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Almaden Minerals Ltd.


Almaden Minerals Ltd. is an exploration company generating new mineral projects with world-class potential. Its focus is new gold, silver and copper prospects in the western half of North America. The company has over 40 properties in its portfolio, highlighted by an exceptional Eastern Mexico land package, which includes the Ixtaca gold-silver zone and the El Cobre gold-copper project. This strong portfolio of exciting projects is the direct result of Almaden's commitment to exploration. Well-financed with five company-owned drills and an integrated in-house exploration team, the company has a proven discovery record and excellent risk management.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Brien Lundin, Gold Newsletter (Jefferson Financial) (11/6/14) "Almaden Minerals Ltd. announced earlier this month that it would spin off its sprawling property portfolio and accompanying royalty interests into a separate entity. . .given the multimillion ounce, open-pittable deposit that the company has already proved at Ixtaca (the deposit-hosting portion of Tuligtic), I think this move makes a great deal of sense. Not only does it free up the Almaden team to focus on moving Ixtaca along the development curve, but it also forces the market to assign a value to the impressive suite of projects and royalties that the company has accumulated over the years."

Lawrence Roulston, Resource Opportunities (10/31/14) "Almaden Minerals Ltd. is spinning out its exploration assets and royalties into a new company. . .we view this as a positive move that could unlock value for current shareholders. The spinout is expected to close before 2014E."

Bob Moriarty, 321 Gold (10/29/14) "One of my favorite stories is that of Almaden Minerals Ltd. It has a giant gold project in southern Mexico with a 43-101 resource of 3.53 Moz Au eq Measured and Indicated and an additional 717 Koz Au eq Inferred. It’s a gold/silver project that anticipates a 12-year LOM to produce 1.6 Moz gold and ~94 Moz silver. . .one day soon, these shares will turn and most investors will miss the boat."

Ben Kramer-Miller, Seeking Alpha (10/21/14) "Almaden Minerals Ltd. is spinning out a new company (Spinco) that will hold most of the company's assets excluding the company's flagship Ixtaca project. . .Spinco will essentially hold the company's secondary assets while the firm retains ownership of Ixtaca, its largest project. Spinco will receive a 2% royalty from Ixtaca, and each Almaden Minerals shareholder will receive 0.6 shares of Spinco. The appeal of such a plan is so that the company firm can focus on developing the Ixtaca project. . .the split is a compelling development which has the potential to draw in investors."

The Gold Report Interview with Adrian Day (10/13/14) "Almaden Minerals Ltd. has both gold and copper projects in Mexico. Almaden's managers are strong, honest folks. Duane and Morgan Poliquin run the company. Duane, the father, has several discoveries to his credit. The firm's balance sheet is great. Almaden has about $13M in cash plus some gold bullion. And its business plan to function as both an explorer and a producer works. A few years ago the Poliquins discovered the Ixtaca deposit in Mexico. The PEA showed good economics. The major problem was the capex, which was high for the size of the deposit. Since the PEA was issued, Almaden has continued to explore and build up the Ixtaca resource. The bigger the deposit, the more the capex can be spread over more ounces. Almaden is also working on bringing down the capital costs. Its amended PEA for Ixtaca already shows lower capex costs. The prefeasibility study should be out during the summer of next year. At $1.30 per share and a less than $100M market cap, Almaden is a good buy." More >

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Brien Lundin, Gold Newsletter (Jefferson Financial) (10/9/14) "A prefeasibility study is underway at Ixtaca, the flagship deposit within Almaden Minerals Ltd.'s portfolio of projects in Mexico and Canada. . .with a wealth of supporting infrastructure available and Mexico's mining friendly culture, Ixtaca is sure to move along the path to development. The deposit's average grade, its continuity and its open-pittable nature all bode well for a future mine here. . .once the precious metals markets find their legs, Almaden should be amongst the earliest movers. It is a definite long-term value buy near current levels."

The Gold Report Interview with Jay Taylor (9/29/14) "Almaden Minerals Ltd. is one that I like a lot. The company is a project generator, but it has focused on the Ixtaca gold-silver project. This has developed quite nicely into a low-cost, multimillion-ounce project. The company released an updated preliminary economic assessment of Ixtaca on Sept. 3. Its initial capital expense has been reduced 19% to $399M. Its pre-tax net present value is now $842M, and its pre-tax internal rate of return is 37%. The after-tax payback period is 2.5 years. . .I expect a gold price rise would be very positive for the company." More >

