Almaden Minerals Ltd.
Almaden Minerals Ltd. (TSXV: AMM, formerly also dual-listed on TSX/NYSE American as AAU) is a gold/silver developer whose sole asset is the 100%-owned Ixtaca deposit in Puebla, Mexico (subject to a 2.0% net-smelter-return royalty held by Almadex Minerals Ltd., a related but legally distinct company). A December 2018 Feasibility Study outlined pre-tax NPV5% of US$470M, post-tax NPV5% of US$310M, an after-tax IRR of 42%, an 11-year mine life, initial capex of US$174M, and AISC of US$850/oz, on proven+probable reserves of 1.387M oz Au and 85.16M oz Ag -- but the project has been STALLED, not active, since Mexican authorities denied/blocked permitting on indigenous-consultation grounds around 2019-20. Almaden is now pursuing CPTPP/ICSID international arbitration against the Mexican government, with the claim raised to US$2.68B and a hearing scheduled for December 2026. The 2018 FS economics are 8 years old and describe a non-active project; per this database's convention for stale studies on non-active projects (see the ORV/Orvana precedent in the data operations playbook), those figures are NOT written to the live economics fields here -- see technicalReportNote for the historical figures with an explicit staleness caveat, and dcfNpvUsd/irrPct/mineLifeYears/aiscValue/ouncesFound are left null.
Notable vs. Peers
- Financials score of 9/10 is stronger than the peer average of 6.6/10.
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Chairman and founder of Almaden Minerals Ltd. Received his geological engineering degree in 1962 and identified the Santa Fe gold property in Nevada in 1972; founded Almaden Minerals and took it public in 1986, and also discovered the Trinidad gold deposit in Mexico.
President and Chief Executive Officer of Almaden Minerals Ltd. Holds a Bachelor of Commerce and a Master's in Applied Science (mineral economics) from UBC, with eighteen years of experience in resources-sector M&A and international trade policy, including five years as a Canadian Foreign Service officer.
Chief Financial Officer of Almaden Minerals Ltd. Chartered Professional Accountant with over twenty years in corporate finance and natural-resources taxation, including prior roles at Sprott and Ernst & Young.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Almaden today is largely an arbitration claim: it is pursuing Mexico for US$1.06 billion over the Ixtaca gold-silver project, funded by up to US$9.5 million of third-party litigation finance arranged in June 2024, with the hearing rescheduled in August 2026. Litigation money is not a shareholder, and we found no producer, strategic or named institutional holder on the register, nor any reported institutional ownership figure. The one positive signal is co-founder Duane Poliquin buying 250,000 shares on the open market at C$0.055 in December 2024, with nothing sold since — genuine, but twenty months old.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
STALE STUDY, PROJECT NON-ACTIVE PENDING ARBITRATION (not written to dcfNpvUsd/dcfNpvUsd10Pct/irrPct/mineLifeYears/aiscValue/ouncesFound): the only economics ever published for Ixtaca are from a Feasibility Study dated 11 Dec 2018 (globenewswire.com press release) -- pre-tax NPV5% US$470M, post-tax NPV5% US$310M, after-tax IRR 42%, 11-year mine life, initial capex US$174M, AISC US$850/oz, on reserves of 1.387M oz Au + 85.16M oz Ag (Proven+Probable). Mexico denied/blocked permitting on indigenous-consultation grounds circa 2019-20, and the project has not advanced since -- 8 years stale and describing a non-operational, permit-blocked project. Almaden is pursuing CPTPP/ICSID arbitration against Mexico (claim raised to US$2.68B, hearing Dec 2026, per globenewswire.com 16 Sep 2025 and SEC 6-K FY2025 filings). Per this database's ORV/Orvana precedent (docs/GOLD-DATA-OPERATIONS-PLAYBOOK.md sec. 6.1), a stale study describing a non-active project is not written to the live economics fields.