07:24 AM EDT, 03/15/2024 (MT Newswires) -- Almadex Minerals Ltd. ( AAMMF ) , and Almaden Minerals ( AAU ) , overnight Thursday provided an update regarding their Request for Consultations delivered Mexico.

Last December, the companies delivered to Mexico a written Request for Consultations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The request concerned "certain acts and omissions of Mexico in breach of the CPTPP relating to the company's investment in the Ixtaca Gold-Silver Project" (December 14, 2023 statement).

While Mexico in late December acknowledged receipt of that Request, stating that it would propose dates for a consultation meeting, it never did so.

On March 14, Almadex and Almaden on behalf of themselves and their Mexican subsidiaries. delivered to Mexico written notice of its intention to submit a claim to arbitration. The damages relating to the Almadex and Almaden claim will be for no less than US$200 million. Almadex would also be entitled to damages relating to its 2.0% NSR royalty on the Ixtaca project.

The Notice enables the companies to initiate arbitration should an amicable resolution of the dispute with the Mexican government not be reached. The filing of the Notice must precede initiation of arbitration by at least 90 days.