The Gold Report Interview with Brien Lundin (9/15/14) "I like Almaden Minerals Ltd. The company recently published a revised PEA on its Tuligtic project in Mexico that improves its net present value and rate of return, while lowering capital costs—which are still about $400M, but that's much better than before. Almaden is now focusing on drilling some targets outside the resource zone. It's an intriguing exploration area around the current resource. The project has a long way to go up the value curve as it works more on the economics and toward feasibility. . .the other targets where Almaden is drilling are areas where it has already done some exploration drilling. Almaden is attempting to expand its resource, but Ixtaca is already a multimillion-ounce deposit that justifies development. What the company doesn't have right now is a market where these kinds of achievements are rewarded. When the market turns around, the major producers will cherry pick the best of these deposits at reasonable prices. There aren't many at the top of the list but I think Almaden is going to be there. Companies that control these projects will be taken out at significant premiums to their current levels." More >

Bob Moriarty, 321 Gold (9/11/14) "On Sept. 3, 2014, Almaden Minerals Ltd. released an updated Ixtaca PEA showing a significant cost reduction of the base case by using a rampup model. . .using a rampup model generates the really startling numbers. In that case, the company would begin production at 7 Ktpd and expand to 30 Ktpd in year six; the capex would drop to $244M and would provide an after-tax return of 23% and NPV of $427M."

Brien Lundin, Gold Newsletter (Jefferson Financial) (9/10/14) "Almaden Minerals Ltd. released an update to the PEA it generated earlier this year for Ixtaca, the resource-hosting portion of its Tuligtic project in Mexico. . .with 2 Moz gold and 114.9 Moz silver in the Measured, Indicated and Inferred categories, Ixtaca's silver-intensive metal profile gives it a shot to be a Top 20 global producer of silver. . .Combined with Tuligtic's exploration upside outside Ixtaca, the deposit's economic viability continues to make Almaden a good leveraged bet on the long-term future for gold and silver."

Ash Guglani, Salman Partners (9/4/14) "Yesterday, Almaden Minerals Ltd. released an updated PEA for its wholly owned Ixtaca gold-silver deposit in Mexico. Overall, using mostly the same assumptions as its initial PEA (April 21, 2014), the base case study (30 Ktpd) demonstrates stronger economics as it was able to reduce initial capital expenditures by ~19% as well as target higher average mill feed grades earlier in the mine life."

Thibaut Lepouttre, Caesars Report (9/3/14) "Almaden Minerals Ltd. has released more drill results from its Tuligtic project. . .it's interesting to see that Almaden found 15m of 4.43 g/t gold and 9.5 g/t silver (approximately 4.6 g/t Au eq) just outside the limits of the resource estimate and, more importantly, very close to the preliminary pit shell used in the PEA. . .this means that if more of these intercepts can be found near the pit shell not only the resources could increase fast, the economics would also improve considerably as an average grade of 4.6 g/t Au eq is very high and would definitely have an impact on both the internal rate of return and the net present value of the Ixtaca zone."

Ash Guglani, Salman Partners (8/15/14) "Almaden Minerals Ltd. reported the results from its ongoing 2014 drill program at its wholly owned Tuligtic project in Mexico. The results reported are from drilling carried out subsequent to the 2014 resource update and PEA and designed to test for additional mineralization near the known deposit. The drill results indicate that the company has found new volcanic-hosted mineralization beside the Ixtaca deposit. . .highlights include hole TU-14-438: 32m at 2.22 g/t Au and 5.4 g/t Ag (2.3 g/t Au eq)."

Brien Lundin, Gold Newsletter (Jefferson Financial) (8/7/14) "Almaden Minerals Ltd. just wrapped up an infill drill program designed to prove. . .the Inferred resource on its Ixtaca deposit in its flagship Tuligtic project in Mexico. . .highlights include hole 413 (102.3m of 0.32 g/t gold and 33.7 g/t silver), hole 414 (19.5m of 0.40 g/t gold and 15.9 g/t silver) and hole 417 (61.7m of 0.77 g/t gold and 36.2 g/t silver). These infill results. . .will help increase the confidence level in the resource at Ixtaca. . .I like Tuligtic's exploration potential. . .so am keeping Almaden a Buy."

Ash Guglani, Salman Partners (7/10/14) "Almaden Minerals Ltd. reported the results from its ongoing 2014 Ixtaca zone drill program at its 100%-owned Tuligtic project in Mexico. . .the holes continue to display the continuity and high grades of the Chemalaco zone at the Tuligtic project. We rate the company as a Speculative Buy."

Ben Kramer-Miller, Seeking Alpha (6/9/14) "Almaden Minerals Ltd. recently released a PEA for its flagship Ixtaca project in Puebla, Mexico, which shows that the project will be profitable, and that it is worth far more than the company's current $84M market cap, even if gold and silver prices fall from here. . .in all likelihood, the company is going to be able to make a deal for its Ixtaca project that exceeds its current market cap, so the upside potential is substantial."

