 52-109FV2

Certification of Interim Filings

Venture Issuer Basic Certificate

I, Douglas McDonald, Chief Executive Officer of Almaden Minerals Ltd., certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Almaden Minerals Ltd. (the “issuer”) for the interim period ended March 31, 2026.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: May 7, 2026

“Douglas McDonald”

_______________________

Douglas McDonald

Chief Executive Officer

NOTE TO READER

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii)

a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

Exhibit 99.4

Form 52-109FV2

Certification of Interim Filings

Venture Issuer Basic Certificate

I, Korm Trieu, Chief Financial Officer of Almaden Minerals Ltd., certify the following:

Date: May 7, 2026

“Korm Trieu”

_______________________

Korm Trieu

Chief Financial Officer

NOTE TO READER

ii)

a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

Source: View Original Filing on SEC EDGAR

FAQ

How did Almaden Minerals (AAUAF) perform financially in Q1 2026?

Almaden reported a small comprehensive loss of $106,606 in Q1 2026 versus $1,316,336 a year earlier. The improvement mainly reflects the absence of gold-loan fair value adjustments and lower financing costs, while the company remains in the exploration stage with no mining revenue.

What is Almaden Minerals’ cash position and working capital as of March 31, 2026?

As of March 31, 2026, Almaden held $6,064,828 in cash and cash equivalents and had working capital of $5,798,631. Management concludes this is sufficient to sustain operations for the next twelve months while advancing its arbitration and evaluating exploration and development opportunities.

What is the status of Almaden Minerals’ arbitration claim against Mexico under the CPTPP?

Almaden and Almadex are pursuing international arbitration under the CPTPP, seeking aggregate damages of US$1.06 billion. Mexico has filed its counter-memorial, Almaden is preparing a reply by May 18, 2026, and hearings are scheduled for December 2026 before an ICSID tribunal.

How is Almaden Minerals funding its ICSID arbitration proceedings?

Almaden has a non-recourse litigation funding agreement providing up to US$9.5 million to cover legal, tribunal and expert costs. As of March 31, 2026, the funder had disbursed US$4,256,333 to the claim, repayable only from any damages award the tribunal may grant.

What happened to Almaden Minerals’ Ixtaca project and Tuligtic concessions?

The Tuligtic concessions underpinning the Ixtaca project were declared ineffective and later denied by Mexican authorities following court and administrative actions. Title to the project was revoked, leading Almaden to record past impairments and pursue arbitration, while the exploration and evaluation asset now carries a nominal balance of $1.

Does Almaden Minerals have any significant debt obligations as of Q1 2026?

As of March 31, 2026, Almaden reported no long-term financial debt. The prior secured gold loan from Almadex was fully repaid in July 2025, and only lease liabilities remain, with the long-term portion reduced to $Nil and a current lease liability of $132,686 outstanding.

How sensitive is Almaden Minerals to foreign exchange movements?

Almaden is exposed mainly to U.S. dollar and Mexican peso fluctuations. At March 31, 2026, a 10% change in the U.S. dollar relative to the Canadian dollar would change net loss by about $520,000, and a 10% change in the Mexican peso would affect net loss by approximately $5,000.

Filing Exhibits & Attachments

4 documents

Almaden Minerals (AAUAF) trims Q1 2026 loss while pursuing US$1.06B CPTPP arbitration

Rhea-AI Filing Summary

Positive

Negative

Insights

Key Figures

Key Terms

FAQ

How did Almaden Minerals (AAUAF) perform financially in Q1 2026?

What is Almaden Minerals’ cash position and working capital as of March 31, 2026?

What is the status of Almaden Minerals’ arbitration claim against Mexico under the CPTPP?

How is Almaden Minerals funding its ICSID arbitration proceedings?

What happened to Almaden Minerals’ Ixtaca project and Tuligtic concessions?

Does Almaden Minerals have any significant debt obligations as of Q1 2026?

How sensitive is Almaden Minerals to foreign exchange movements?

Filing Exhibits & Attachments

Press Releases

Almaden Minerals (AAUAF) trims Q1 2026 loss while pursuing US$1.06B CPTPP arbitration

Rhea-AI Filing Summary

Positive

Negative

Insights

Mining litigation and corporate finance analyst neutral

Key Figures

Key Terms

FAQ

How did Almaden Minerals (AAUAF) perform financially in Q1 2026?

What is Almaden Minerals’ cash position and working capital as of March 31, 2026?

What is the status of Almaden Minerals’ arbitration claim against Mexico under the CPTPP?

How is Almaden Minerals funding its ICSID arbitration proceedings?

What happened to Almaden Minerals’ Ixtaca project and Tuligtic concessions?

Does Almaden Minerals have any significant debt obligations as of Q1 2026?

How sensitive is Almaden Minerals to foreign exchange movements?

Filing Exhibits & Attachments

Press Releases