Financial Performance - The company reported net losses of $64,148,145 for the year ended December 31, 2023, and $2,875,061 for the year ended December 31, 2024[36]. - The company has incurred significant net losses over the past three fiscal years, totaling $64,148,145 in Fiscal 2023 and $11,838,257 in Fiscal 2022[36]. - The company currently has no revenues from operations as all properties are in the exploration stage[37]. - The company has no assurance of profitability due to the speculative nature of resource exploration and development[32]. Working Capital and Dividends - As of December 31, 2024, the company had working capital of $4,419,904, including cash and cash equivalents of $3,155,750[38]. - The company has not paid dividends since incorporation and does not anticipate doing so in the foreseeable future[39]. - The Company does not intend to pay cash dividends in the foreseeable future, as earnings are expected to be retained for business development and expansion[57]. Capital Requirements - The company may require additional capital for further development of an economic ore body and to pursue arbitration proceedings against Mexico[40]. Risks and Regulations - The company is subject to extensive laws and regulations governing its exploration activities, which could impact operations[42]. - The company faces risks related to political, economic, and social uncertainties that could adversely affect its results[43]. - The company is subject to risks associated with foreign operations, including currency fluctuations and political instability, which could adversely affect its business[52]. - The Extractive Sector Transparency Measures Act (ESTMA) requires public disclosure of payments to governments, and non-compliance could result in significant penalties[58]. - The Company is not currently engaged in currency hedging, exposing it to risks from fluctuations in exchange rates[56]. - The ongoing geopolitical tensions, such as the Russia-Ukraine conflict, may lead to volatility in commodity prices, adversely affecting the Company's financial condition[63]. Personnel and Competition - The Company is highly dependent on key personnel, and the loss of any key personnel could negatively affect its operations[50]. - The Company does not maintain "Key Man" insurance, increasing its vulnerability to the loss of key personnel[50]. - The Company faces competition from larger companies with significantly greater financial strength, which could negatively impact its operations and financial condition[54]. Share Options - As of April 29, 2025, there are 11,635,000 outstanding share purchase options, with 9,650,000 held by directors and officers, potentially causing an 8% increase in issued and outstanding common shares if exercised[49]. Tax Implications - The Company could be classified as a Passive Foreign Investment Company (PFIC), which may have negative tax consequences for U.S. investors[65]. Legal Proceedings - The company has initiated international arbitration proceedings against Mexico, which may have a material adverse effect on its financial position[35].

Financial Performance - The company reported a revenue of $1.2 billion for the last quarter, representing a 15% increase year-over-year[10]. - The company provided guidance for the next quarter, expecting revenue to be between $1.3 billion and $1.5 billion, indicating a potential growth of 8% to 25%[10]. - The company reported a gross margin of 40%, consistent with industry standards, indicating strong operational efficiency[10]. - The Company reported net losses of $63,620,232 for the year ended December 31, 2023, compared to $11,846,560 for 2022 and $2,668,254 for 2021[65]. - The Company currently has no revenues from operations as all properties are in the exploration and development stage[65]. User Growth and Market Expansion - User data showed a growth in active users to 5 million, up from 4 million in the previous quarter, marking a 25% increase[10]. - Market expansion efforts are underway in Europe, with a target to increase market share by 10% within the next year[10]. Product Development and Investment - New product launches are anticipated to contribute an additional $200 million in revenue over the next fiscal year[10]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[10]. - The company is exploring potential acquisitions to bolster its product offerings, with a budget of $100 million allocated for this purpose[10]. - A new strategic partnership has been established, expected to enhance distribution channels and increase sales by 15%[10]. Environmental and Community Impact - The Ixtaca Gold-Silver Project is expected to create approximately 600 direct jobs during peak construction and 420 jobs during operations[49]. - The company expects the Ixtaca Project's proposed dry-stack tailing facilities to have a positive environmental impact[49]. - The company believes that the Ixtaca Project could make meaningful contributions to surrounding communities long after final closure[49]. - The company is focused on ensuring compliance with environmental, health, and