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/30/14) "Almaden Minerals Ltd. announced that it has entered into a number of confidentiality agreements on its various projects. The announcement suggests that Almaden's Tuligtic project in Mexico may be in play as a takeout target."

The Gold Report Interview with Louis James (5/28/14) "Almaden Minerals Ltd. just came out with a PEA with an acceptable rate of return. Not a spectacular one, but a decent 20+% rate at current metals prices—even with the new tax in place. That's a good example of a project that is rich enough to pay for all kinds of sins—even sins of the government. I liked Almaden's PEA better than the market. The fact that the stock didn't soar on that PEA says that people were not deeply undervaluing it, but it didn't tank either. The stock has performed in step with the sector. Gold has dropped, Almaden has dropped. However, there are new exploration results with game-changer potential on the way." More >

The Gold Report Interview with Adrian Day (5/12/14) "I think prospect generator Almaden Minerals Ltd. is at a good price right now. The company's key asset is the Ixtaca gold-silver deposit in Mexico, where Almaden decided to go it alone. It just released a PEA, and a PEA can include resources, whereas a feasibility study or technical report such as Goldcorp's on Éléonore can include only reserves. These are high confidence resources—about 85% is in the Measured and Indicated category. Almaden has completed all its infill drilling, so it could likely convert much of the resource to reserves without additional drilling. Ixtaca is a low-grade, bulk-tonnage project with good infrastructure and lots more drill targets around. It has a reasonably high capex for the size of the deposit but Almaden isn't in the business of building mines. . .Almaden has continued to drill that project for the last year or so with excellent results, but it's been a bit of a yawn for the market. The market has almost come to expect good results. . .over the next 12 months Almaden can complete a prefeasibility without spending much money. That's normally a very weak period for a stock. It is going to continue to drill other targets and if it makes another discovery on a nearby target, I think that changes the picture. Almaden has $12M, $2.5M in gold bullion, plus$6–7M in shares of juniors. Almaden also has Duane and Morgan Poliquin—the father and son team that runs it. They're two of the best people in the business." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/14) "As promised, Almaden Minerals Ltd. has released a PEA on Ixtaca. . .a blind discovery, Ixtaca has become that rare bird among greenfields finds, a project that has all the geologic attributes necessary to make it into production. . .the company continues to be a Buy at current levels."

Ash Guglani, Salman Partners (4/21/14) "Almaden Minerals Ltd. provided an update on its PEA for its wholly owned Ixtaca, Mexico, Au-Ag deposit. . .over the life of the mine, a total of 1.6 Moz Au and 94.4 Moz Ag would be produced, including a 30 Ktpd processing plant to produce Au and Ag doré on-site. . .as of December 31, 2013, the company had CA$12.7M in working capital (including CA$12M cash); we believe the company has sufficient funds to carry out all necessary exploration and development activities over the next 12 months. . .we reiterate our speculative Buy recommendation."

Bob Moriarty, 321 Gold (4/21/14) "My favorite mining company in Mexico is Almaden Minerals Ltd. . .the company just released an important milestone in its progress at the Ixtaca gold/silver project in southern Mexico. The company released a recent updated NI 43-101 in January 2014 showing 3.53 Moz Au Eq in the Measured & Indicated category and an additional 717 Koz Inferred. . . Almaden is one of the best-run mining companies in the business."

Ash Guglani, Salman Partners (4/17/14) "Almaden Minerals Ltd. reported a preliminary economic assessment for its 100%-owned Ixtaca deposit in Mexico. Economics appear robust and given the sizable silver credit (46% of the project's economics are contributed by silver production), we believe Ixtaca remains an attractive acquisition target for both gold and silver producers."

Jay Taylor, Gold, Energy & Tech Stocks (4/11/14) "Almaden Minerals Ltd. is justified in deviating somewhat from a pure prospect generator model in that it can create very considerable value for shareholders by developing a high-grade, near-surface mining gold deposit on its Ixtaca project. At some point, with a multimillion-ounce gold deposit that becomes a must-have for a major, the company should be able to sell that project off for several times more than its current market cap of around $100M."

Ash Guglani, Salman Partners (4/2/14) "Yesterday, Almaden Minerals Ltd. provided an update on its ongoing exploration activities at the Ixtaca zone on its wholly owned Tuligtic project. Drill activities have begun at Ixtaca with one drill focused on engineering work including geo-mechanical drilling and geo-technical drilling. . .for the rest of the year, drilling activities are to be focused on high priority gold-silver exploration targets adjacent to the Ixtaca zone. Additional work currently underway includes environmental baseline studies as well as more advanced metallurgical test work."

