Almaden Provides Update on Arbitration Process with Mexico
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 (TSX: AMM; OTCQB: AAUAF) ha fornito un aggiornamento sui suoi procedimenti di arbitrato internazionale contro il Messico ai sensi dell'Accordo Globale e Progressivo per la Partnership Transpacifica. Il caso è finanziato con fino a 9,5 milioni di dollari USA in finanziamento per contenzioso senza ricorso. Gli sviluppi chiave includono: la nomina di tutti e tre gli arbitri per il tribunale, la designazione di Washington, D.C. come sede dell'arbitrato e la programmazione della presentazione del documento memoriale della Società per il 20 marzo 2025. L'azienda ha coinvolto un esperto di quantificazione per valutare i danni e continua la preparazione del caso con i rappresentanti legali di Boies Schiller Flexner. Pur perseguendo la richiesta, Almaden mantiene un'apertura verso una risoluzione costruttiva con il Messico che avvantaggi tutti gli stakeholder.
Almaden Minerals (TSX: AMM; OTCQB: AAUAF) ha proporcionado una actualización sobre sus procedimientos de arbitraje internacional contra México bajo el Acuerdo Integral y Progresista para la Asociación Transpacífica. El caso está siendo financiado con hasta 9,5 millones de dólares estadounidenses en financiación de litigios sin recurso. Los desarrollos clave incluyen: la designación de los tres árbitros al tribunal, el establecimiento de Washington, D.C. como sede del arbitraje y la programación de la presentación del documento memorial de la Compañía para el 20 de marzo de 2025. La empresa ha contratado a un experto en cuantificación para evaluar los daños y continúa preparando el caso con los representantes legales de Boies Schiller Flexner. Mientras persigue la reclamación, Almaden se mantiene abierta a una resolución constructiva con México que beneficie a todas las partes interesadas.
알마덴 미네랄스 (TSX: AMM; OTCQB: AAUAF)는 포괄적이고 점진적인 환태평양 파트너십 협정에 따라 멕시코를 상대로 한 국제 중재 절차에 대한 업데이트를 제공했습니다. 이 사건은 950만 달러까지 비상환 소송 자금으로 지원받고 있습니다. 주요 발전 사항으로는 모든 세 명의 중재자가 재판소에 임명되었고, 워싱턴 D.C.가 중재 장소로 지정되었으며, 회사의 메모리얼 문서 제출이 2025년 3월 20일로 예정되었다는 점이 포함됩니다. 이 회사는 손해 평가를 위해 양자 전문자를 고용했으며, Boies Schiller Flexner의 법률 대리인과 함께 사건 준비를 계속하고 있습니다. 청구를 진행하는 동안 알마덴은 모든 이해 관계자에게 유익한 멕시코와의 건설적인 해결에 대해 개방적인 자세를 유지하고 있습니다.
Almaden Minerals (TSX : AMM ; OTCQB : AAUAF) a fourni une mise à jour concernant ses procédures d'arbitrage international contre le Mexique dans le cadre de l'Accord Global et Progressif sur le Partenariat Transpacifique. L'affaire est financée à hauteur de 9,5 millions de dollars US grâce à un financement de litiges sans recours. Parmi les évolutions clés, on trouve : la nomination des trois arbitres au tribunal, l'établissement de Washington, D.C. comme lieu d'arbitrage et la planification de la soumission du document mémoriel de la Société pour le 20 mars 2025. L’entreprise a engagé un expert en évaluation des dommages et continue la préparation de l’affaire avec les représentants juridiques de Boies Schiller Flexner. Tout en poursuivant la réclamation, Almaden reste ouvert à une résolution constructive avec le Mexique qui bénéficie à toutes les parties prenantes.
Almaden Minerals (TSX: AMM; OTCQB: AAUAF) hat ein Update zu seinen internationalen Schiedsverfahren gegen Mexiko im Rahmen des Umfassenden und Fortschrittlichen Abkommens über die Transpazifische Partnerschaft gegeben. Der Fall wird mit bis zu 9,5 Millionen US-Dollar an nicht rückzahlbarer Prozessfinanzierung unterstützt. Zu den wichtigsten Entwicklungen gehören: die Ernennung aller drei Schiedsrichter zum Tribunal, die Festlegung von Washington, D.C. als Schiedsgerichtsort und die Planung der Einreichung des Memorialdokuments der Gesellschaft für den 20. März 2025. Das Unternehmen hat einen Experten für Schadensbewertung beauftragt und bereitet den Fall weiterhin mit den Rechtsvertretern von Boies Schiller Flexner vor. Während es den Anspruch verfolgt, bleibt Almaden offen für eine konstruktive Lösung mit Mexiko, die allen Beteiligten zugutekommt.
- Secured US$9.5 million in non-recourse litigation funding
- Successfully established arbitration tribunal with all three arbitrators appointed
- Clear timeline set with Memorial submission date of March 20, 2025
- Engaged quantum expert for damages assessment
- Ongoing legal uncertainty and costs associated with arbitration process
- Extended timeline for resolution with Memorial submission not until March 2025
VANCOUVER, British Columbia, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; OTCQB: AAUAF) provides an update on its international arbitration proceedings (the “Claim”) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership with the United Mexican States (“Mexico”). The Claim is being prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes. The Company is financing the Claim with up to US
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 “Tribunal”);
- 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.;
- 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. This work will form an important part of the Memorial submission;
- The Company and its legal representatives at Boies Schiller Flexner continue to prepare the case. Document analysis and interviews with pertinent personnel and experts are progressing as scheduled.
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.
For background on the basis for the arbitration and ongoing updates with respect to the arbitration, please refer to the Company’s website at www.almadenminerals.com.
On behalf of the Board of Directors,
“J. Duane Poliquin”
J. Duane Poliquin
Chair
Almaden Minerals Ltd.
Safe Harbor Statement
Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things, the total potential cost of the legal claims and the sufficiency of the money available under the litigation funding agreement to cover these costs, and the result and damages arising from the Company’s request for arbitration.
These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant legal, regulatory, business, operational and economic uncertainties and contingencies, and such uncertainty generally increases with longer-term forecasts and outlook. These assumptions include: 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 continue to finance the arbitration process, and continued respect for the rule of law in Mexico. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release. Such risks and other factors include, among others, risks related to: 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; uncertainty as to the outcome of arbitration or the funding available to the Company to pursue it; as well as those factors discussed the section entitled "Risk Factors" in Almaden's Annual Information Form and Almaden's latest Form 20-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that our forward-looking statements or information will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements or information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to on forward-looking statements or information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact Information:
Almaden Minerals Ltd.
Tel. 604.689.7644
Email: info@almadenminerals.com
http://www.almadenminerals.com/
FAQ
What is the status of Almaden Minerals' (AAUAF) arbitration case against Mexico?
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