safety laws throughout the project[49]. - The company anticipates advancing further elements of the community social investment plan as mining and construction progress[49]. Legal and Regulatory Challenges - The company is facing significant risks regarding its mineral rights for the Ixtaca Project, which have been declared "ineffective" by the Supreme Court of Justice of Mexico[59]. - Legal proceedings initiated by the Company regarding its mineral title applications are expected to last approximately 18 months[62]. - The Company has initiated legal action under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) regarding an investment dispute with Mexico[63]. - The Company is subject to extensive laws and regulations that may affect its ability to conduct exploration and development activities[68]. - Compliance with ILO Convention 169 may result in delays and additional expenses related to consultations with indigenous communities[75]. Financial Position and Capital Requirements - As of December 31, 2023, the Company had working capital of $4,830,735, including cash and cash equivalents of $4,245,983[66]. - The Company has financed its operations primarily through the sale of equity securities and may require additional capital for further development[65]. - The Company does not intend to pay cash dividends in the foreseeable future, as earnings are expected to be retained for business development and expansion[102]. Risks and Uncertainties - The Company faces significant risks from political, economic, and social uncertainties that could adversely affect its operations and financial condition[77]. - The Company’s foreign operations in Mexico expose it to risks such as currency fluctuations and political instability, which could hinder development efforts[97][101]. - The mining industry is highly competitive, and the Company may face challenges from larger competitors with greater financial strength[100]. - Environmental regulations related to climate change may impose additional operational costs, affecting future profitability[84]. - Cybersecurity risks include unauthorized access and potential disruption of business processes, which could materially impact the Company's operations and reputation[105]. - International conflicts, such as the Russia-Ukraine situation, may lead to volatility in commodity prices, adversely affecting the Company's financial condition[108]. Compliance and Reporting - The Extractive Sector Transparency Measures Act (ESTMA) requires public disclosure of payments to governments, and non-compliance may result in significant penalties or sanctions[103]. - The Company is utilizing the extended transition period for Emerging Growth Companies, which may complicate financial statement comparisons with other public companies[109]. - As of April 26, 2024, the Company has 12,465,000 share purchase options and 500,000 warrants outstanding, which could result in a 9% dilution of existing shareholders if exercised[93].

Core Points - Almaden Minerals Ltd. has delisted from the NYSE American stock exchange as of market close on April 4, 2024, and its common shares are now listed and trading on the OTCQB Marketplace under the symbol "AAUAF" [1] - The company's shares continue to trade on the TSX [1] Company Information - The announcement was made by J. Duane Poliquin, Chair of Almaden Minerals Ltd. [1] - Contact information for Almaden Minerals Ltd. includes a telephone number and email address for inquiries [1]

Financial Performance - Almaden Minerals Ltd. reported total assets of CAD 12,714,764 as of December 31, 2023, a significant decrease of 83.7% from CAD 78,050,210 in 2022[8]. - The company experienced a net loss of CAD 63,620,232 for the year ended December 31, 2023, compared to a net loss of CAD 11,846,560 in 2022, representing an increase in losses of 436.5%[10]. - Total equity decreased to CAD 7,005,595 in 2023 from CAD 69,815,677 in 2022, a decline of 90%[8]. - The basic and diluted net loss per share was CAD (0.46) for 2023, compared to CAD (0.09) for 2022[10]. - The accumulated deficit increased to $157,391,582 as of December 31, 2023, compared to $93,771,350 at the end of 2022, representing a rise of approximately 68%[18]. - The net loss attributable to common shareholders for the year ended December 31, 2023, was $63,620,232, compared to $11,846,560 in 2022 and $2,668,254 in 2021[146]. Cash and Liquidity - Cash and cash equivalents decreased to CAD 4,245,983 in 2023 from CAD 6,658,076 in 2022, a decline of 36.2%[8]. - The company incurred negative cash flows from operations of $1,483,006 in 2023, slightly improved from negative cash flows of $1,653,398 in 2022[18]. - The company had a working capital surplus of $4,830,735 as of December 31, 2023, down from $7,463,140 in 2022[18]. - Liquidity risk is considered low as the Company has sufficient cash and cash equivalents to meet its current liabilities[166]. Assets and Liabilities - Total liabilities decreased to CAD 5,709,169 in 2023 from CAD 8,234,533 in 2022, a reduction of 30.6%[8]. - The company reported exploration and evaluation assets