Greg McCoach, Mining Speculator (3/28/14) "Almaden Minerals Ltd. is a quality junior mining company that is set to move first when the junior market recovers. . .once July comes, results from exploration will be start to come out and the chances are good that the company will make some good news going into what looks like a very hot fall season for the juniors."

The Gold Report Interview with Brien Lundin (3/24/14) "A company I like is Almaden Minerals Ltd. It's run by Duane and Morgan Poliquin, who I've known for more years than I care to mention. Almaden is an interesting company that's been able to keep its share structure tight and deliver value for investors. It's been a consistent winner in our portfolio during the past dozen years or so. It was one of the companies that adhered very closely to the prospect-generator model before it became popular to do so. It farmed out every one of its projects. Almaden decided a few years back to finally drill a few of its projects. Sure enough, the second project it decided to drill itself, the Tuligtic project in Mexico, yielded a tremendous discovery on the Ixtaca gold-silver zone. Almaden has consistently expanded that discovery. . .the majors are not in the market to any great degree right now, but eventually will be. If you buy value, everything else will take care of itself. Smart money was behind this stock at $3/share. At about $1.50/share, it's proven value." More >

Ash Guglani, Salman Partners (2/10/14) "Overall, Almaden Minerals Ltd.'s latest drilling program upgraded a sizable portion of the deposit to the Measured and Indicated (M&I) category as roughly 82% of the total gold resource and 84% of the total silver resource are now classified as M&I resources. . .we believe the Tuligtic project is a very attractive target for both gold and silver producers given its sizable silver credit and robust metallurgy in a favorable jurisdiction."

Charlotte McLeod, Resource Investing News (2/5/14) "Almaden Minerals Ltd. has more than 40 gold, silver and copper properties in its portfolio. . .the company recently provided an updated NI-43-101-compliant mineral resource estimate for Ixtaca zone at its Tuligtic gold-silver project, including a Measured resource of 1,351,000 oz Au eq using cutoff of 0.5 g/t Au eq comprised of 30.44 Mmt grading 1.38 g/t Au eq."

Brien Lundin, Gold Newsletter (Jefferson Financial) (1/31/14) "Almaden Minerals Ltd.'s new resource estimate for the Ixtaca zone at the Tuligtic project, which used a 0.5 g/t Au eq cutoff , has confirmed a resource of 4.25 Moz Au eq in the Measured, Indicated and Inferred categories. . .despite the still moribund market environment, the company represents such remarkable long-term value that we'll make it a Buy near current levels."

The Gold Report Interview with Adrian Day (1/31/14) "Almaden Minerals Ltd. has great management, about $16M in cash plus a couple of million in gold bullion. The beauty of having cash means that a company can raise money or sell assets only when it wants to. Almaden owns the Tuligtic gold-silver property in Puebla, Mexico. The company continues to drill the Ixtaca zone aggressively, and the results continue to be strong. A just-released updated resource estimate on the Ixtaca zone on this project shows an increase in total resource of about 20% and a measured and indicated resource of 3.5 million ounces; the deposit continues to grow. A preliminary economic assessment is scheduled for early March and I am expecting it to be positive. This stock is a bargain." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/19/13) "Currently, Almaden Minerals Ltd. is engaged in an infill drilling program at Ixtaca designed to prove up as much of its Inferred resources into the Indicated category as possible. The assays that have come back from this program indicate a substantial resource upgrade is very likely."

The Gold Report Interview with Ralph Aldis (12/18/13) "Almaden Minerals Ltd. has 101m of 1.92 g/t gold and 113 g/t silver—basically 4.2 g/t gold Au eq on its property in Mexico. Almaden CEO Morgan Poliquin keeps chipping away and drilling it out. Almaden will probably release a PEA in 2014." More >

Bob Moriarty, 321 Gold (11/30/13) "Almaden Minerals Ltd. has been a favorite of mine. . .the company is finding gold at a cost of about $3.50/oz. It continues to deliver outstanding results and the market seems to not care. The company hit 30.9m at an 8 g/t Au Eq grade two weeks ago and announced 101m of Au Eq at 4.2 g/t on November 28. The market yawned but those are really excellent grades. The market won't yawn forever. . .this isn't one of the worst stocks, it's one of the best."

Small-Cap Power Interview with Bob Moriarty (10/30/13) "There are some exceptional companies that are selling for pennies when they should be selling for dollars. . .Almaden Minerals Ltd. is exceptional."

