Almaden Announces Calendar for Arbitration Process with Mexico

Core Viewpoint - Almaden Minerals Ltd. is engaged in international arbitration against the Mexican government under the CPTPP, seeking compensation for the loss of its Ixtaca precious metals project due to alleged illegal acts by Mexico [1][2][6]. Summary by Sections Arbitration Proceedings - Almaden, along with Almadex Minerals Ltd., is pursuing a claim against Mexico for the complete loss of investment in the Ixtaca project, which was previously 100% owned by Almaden [2]. - The arbitration panel has rejected Mexico's request to bifurcate the proceedings and has established a procedural calendar leading up to the hearings scheduled for December 14-18, 2026, in Washington, D.C. [3][4]. Legal Framework and Funding - The claim is being prosecuted under the International Centre for Settlement of Investment Disputes and is financed by up to US$9.5 million in non-recourse litigation funding [5]. Allegations Against Mexico - The claimants allege that Mexico breached its obligations under the CPTPP by unlawfully expropriating investments without compensation, failing to provide fair treatment, and discriminating against the claimants [6]. - The claimants are seeking damages totaling US$1.06 billion, which may be updated based on market conditions [7]. Background of the Claim - The claim stems from a lawsuit filed by an ejido community against the Mexican government, asserting that the mineral title system was unconstitutional due to lack of Indigenous consultation [8]. - The ejido community is located outside the project's area of influence, and the lawsuit was supported by international NGOs [9]. - Almaden attempted to address the ejido's concerns by relinquishing part of its mineral title, but the Mexican courts mandated the company to retain the larger title area [10]. Political Context - The current Mexican administration, led by President Lopez-Obrador, is perceived as hostile to foreign mining companies [11]. - In 2022, Mexico's Supreme Court ruled that the mineral titles were improperly issued without Indigenous consultation, leading to the suspension of the titles [12][13]. Consequences of Legal Actions - The rights to the mineral titles were suspended in June 2022, and despite efforts to facilitate Indigenous consultation, the titles were ultimately cancelled, reverting to the Mexican government [15]. - The claimants have experienced significant harm due to Mexico's actions, which are viewed as breaches of investment protection obligations [16].