of CAD 1 as of December 31, 2023, down from CAD 63,115,076 in 2022, indicating a complete impairment of these assets[8]. - The total lease liability decreased to CAD 377,635 in 2023 from CAD 465,930 in 2022, a reduction of approximately 19%[73]. - The carrying amount of property, plant, and equipment as of December 31, 2023, was CAD 6,601,742, slightly down from CAD 6,610,871 in 2022[79]. Expenses and Costs - Professional fees increased to CAD 1,113,336 in 2023 from CAD 864,051 in 2022, an increase of 28.9%[10]. - Share-based payments decreased significantly to CAD 810,150 in 2023 from CAD 1,478,100 in 2022, a decline of 45.1%[10]. - The company recorded an impairment of acquisition costs amounting to $11,308,720 for the year ended December 31, 2023, compared to $Nil in 2022[83]. - The total cash used in investing activities was $801,290 in 2023, a decrease from $1,728,846 in 2022[18]. Exploration and Development - The company continues to explore and develop its Ixtaca precious metals project in Mexico, although it has not yet established economically recoverable mineral reserves[17]. - The company is in the advanced exploration stage, capitalizing all costs related to the acquisition and development of mineral claims[40]. - The company recognized an impairment charge for exploration and evaluation assets when it is determined that the carrying amount is unlikely to be recovered[44]. Financing and Debt - The company plans to seek external financing to support its operations and exploration efforts moving forward[18]. - The maturity date for the gold loan is March 31, 2024, with an option to extend by two years[98]. - As of December 31, 2023, Almaden has a gold loan payable of $4,371,546, an increase of 11.3% from $3,929,015 on December 31, 2022[105]. Stock Options and Share Capital - The stock option plan allows for the issuance of options up to a maximum of 10% of the issued share capital, with 1,217,141 stock options reserved as of December 31, 2023[121]. - The total options outstanding and exercisable as of December 31, 2023, was 12,530,000, a slight decrease from 12,990,000 in 2022[126]. - The company plans to continue its strategy of managing stock options to optimize employee compensation and retention[126]. Tax and Regulatory Matters - The expected income tax for the year ended December 31, 2023, was $(18,011,811), compared to $(2,836,451) in 2022[152]. - The company is currently disputing the denial of mineral title applications through the Mexican Federal Administrative Court[92]. Risk Management - The Company is exposed to a 10% change in the US dollar exchange rate, which would affect its net loss by $110,000, and a similar change in the Mexican peso would impact the net loss by $44,000[161][164]. - A 1% change in interest rates would change the Company's net loss by $42,000[167]. - A 1% change in commodity prices would change the Company's net loss by $11,000[170].

Core Points - Almaden Minerals Ltd. has submitted a Request for Consultations to the Mexican government regarding a dispute under the CPTPP, which has not yet been resolved [2][3] - The company intends to file a claim for arbitration against Mexico, seeking damages of no less than US$200 million if an amicable resolution is not reached [3] - Almaden is voluntarily delisting from the NYSE American due to non-compliance with continued listing standards and plans to seek a listing on the OTCQB Marketplace [4][5] Request for Consultations - Almaden delivered a written Request for Consultations to Mexico on December 13, 2023, which was acknowledged but not followed up with proposed meeting dates [2] - On March 14, 2024, Almaden issued a Notice of intention to submit a claim to arbitration against Mexico due to the unresolved dispute [3] Claim for Arbitration - The Notice outlines the factual background and legal basis for the claim, citing breaches of the CPTPP by Mexico [3] - The company seeks damages of at least US$200 million, plus interest and costs, should arbitration be necessary [3] NYSE American Listing - Almaden has been non-compliant with NYSE American listing standards, with a share price averaging below US$0.20 for 30 trading days [4] - The company plans to delist from NYSE American by April 4, 2024, and aims to list on the OTCQB Marketplace to maintain a trading platform for U.S. shareholders [5]