Ash Guglani, Salman Partners (10/28/13) "This morning, Almaden Minerals Ltd. announced the results from its Ixtaca zone drill program at its 100%-owned Tuligtic project, Mexico. . .the holes announced today further proves the continuity of high-grade gold silver veining in the north-south Chemalaco zone. . .we currently have a Speculative Buy recommendation."

Ash Guglani, Salman Partners (10/2/13) "Almaden Metals Ltd. announced additional results from its ongoing drill program at the Chemalaco zone. . .the results demonstrated continuity of high-grade gold and silver veining in the north-south Chemalaco zone. . .the company has an infill drill program underway with two rigs focused on upgrading Inferred resources, while the final rig is planned to be used for step-out drilling to expand the resource."

Brien Lundin, Gold Newsletter (Jefferson Financial) (9/26/13) "Almaden Minerals Ltd. announced some intriguing assays from its 2013 drilling program at Ixtaca. . .the Eastern Volcanic zone yielded three high-quality intersections: hole 310 (72.5m of 0.74 g/t gold and 4.7 g/t silver), hole 312 (95m of 0.67 g/t gold and 4.3 g/t silver) and hole 314 (153m of 1.6 g/t gold and 8.3 g/t silver, including 82m of 2.62 g/t gold and 12.3 g/t silver). . .the latest drilling indicates that the near-surface, open-pittable mineralization at Ixtaca has yet to be closed off."

Ash Guglani, Salman Partners (9/24/13) "Almaden Metals Ltd. announced additional results from its ongoing drill program at the Ixtaca zone. . .the results demonstrated continuity of high-grade gold and silver veining in the northern branch of the main Ixtaca high-grade zone. Highlight intercepts include. . .hole TU-13-313: 5.5m at 4.38 g/t Au and 317.9 g/t Ag from a depth of 66.5m. . .the company commenced an infill drill program with two rigs designed to upgrade Inferred resources, while the final rig is planned to be used for step out drilling in order to expand the resource."

Brent Cook, Exploration Insights (9/15/13) "Almaden Minerals Ltd. has been exceptionally successful in delineating over 3 Moz, based on the initial geologic concept of President Morgan Poliquin. . .the company has drilled out the resource in a cost-effective and efficient manner and consistently provided us with everything we needed to evaluate the results. I think the deposit has room to grow, and suspect there are additional discoveries to be made on the property. . .Almaden has a solid deposit, sufficient cash to continue moving Ixtaca forward, plus a number of other exploration properties the company and its partners are working."

The Gold Report Interview with Adrian Day (9/11/13) "One joint-venture companies I like a lot is Almaden Minerals Ltd., which is essentially a prospect generator, although it has decided to keep 100% of the Ixtaca property, in Mexico. Ixtaca is large and relatively low grade. It's going to take a long time to build the ounces and develop the project. Every round of drilling has simply built the deposit. Ixtaca is definitely a company maker. I suspect that Ixtaca is going to get to a certain size soon when one of the large companies operating in Mexico, it could be Newmont Mining Corp., for example, will decide to buy it. I don't believe that Almaden is going to build a property itself. But the project will reach a certain size where Almaden will be paid a multiple of its market cap for the project. Almaden has a good balance sheet, about $17M in cash plus about $2M in gold bullion, plus maybe another $1–1.5M of shares in small companies. The company is well financed and has good people." More >

The Gold Report Interview with Ash Guglani (8/26/13) "Almaden Minerals Ltd. has a history of raising money in challenging times. It was able to raise another $5.5M in July. It has a strong cash position, and, as you said, it owns its own drills, so the drilling cost per meter is a lot cheaper than its peers. Almaden is in a great position. . .Almaden has drilled about 80 Km so far [at the Ixtaca gold-silver zone of its Tuligtic property] and has done a great job at filling in the blanks. It is a project generator, so I'm pretty sure Almaden's management is out there generating interest in this story. It will be interesting to see what people think. Ixtaca is a decent gold story with a nice silver byproduct credit." More >

The Gold Report Interview with Louis James (8/14/13) "I like the high-grade silver producers in Mexico. . .I like Almaden Minerals Ltd., which I like a lot. It has made a large, good-grade discovery. It's well above average for an open-pit mine and has a lot of characteristics that lend itself to a profitable operation. That is the bird in the hand. There's also the potential for more such zones to be discovered on the same property. There's a resource update due this fall. Drills are still turning. At some point this fall, management will have to draw a line in the sand—because I don't think they'll run out of mineralization to drill—and come up with new numbers." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (8/1/13) Almaden Minerals Ltd. took advantage of the relative strength of its share price (when compared to many of its junior brethren) by closing on a private placement that raised gross proceeds of CA$5.47M. . .Almaden will use its cash cushion to finance the prudent exploration and development of its Ixtaca gold project in Mexico. Although financings always come with dilution, I like this move overall; its completion in a difficult market, combined with the fact that insiders participated in the placement, gives me confidence that Almaden will continue along its well-worn path of prospect generation and project advancement."

