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].

Core Viewpoint - Almaden Minerals Ltd. is engaged in international arbitration against the Mexican government under the CPTPP, claiming damages of US$1.06 billion due to the unlawful expropriation and termination of its mineral concessions related to the Ixtaca precious metals project [1][15]. Group 1: Arbitration Proceedings - A public copy of the Memorial document filed by Almaden regarding its arbitration claim is now available on the ICSID website [1]. - Almaden and Almadex Minerals Ltd. are pursuing the claim on behalf of themselves and their Mexican subsidiaries, asserting that Mexico's actions led to the complete loss of their investment in the Ixtaca project [2]. - The Memorial outlines Mexico's breach of obligations under the CPTPP, including unlawful expropriation without compensation, failure to provide fair treatment, and discrimination against the Claimants [3]. Group 2: Mexico's Response - Mexico has requested the arbitration panel to establish a separate phase to consider jurisdictional objections, arguing that the Claimants lack standing due to specific bylaws of their Mexican subsidiaries [4]. - Almaden considers Mexico's bifurcation request to be flawed and an attempt to delay the proceedings [5]. Group 3: Background of the Claim - The claim is rooted in a lawsuit filed by an ejido community against Mexico, challenging the constitutionality of the mineral title system due to lack of Indigenous consultation [6]. - The ejido community is located outside the Project's area of influence, and Almaden attempted to address their concerns by relinquishing part of its mineral title [7][8]. - The AMLO regime, which came to power in 2018, is noted for its hostility towards foreign mining companies [9]. Group 4: Legal Developments - In 2022, Mexico's Supreme Court ruled that the mineral titles issued to the Claimants were improperly granted without Indigenous consultation, leading to the suspension of these titles [10][11]. - Despite efforts to comply with the court's ruling, the Company faced further obstacles, including a denial of access to the relevant authorities [12][13]. - Ultimately, the mineral rights were cancelled, and Indigenous consultation did not occur, resulting in significant harm to the Claimants [14][15]. Group 5: Damages and Legal Representation - The Claimants are seeking damages of US$1.06 billion, which may be updated based on future market conditions [15]. - Legal counsel for the arbitration includes Boies, Schiller, Flexner, LLP, and RíosFerrer + Gutiérrez, S.C. [16].