Financial Performance - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 25% year-over-year growth[10] - The Company reported net losses of $11,846,560 for Fiscal 2022, $2,668,254 for Fiscal 2021, and $3,129,368 for Fiscal 2020, indicating a history of financial challenges[58] - As of December 31, 2022, the Company had working capital of $7,463,140, including cash and cash equivalents of $6,658,076, which management believes is sufficient for Fiscal 2023 exploration plans[59] - The Company may require additional capital to remain operational, particularly if exploration and development programs are successful[61] - The Company does not intend to pay cash dividends in the foreseeable future, as earnings are expected to be retained for business development[105] User Engagement and Market Outlook - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase in user engagement[10] - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 15% to 20%[10] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[10] - Market expansion efforts include entering three new countries, which are projected to increase market share by 10%[10] Research and Development - The company is investing $50 million in research and development for new technologies aimed at enhancing product features[10] Strategic Initiatives - The company is considering strategic acquisitions to bolster its product portfolio, with a budget of $100 million allocated for potential deals[10] - Operational efficiency improvements are expected to reduce costs by 5%, enhancing overall profitability[10] - The company has initiated a new marketing strategy aimed at increasing brand awareness, with a budget increase of 30% for the upcoming quarter[10] Sustainability and Compliance - The management emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 20% over the next five years[10] - The Company is subject to extensive environmental and health regulations, with potential penalties for non-compliance that could impact financial resources[89] - The Company is subject to the Extractive Sector Transparency Measures Act (ESTMA), which requires public disclosure of payments to governments, with potential penalties for non-compliance[106] Exploration and Mining Risks - The company is currently in the exploration and development stage, with no assurance of commercially viable ore deposits or mining operations resulting from its properties[56] - There is significant uncertainty regarding the discovery of commercially mineable ore deposits, with most exploration projects not resulting in such discoveries[57] - Estimates of reserves and mineral deposits can be affected by various factors, including environmental regulations, geological formations, and unforeseen technical difficulties[57] - The company acknowledges the speculative nature of resource exploration and development, which involves risks such as market fluctuations and regulatory changes[55] - There is no certainty that expenditures on exploration will lead to discoveries of mineralized material in commercial quantities[57] Legal and Regulatory Challenges - The Company’s mineral titles related to the Ixtaca Project are currently deemed "ineffective" pending indigenous consultation, impacting exploration activities[69] - The District Court ruled in favor of Economia's submission to deny mineral title applications, which the Company is appealing[70] - The Company faces risks related to compliance with ILO Convention 169, which mandates consultation with indigenous communities before granting mining rights[76] - Political, economic, and social uncertainties in Mexico may adversely affect the Company's operations and financial condition[73] - The Company may face significant legal proceedings that could adversely affect its business and financial condition[84] - The Company does not currently hold title to the mining concessions underlying the Ixtaca Deposit, which may lead to potential loss of mineral rights[85] Market and Operational Risks - The Company is exposed to foreign currency fluctuations as most activities are conducted outside Canada, with no current plans for currency hedging[101] - The Company faces competition from larger mining companies, which could impact its ability to secure projects and resources[104] - Cybersecurity risks could disrupt operations and adversely affect the Company's reputation and financial performance[107] - International conflicts, such as the ongoing Russian-Ukrainian war, may lead to volatility in global commodity prices, adversely affecting the Company's financial condition and operations[111] - The extent and duration of the current geopolitical tensions cannot be accurately predicted, potentially magnifying existing risks related to commodity price volatility[111] Shareholder Considerations - There are 12,530,000 share purchase options and 11,958,846 warrants outstanding, which could result in an 18% dilution of existing shareholders if fully exercised[63] - The Company may be classified as a Passive Foreign Investment Company (PFIC), which could lead to U.S. taxpayers facing ordinary income tax on distributions or gains from shares[110] - The Company relies on the expertise of key personnel, and the loss of any key personnel could negatively affect operations[97] - The Company’s reputation is at risk due to potential negative publicity, which could impact community relations and investor confidence[83]