SmallCapPower Interview with Bob Moriarty (7/31/13) "I wrote about Almaden Minerals Ltd. when it was about $1.80 or $1.90/share. It has an extraordinary project in Southern Mexico. . .it has the potential for going up tenfold."

Resource Investing News Interview with John Kaiser (7/30/13) "At one of Almaden Mineral Ltd.'s projects, Ixtaca, also known as Tuligtic, management decided several years ago that this target was so interesting that they were going to drill it themselves. . .the result is a discovery that's not yet obviously a no-brainer mine, but the initial resource estimate has them at 1.7 Moz gold and nearly 100 Moz silver in a setting that is potentially open pittable and a project which would certainly benefit from gold and silver prices rebounding from current levels. . .Almaden is still well-financed with $14M working capital."

The Gold Report Interview with Ralph Aldis (7/24/13) "Almaden Minerals Ltd. has a great management team that is adept at project generation. It's a father and son combo; the son lives in Mexico. It's not a giant position with us, but the company has the right skill set to build its portfolio." More >

The Investment Doctor, Seeking Alpha (7/22/13) "Almaden Minerals Ltd.'s Tuligtic project seems to be incredibly interesting. The resource estimate of 1.7 Moz gold and 95 Moz silver in the ground have a current in situ value of approximately $4B. The metallurgy looks ok with recoveries in the mid-80s (with room for improvement), and I am hopeful the upcoming PEA (expected in Q4/13) will show a project with good economics. . .Almaden seems to be sitting on a potential company maker with the Ixtaca zone on the Tuligtic project."

Brent Cook, Exploration Insights (7/21/13) "Almaden Minerals Ltd. closed a private placement to a small group of strategic Mexican investors, issuing 4.38M units at $1.25, which raised $5.47M; the units include a full warrant exercisable at $1.50 for two years and, thereafter (until July 17, 2016) $1.80. The investors are all current large shareholders of Almaden and long-term supporters of the company. . .following the completion of this placement, the company has $16.9M in cash, ~$5.4M in illiquid securities, and 1,597 ounces of gold buried in Duane's back yard: it is well positioned to continue testing the Ixtaca gold/silver discovery in Mexico."

Brien Lundin, Gold Newsletter (Jefferson Financial) (6/1/13) "A few months back, Almaden Minerals Ltd. released a maiden resource estimate on Ixtaca, in Mexico; that estimate established Ixtaca as a significant new precious metals deposit. . .the highlight of the latest batch of assays came from a hole that hit a new zone east of the previously outlined Northeast Extension zone: hole 263 cut 8.25m of 0.52 g/t gold and 180.3 g/t silver. . .well-capitalized companies with strong projects like Almaden Minerals are in excellent shape to weather the current storm and rebound strongly when the investment tide begins to again move in gold and silver's direction."

Bob Moriarty, 321 Gold (5/30/13) "Almaden Minerals Ltd. is one of those companies that everyone in Canada claims to be like and never will be. . .it has managed to stay in business for 27 years and has never had a roll back and still has a share structure under control at 60M shares. . .it is the most respected junior mining company in the space. . .if you like sleeping at night knowing real professionals are looking out for your interests, I know of no better single stock for you to own than Almaden; it is going to do just fine no matter how silly the market gets."

Brent Cook, Exploration Insights (5/25/13) "Almaden Minerals Ltd.'s Ixtaca is a major hydrothermal and mineral system that is capable of producing a significant discovery. . .the Tuligtic deposit is probably economic due its location near infrastructure and positive metallurgy; however, it remains our thesis that there are better deposits yet to be discovered across the property. . .if I didn't own any [shares] I would consider establishing an initial partial position, with the expectation of adding to that in the future."

