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Almaden Minerals (TSX: AMM; OTCQB: AAUAF) has filed a memorial submission for its US$1.06 billion damages claim against Mexico under the CPTPP international arbitration proceedings. The claim stems from Mexico's actions that resulted in the complete loss of the company's Ixtaca precious metals project.
The dispute originated in 2015 when an ejido community declared itself Indigenous and filed a lawsuit challenging Mexico's mineral title system. Despite Almaden's attempts to relinquish 7,000 hectares including the ejido lands, the situation escalated under President Lopez-Obrador's administration. In 2022, Mexico's Supreme Court ordered the suspension of Almaden's mineral titles for Indigenous consultation, but in 2023, the mining authority (Economia) arbitrarily denied the company's mineral title applications retroactively, citing minor technical faults.
The claim is being financed by up to US$9.5 million in non-recourse litigation funding. Almaden, together with Almadex Minerals (which held a 2.0% NSR royalty), alleges that Mexico unlawfully expropriated their investments, failed to provide fair treatment, and discriminated against them.
Almaden Minerals (TSX: AMM; OTCQB: AAUAF) has signed a definitive agreement to sell its Rock Creek Mill in Nome, Alaska to Metals Exploration PLC (LSE AIM: MTL) for US$9.7 million. The transaction is expected to close by August 31, 2025, subject to final inspection.
The purchase price will be paid in installments:
- US$2 million within 14 days of agreement execution
- US$3 million upon transport scheduling verification (around March 31, 2025)
- US$2 million following final inspection (around April 30, 2025)
- US$2.7 million when assets are ready for shipment (around August 31, 2025)
Almaden will pay a 15% commission of the purchase price to an equipment sales broker.
Almaden Minerals (TSX: AMM; OTCQB: AAUAF) has provided an update on its international arbitration proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The case is being funded with up to US$9.5 million in non-recourse litigation funding. Key developments include: appointment of all three arbitrators to the tribunal, establishment of Washington, D.C. as the arbitration venue, and scheduling of the Company's Memorial document submission for March 20, 2025. The company has engaged a quantum expert to assess damages and continues case preparation with legal representatives at Boies Schiller Flexner. While pursuing the claim, Almaden maintains openness to a constructive resolution with Mexico that benefits all stakeholders.
Almaden Minerals announced non-recourse litigation financing of up to US$9.5 million to support its international arbitration against Mexico under the CPTPP. This funding will cover legal and expert costs, with repayment contingent on damage recovery. The agreement follows thorough due diligence, reinforcing the credibility of Almaden's legal claims.
Additionally, Almaden extended its gold loan maturity with Almadex from March 31, 2026, to March 31, 2030. Almadex will receive 2.0% of any damages awarded. Almaden also entered a Litigation Management Agreement with Almadex to streamline arbitration management, aiming to save time and costs.
Almaden Minerals announced the results of its Annual General Meeting (AGM) held on June 26, 2024. All proposals set forth in the Notice of Meeting and Information Circular were approved by shareholders. The election results for the board of directors are as follows: Duane Poliquin, Morgan Poliquin, Alfredo Phillips, Kevin O’Kane, and Ria Fitzgerald were elected with over 99% of votes in favor. Representing 30.78% of outstanding shares, a total of 42,230,569 common shares participated. Shareholders also approved Davidson & Company LLP as auditors for the upcoming year. Detailed voting results will be available on SEDAR, EDGAR, and Almaden's website.
Almaden Minerals has initiated international arbitration proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The arbitration follows Mexico's blockage and retroactive termination of Almaden's Ixtaca project mineral concessions. Despite a required consultation meeting on May 30, 2024, no amicable resolution was reached. Almaden filed its Request for Arbitration with the International Centre for Settlement of Investment Disputes (ICSID) after a 90-day notice period, aiming to recover investment losses.
Duane Poliquin, Chair of Almaden, expressed regret over the situation, noting the project's potential benefit for shareholders and local communities. The company had adhered to best practices, including advanced environmental and human rights protocols. The arbitration represents a significant step as Almaden seeks compensation for its thwarted investment.
Almaden Minerals has decided to pursue arbitration against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after a failed consultation with Mexican officials. The company will withdraw its lawsuits in Mexican courts to focus on the arbitration process, which will be handled by the International Centre for Settlement of Investment Disputes (ICSID). Almaden, in conjunction with Almadex Minerals, seeks damages of no less than $200 million. This move follows a six-month consultation period starting December 14, 2023, that did not yield a resolution.
Almaden Minerals has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission. The Company's audited financial statements for the years ended December 31, 2023, 2022, and 2021 can be accessed on the Company's website. Shareholders can request a hard copy of the financial statements and Form 20-F free of charge. Contact details are provided for inquiries.
