Almadex Minerals Ltd

Description

Almadex Minerals is a Canadian prospect-generator and royalty company that retains royalty interests on projects it generates and options to other operators, rather than funding exploration itself. Its portfolio spans 15 royalties across Canada, the United States and Mexico, mostly 2% net smelter returns, covering gold-silver, copper-gold porphyry and polymetallic targets operated by companies including Kodiak Copper, Endeavour Silver, McEwen Mining, Gold Resource Corp and Silver North Resources.

Because Almadex does not operate any project itself, there is no company-level NI 43-101 resource, PEA, PFS or DFS; portfolio value instead depends on drilling and development success at each operator's project. The largest single royalty by underlying project profile is the Dillard NSR on Kodiak Copper's Dillard/MPD copper-gold porphyry zone in British Columbia.

Weakness

List of projects

Project 1: Logan, Yukon — 100%-owned zinc-silver resource; MRE stage.
Project 2: New Hope, Arizona — 100%-owned copper-gold porphyry target.
Project 3: King, Colorado — 100%-owned copper-gold porphyry target; drilling started August 2026.
Project 4: Paradise/Davis, Nevada — gold-silver and porphyry targets; exploration stage.
Project 5: Rattlesnake, Arizona — porphyry-epithermal target.
Project 6: Fountain Ridge, Idaho — early precious-metals prospect.
Projects 7–9: Pilot, Confusion Hills and Red Ring, Nevada — Mustang may earn 60%; some claims remain subject to underlying purchase options.
Other disclosed prospects: Radio, Silverton South and County Line in Nevada; Merit and Nicoamen River in British Columbia; Ruby Hill and Red Antler precious-metal prospects; Tierra Blanca in New Mexico. These are not defined gold/copper resources.
Legacy interests: Ixtaca royalty compensation claim; Mor royalty retention not confirmed in this review.
Excluded: Big Sky, abandoned; El Cobre, sold; the 14 Empress royalties, sold (Dillard, Tim, Ponderosa, Prospect Valley, Skoonka Creek, Goz Creek, Ram, Willow, La Bufa, Caballo Blanco, Cerro Colorado, El Encuentro, El Fuego and Los Venados).

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