The Gold Report Interview with Brent Cook (5/20/13) "Investors need to see if the press release gives them all the information they need to interpret the data. . .there should be a real easy summary that anyone can read, but you should also be able to dig into the details and decipher what is going on. The good companies like Almaden Minerals Ltd. do this well. They provide drill maps, sections and the entire drill hole assay database. That is the kind of company you want to be involved with." More >

The Metals Report Interview with Brent Cook (5/14/13) "Almaden Minerals Ltd.'s Ixtaca deposit is a gold-silver deposit, about 50/50. It has a resource of a little over 3 Moz, at better than 1 g/t Au eq. We have known this company and its management a long time; a great company, great guys. When I visited the Ixtaca property after the first drill hole, I recognized it as a major mineral system with a lot of potential. I still believe there is more than the 3 Moz found so far. I think there is more high-grade mineralization that is yet to be intersected in the current resource or elsewhere on the property. I hope Almaden will be able to find it over the next 12 months or so." More >

Brent Cook, Exploration Insights (5/11/13) "Almaden Minerals Ltd. released drill assays from two holes into its 100%-owned El Cobre project in Mexico. . .the higher-grade intersection in EC-13-004 is encouraging and demonstrates the potential for economic grades. . .the company also released a batch of drill results from the Tuligtic gold-silver discovery on the Ixtaca property. . .although the supporting data was limited, it appears the company has discovered another mineralized structure located east of the Northeast Extension zone. . .the identification of a new zone is encouraging, and continues to demonstrate that the Tuligtic deposit has room to grow."

Ash Guglani, Salman Partners (5/10/13) "Almaden Minerals Ltd. Announced results from its ongoing drill program on the Ixtaca zone at its Tuligtic project in Mexico. . .the company encountered a new parallel vein zone east of the Chemalco zone. . .the highlight hole in the new zone showed 8.3m at 0.52 g/t Au and 180.3 g/t Ag from a depth of 225.5m. . .we currently have a Speculative Buy recommendation on Almaden."

Adrian Day, Global Analyst (4/27/13) "Almaden Minerals Ltd. continues to achieve positive results at its Ixtaca property, which continues to increase in size. Almaden is aggressively drilling this 100% property, and has also resumed drilling at its 100% owned El Cobre; with a balance sheet somewhat shy of $30M (half in cash, the rest in shares and gold bullion), the company is in a strong position to continue to advance both projects. . .the company is a strong buy."

Jordan Roy-Byrne, The Daily Gold (4/21/13) "Almaden Minerals Ltd. announced a 2 Moz Au Indicated and 1.5 Moz Au Inferred maiden resource for the Ixtaca zone of the Tuligtic project. The Au eq grade is over 1 g/t with the Au grade being over 0.5 g/ t."

The Gold Report Interview with Matt Badiali (4/8/13) "Almaden Minerals Ltd. is down 56% from its recent high. It has an ongoing discovery in Mexico and a ton of cash. It is run by a father and son, proven ore finders, a team I respect. . .I think of Almaden as a prospect generator, but the company also does development, at Ixtaca, in Mexico. I have enormous respect for Duane Poliquin, Almaden's founder, and his son Morgan, who has a doctorate in geology. They are smart, polite folks who can speak intelligently on an enormous range of subjects, not just geology. Ixtaca is high on my list. It is an ongoing discovery. The company has plenty of money in the bank." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/13) "With $31M cash and gold inventory and equity investments to help finance ongoing drilling at Tuligtic, Almaden Minerals Ltd. is in a pretty enviable position relative to its peers. The large (and apparently growing) gold-silver resource on the project's Ixtaca target makes Almaden one of the more 'live' stories on our list. It remains a buy."

Wayne Hewgill, Tempest Funds (3/22/13) "Drilling in the Ixtaca zone on Almaden Minerals Ltd.'s 100%-owned Tuligtic project in eastern Mexico returned a long interval of gold mineralization in the steeply dipping intermediate sulphidation quartz vein system. The hole returned 111.25m grading 1.78 g/t Au (uncut) and 54.7 g/t Ag including a high-grade interval of 0.8m grading 167 g/t Au and 122 g/t Ag."

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/13) "By farming its more promising projects out to joint-venture partners, Almaden Minerals Ltd. is able to participate via equity stakes in the exploration success enjoyed on those projects without diluting its own treasury. And as a result of its success at Tuligtic, it has been able to build a $30M treasury that, in turn, allows it to advance this keystone project and retain 100% ownership. It's the ideal balancing act, and Almaden has executed it beautifully to date."