Financial Performance - The net loss for the year 2022 was CAD 11,846,560, compared to a net loss of CAD 2,668,254 in 2021, indicating a significant increase in losses[11]. - Basic and diluted net loss per share for 2022 was CAD (0.09), compared to CAD (0.02) in 2021[11]. - Total comprehensive loss for the year 2022 was CAD 11,846,560, compared to CAD 2,668,254 in 2021, indicating a worsening financial position[11]. - The net loss attributable to common shareholders for the year ended December 31, 2022, was $11,846,560, compared to $2,668,254 in 2021 and $3,129,368 in 2020[12]. - The company reported a loss before income taxes of $10,505,375 for the year ended December 31, 2022[166]. Assets and Liabilities - Total assets decreased from CAD 87,232,290 in 2021 to CAD 78,050,210 in 2022, a decline of approximately 10.0%[8]. - Total liabilities increased from CAD 7,048,153 in 2021 to CAD 8,234,533 in 2022, an increase of approximately 16.8%[8]. - Cash and cash equivalents decreased from CAD 10,170,376 in 2021 to CAD 6,658,076 in 2022, representing a decrease of about 34.0%[8]. - The deferred income tax liability increased significantly from CAD 1,749,023 in 2021 to CAD 3,090,208 in 2022, an increase of about 76.8%[8]. - The company’s deficit increased to CAD 93,771,350 by the end of 2022, up from CAD 81,924,790 in 2021[15]. Revenue - Total revenue for the company decreased from $75.99 million in 2021 to $70.16 million in 2022, a decline of about 7.4%[194]. - Canada revenue decreased from $587.68 million in 2021 to $472.44 million in 2022, a decline of approximately 19.5%[194]. - United States revenue dropped significantly from $13.97 billion in 2021 to $6.57 billion in 2022, representing a decrease of about 52.9%[194]. - Mexico revenue increased from $61.43 million in 2021 to $63.12 million in 2022, showing a growth of approximately 2.8%[194]. Exploration and Evaluation Assets - Exploration and evaluation assets increased from CAD 61,431,639 in 2021 to CAD 63,115,076 in 2022, an increase of approximately 2.7%[8]. - The company incurred CAD 1,681,790 in exploration and evaluation asset costs in 2022, a decrease from CAD 2,784,645 in 2021[13]. - The recoverability of exploration and evaluation assets is dependent on the discovery of economically recoverable reserves and the ability to obtain financing for development[41]. - The company’s principal asset is the Ixtaca precious metals project located in Mexico, which is still in the exploration stage[18]. - The company has not yet determined whether the Ixtaca project has economically recoverable mineral reserves, which is critical for future operations[18]. Expenses - Professional fees for 2022 were CAD 864,051, up from CAD 772,887 in 2021, reflecting an increase of about 11.8%[11]. - Salaries and benefits increased to CAD 1,923,952 in 2022 from CAD 1,876,911 in 2021, a rise of approximately 2.5%[11]. - Share-based payments for 2022 amounted to CAD 1,478,100, down from CAD 1,870,800 in 2021[15]. - The company recorded occupancy expenses of $42,655 for short-term leases in 2022, compared to $40,542 in 2021, an increase of 5.2%[79]. Cash Flow - Net cash used in operating activities for 2022 was CAD 1,653,398, slightly higher than CAD 1,600,250 in 2021[13]. - Cash and cash equivalents at the end of 2022 were CAD 6,658,076, down from CAD 10,170,376 at the end of 2021, reflecting a decrease of approximately 34.5%[13]. - Cash and cash equivalents as of December 31, 2022, totaled $1,542,956, down from $2,133,076 in 2021, while term deposits decreased from $8,037,300 in 2021 to $5,115,120 in 2022[162]. Stock Options and Warrants - The total number of warrants outstanding and exercisable as of December 31, 2022, was 17,448,504, down from 22,168,504 in 2021, a reduction of 21.2%[124]. - The weighted average exercise price of warrants outstanding decreased to $0.88 in 2022 from $0.95 in 2021[124]. - The company had reserved 1,192,141 stock options that may be granted as of December 31, 2022[133]. - The company issued 6,375,000 stock options during the year ended December 31, 2022[135]. - The company reported a total of 1,975,000 options exercised during the year ended December 31, 2022[135]. Impairment and Valuation - The company recognized an impairment of $7,441,293 on mill equipment due to delays in receiving development permits[80]. - The fair value of derivative financial liabilities decreased to $306,084 in 2022 from $391,620 in 2021, indicating a decline of 21.8%[109]. - The company reported a fair value of gold bullion at $974,397 as of December 31, 2022, up from $915,995 in 2021, reflecting a 6.4% increase[109]. - The estimated fair value of gold in trust is included in the financial statements, reflecting the Company's asset valuation practices[3]. Taxation - The expected income tax recovery for 2022 was $(2,836,451), with non-deductible share-based payments amounting to $399,087[166]. - The net deferred tax liabilities increased to $(3,090,208) in 2022 from $(1,749,023) in 2021[168]. - The company had operating loss carry forwards available for tax purposes in Canada of $25,487,951 as of December 31, 2022, compared to $23,308,252 in 2021[172]. Other Financial Information - A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the company's net loss by $38,000[175]. - A 1% change in commodity prices would change the company's net loss by $10,000, highlighting exposure to commodity price risk[185]. - The company has sufficient cash and cash equivalents to meet its current liabilities, indicating low liquidity risk[180].

