07:48 AM EST, 12/12/2024 (MT Newswires) -- Almaden Minerals Ltd. ( AAUAF ) , trading near 52 week lows, on Thursday provided an update on its international arbitration proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership with the United Mexican States.

While Almaden in a statement said it is "vigorously pursuing this claim", its preference is for a constructive resolution with Mexico that results in a positive outcome for all stakeholders, a statement said.

Thursday's statement noted the claim is being prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes. The company said it is financing the claim with up to US$9.5 million in non-recourse litigation funding provided by a legal finance counterparty.

Almaden said since the last update of June 27, 2024, the following key milestones have been met: Each of the company and Mexico has appointed an arbitrator to the three-person arbitration panel; the third and presiding arbitrator has also been appointed, and the Tribunal has now been duly constituted. The place of the arbitration is Washington, D.C.

Also, the Tribunal held its first session with the company and Mexico on November 20, 2024.

As determined by the Tribunal, the company will submit its Memorial document, which describes in detail the company's legal arguments and evidence, by March 20, 2025.

The company has engaged a quantum expert to assess the damages relating to the claim. The company and its legal representatives continue to prepare the case.