09:09 AM EDT, 07/28/2025 (MT Newswires) -- Almaden Minerals (AMM.TO) on Monday said arbitration proceedings against the Mexican government are progressing after an arbitration panel rejected Mexico's argument that the two companies did not have the "standing" to pursue the claim

Mexico alleged that the claimants lacked standing to bring the claim because the bylaws of Almaden's and Almadex's Mexican subsidiaries contain standard form declarations which are mandated by Mexican law for all Mexican enterprises with foreign investment.

Almaden and Almadex Minerals (DEX.V) are pursuing a claim over the loss of the Ixtaca precious metals project in Mexico.

Earlier this month, the two companies had filed a "memorial," outlining how Mexico had breached its obligations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) when it blocked the development of the Ixtaca project and retroactively and arbitrarily terminating Almaden's mineral concessions.

Mexico had subsequently filed a request for the arbitration panel to establish a separate phase of the proceedings to consider certain objections, including that the claimants lack standing to bring the claim.

With Mexico's "bifurcation" request now rejected in full, Almaden expects to be able to share an update on the arbitration calendar in the fourth quarter.

Almaden and Almadex, which has a 2% NSR on Ixtaca, are pursuing US$1.06 billion in damages.