Financial Performance - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 25% year-over-year growth[5]. - The company reported a significant increase in net profits, with a year-over-year growth of 25% to reach CAD 50 million[60]. - The Company reported a net loss of $2,668,254 for Fiscal 2021, an improvement from a net loss of $3,129,368 in Fiscal 2020, and $3,763,075 in Fiscal 2019[81]. User Engagement - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase in user engagement[5]. - User data showed a 15% increase in active users, bringing the total to 1.2 million users[61]. Future Outlook - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 15% to 20%[5]. - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 20%[62]. Product Development - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[5]. - New product launches are expected to contribute an additional CAD 10 million in revenue over the next quarter[63]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[5]. - The company is investing CAD 5 million in research and development for new technologies aimed at improving operational efficiency[64]. Market Expansion - Market expansion efforts include entering three new international markets, projected to increase market share by 10%[5]. - Market expansion plans include entering two new international markets by Q3 2024, targeting a 10% increase in market share[65]. Strategic Acquisitions - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[5]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of CAD 15 million allocated for potential deals[66]. Operational Efficiency - Operational efficiency improvements have led to a 5% reduction in costs, enhancing overall profitability[5]. Marketing Strategy - The company plans to implement a new marketing strategy, aiming for a 30% increase in brand awareness over the next year[5]. - A new marketing strategy is set to increase brand awareness by 30% over the next year[67]. Customer Satisfaction - Customer satisfaction ratings improved to 90%, reflecting the success of recent service enhancements[5]. Regulatory Compliance - The Company has established a reclamation bond of CAD 2 million to comply with regulatory requirements[68]. - The adoption of SEC Mining Modernization Rules is expected to enhance transparency and attract more investors[69]. - The Company is subject to extensive environmental and health regulations, with potential for increased costs and penalties for non-compliance[113]. Financial Position - As of December 31, 2021, the Company had working capital of $10,651,264, including cash and cash equivalents of $10,170,376[83]. - The Company’s exploration and evaluation assets increased to $61,432,000 in Fiscal 2021 from $58,606,000 in Fiscal 2020[83]. Risks and Challenges - Political, economic, and social uncertainties in Mexico may adversely affect the Company's operations and financial condition, including potential local unrest and changes in mining regulations[97]. - The Company faces risks related to compliance with ILO Convention 169, which requires consultation with indigenous peoples prior to granting mining rights[100]. - The SCJN decision may result in significant delays in project development despite prior community engagement efforts[103]. - Legal proceedings and regulatory investigations may arise in the ordinary course of business, potentially leading to substantial legal fees and adverse effects on operations[107]. - There is uncertainty regarding the development of a commercially viable ore deposit, dependent on financing, permitting, and future production[119]. - The estimation of reserves and mineralization is inherently uncertain, with potential for significant fluctuations in market prices affecting economic viability[120]. - The Company relies heavily on key personnel, and the loss of any key individual could negatively impact operations[121]. - The Company is currently in the exploration and development stage, with no assurance of discovering commercially viable ore deposits[79]. - The Company may require additional capital to remain operational, particularly during economic downturns, and there is no guarantee that such funding will be available[83]. - The Company could be classified as a Passive Foreign Investment Company (PFIC), which may have negative tax consequences for U.S. investors[133]. Shareholder Considerations - The Company has outstanding share purchase options allowing the purchase of 11,990,000 shares and warrants for 22,168,504 shares, which could result in a 25% dilution of existing shareholders if fully exercised[87]. - The Company does not intend to pay cash dividends in the foreseeable future, as earnings are expected to be retained for business development[129].

Financial Performance - Almaden Minerals Ltd. reported a net loss of CAD 2,668,254 for the year ended December 31, 2021, an improvement from a net loss of CAD 3,129,368 in 2020, representing a reduction of 14.7%[10]. - The basic and diluted net loss per share improved to CAD (0.02) in 2021 from CAD (0.03) in 2020[10]. - The total comprehensive loss for the year 2021 was CAD 2,668,254, compared to CAD 3,129,368 in 2020, showing a decrease of approximately 14.7%[15]. - The company reported a net loss before income taxes of CAD 2,354,113 for the year ended December 31, 2021, compared to a loss of CAD 3,129,368 in 2020, reflecting a 25.7% improvement[146]. - The net loss for the year 2021 was CAD 2,668,254, an improvement from a net loss of CAD 3,129,368 in 2020, and CAD 3,763,075 in 2019, indicating a reduction of approximately 14.7% year-over-year[12]. Assets and Liabilities - Almaden Minerals Ltd. reported total assets of CAD 87,232,290 as of December 31, 2021, an increase of 14.5% from CAD 76,448,771 in 2020[7]. - Total liabilities increased to CAD 7,048,153 in 2021 from CAD 5,271,337 in 2020, reflecting a rise of 33.7%[7]. - The company’s total equity increased to CAD 80,184,137 in 2021, up from CAD 71,177,434 in 2020, indicating a growth of 12.5%[7]. - The company’s total reserves increased to CAD 21,068,273 by the end of 2021, up from CAD 19,243,992 in 2020, reflecting an increase of approximately 9.5%[15]. - The company had a net deferred tax liability of CAD 1,749,021 as of December 31, 2021, an increase from CAD 1,434,882 in 2020[148]. Cash Flow and Financing - The company raised CAD 11,610,581 through the issuance of shares in 2021, a substantial increase from CAD 3,850,209 in 2020[15]. - The company’s cash flow from financing activities in 2021 was CAD 12,044,408, compared to CAD 4,633,564 in 2020, indicating a growth of approximately 160%[12]. - The company reported net cash used in operating activities of CAD 1,613,580 in 2021, compared to CAD 1,253,362 in 2020, reflecting an increase of approximately 28.8%[12]. - Cash and cash equivalents at the end of 2021 increased to CAD 10,170,376 from CAD 2,534,698 in 2020, representing a significant increase of 300%[12]. Exploration and Evaluation Assets - Almaden's exploration and evaluation assets grew to CAD 61,431,639 in 2021, compared to CAD 58,605,829 in 2020, a rise of 4.9%[7]. - The company’s exploration and evaluation assets costs for 2021 were CAD 2,784,645, an increase from CAD 1,750,935 in 2020, representing a rise of about 58.9%[12]. - The closing balance of deferred exploration costs was CAD 50,219,882 as of December 31, 2021, compared to CAD 48,286,318 in 2020, indicating an increase of about 4%[85]. - The company incurred total deferred exploration costs of CAD 1,933,564 during 2021, a significant rise from CAD 773,583 in 2020, reflecting an increase of approximately 150%[85]. Share-Based Payments and Stock Options - The company reported share-based payments of CAD 1,870,800 in 2021, which is an increase from CAD 1,784,500 in 2020[9]. - The total share-based payments expenses for options granted and vested in 2021 amounted to CAD 1,870,800, compared to CAD 1,784,500 in 2020 and CAD 933,120 in 2019[133]. - The company had reserved 1,732,141 stock options that may be granted under its stock option plan as of December 31, 2021[120]. - The total options outstanding and exercisable increased from 11,542,000 in 2020 to 11,990,000 in 2021[127]. Legal and Regulatory Matters - The Supreme Court of Justice of Mexico ruled that Almaden's mineral titles are ineffective until the Ministry of the Economy consults with indigenous communities[172]. - The final decision from the Supreme Court is expected to be officially notified to the Company in April 2022[172]. Management and Personnel - The total compensation paid to key management personnel in 2021 was CAD 2,164,872, an increase from CAD 1,707,500 in 2020[135]. - The company accrued CAD 72,130 payable to Almadex for exploration and drilling services in Mexico as of December 31, 2021, compared to CAD 37,689 in 2020[139]. Other Financial Information - The company recognized $394,654 of right-of-use (ROU) assets and lease liabilities upon transition to IFRS 16[71]. - The total lease liabilities as of December 31, 2021, were $548,607, compared to $170,731 in 2020, indicating a significant increase[74]. - The company recorded interest expense of $13,330 on lease liabilities for the year ended December 31, 2021[74]. - The company received a VAT recovery of CAD 506,394 during 2021, contributing to other income of CAD 446,184 related to prior years' VAT refunds[94].

Board of Directors - The number of directors was determined to be 7, with the vote carried by 30,208,415 in favor and 602,285 against[3] - All nominated directors were elected, with votes ranging from 30,146,599 to 30,217,920 in favor[3] Auditor Appointment - Davidson & Company LLP was appointed as the auditor with 54,430,362 votes in favor and 983,694 against[3]