The Gold Report Interview with Jocelyn August (2/27/13) "Almaden Minerals Ltd. recently announced a maiden resource estimate for the Ixtaca project at the end of January. To me, it looked as if there was a pretty big run-up on the stock prior to this announcement, and so by the time the resource estimate was actually announced, there wasn't really much movement in the shares. But Almaden has a positive reputation, and a lot of people are looking forward to seeing what else it's going to do with Ixtaca. The company is planning a further drill program this year to get more results and more information about what's there. We're looking to see what kind of results it comes up with and potentially another resource estimate update." More >

The Gold Report Interview with Eric Coffin (2/25/13) "Almaden Minerals Ltd. recently put out a resource estimate for its Ixtaca project. It is over 3 Moz equivalent, roughly equal gold-silver. It wasn't high grade. The metallurgy seems to be pretty good. . .it's open in a couple of directions; these guys must hit on some of the other targets on this property. Almaden isn't joint venturing this project; it's drilling for itself. But it is participating in many joint ventures and has other companies spending a lot of money on its properties. Almaden has a very strong, well-known management group and it is really good at finding targets. Its joint venture model skills are really the main asset. Not many companies are really good at executing the JV model but Almaden is one of them." More >

Ash Guglani, Salman Partners (2/12/13) "There remains strong exploration potential at Almaden Minerals Ltd.'s Ixtaca and the Tuligtic project as mineralization remains open in all directions. In 2013, the company plans to continue expanding mineralization and to delineate section 11+000E, a recently confirmed high-grade area next to the Northeast Extension, as well as to test certain satellite drill targets. . .we initiate coverage on Almaden with a Speculative Buy recommendation."

Jay Taylor, Hotline (2/1/13) "Almaden Minerals Ltd. reported more good news from its Ixtaca Zone on the Tuligtic project in Mexico. . .if you want a mix of gold and silver from what seems to be an up-and-coming exploration story, this may be a good place to start. . .Indicated resource numbers so far are very encouraging; using a 0.5 g/t Au eq. cutoff, the project shows 2,109,000 oz Au eq. . .the stock is down a little from our initial recommendation price of $3.02, but from my perspective, with the projects somewhat less risky than before resource and metallurgical information was revealed, that makes Almaden Minerals an even more compelling value."

Tyron Breytenbach, Cormark Securities (2/1/13) "Almaden Minerals Ltd.'s maiden resource at Ixtaca is complemented by positive metallurgy. . .total resources tally 3.57 Moz Au eq (1.7 Moz Au + 96.7 Moz Ag). . .we retain our $3.60 target and Buy rating. We expect continued organic growth at Ixtaca, given the wealth of soil anomalies and long intervals of mineralization intersected outside the resource envelope."

Jay Taylor, Gold, Energy & Tech Stocks (1/17/13) "I am recommending purchase this week of a top-rated project generator, Almaden Minerals Ltd. . .the Ixtaca deposit continues to grow, management is rapidly progressing toward a resource estimate and a PEA, and the drill program last year produced some phenomenal results. . .I do not believe the market is fully pricing in the Ixtaca discovery, not to mention numerous other highly prospective targets from which more meaningful discoveries are likely to come in the future. . .Lots of money, a solid management team, 40 or more properties in the portfolio, and a stock that is undervalued all provide the rationale for adding Almaden Minerals to our Prospect/Project Generators list."

Jay Taylor, Hotline (1/4/13) "I am recommending purchase of a top-rated project generator, Almaden Minerals Ltd. . .the property I find most exciting is the Tuligtic project, which hosts the exciting Ixtaca gold/silver zone. . .it is my view that the company is on to something big here and the markets have not yet fully caught on to its significance. . .I think a multimillion-ounce, open-pit resource is well within reason. . .the market is also not paying attention to royalty streams that should be coming in the not too distant future. . .lots of money, a solid management team, 40 or more properties in the portfolio and a stock that is undervalued all provide the rationale for the company to belong to our buy list."

The Gold Report Interview with Brent Cook (1/4/13) "Go to the company's website. How accessible it is? How much information does it give in news releases? Does it back up the data? Almaden Minerals Ltd. includes details, details, details. . .I went down to Almaden's Ixtaca project two and a half years ago and bought the company then. This is a very big hydrothermal system and, potentially, precious metal deposit. The drilling to date has almost exclusively found gold and silver mineralization in sediments. My take is it's just touching the edges of the mineral system and the most recent drill holes are pretty encouraging. We'll see if Almaden can extend it 50 meters to the southwest or not. . .the important aspect to me is that this is a big system, and big systems make big deposits.

The company still has a number of projects ventured out, but it is drilling Ixtaca and will be drilling El Cobre. With the prospect generator model, a company generates ideas and vends them out when they get to be too high risk and costly. Therefore, the company doesn't dilute the shareholders to drill every low probability target it turns up. Most prospect generator companies are run by geologists who are good enough to recognize something above average when they stumble across it, at which time they have the money and tight share structure that benefits long-time shareholders. It takes a long time to work through projects and find something worthwhile and this model addresses that problem. A number of companies have morphed out of that business model to the benefit of shareholders, including Almaden." More >

The Gold Report Interview with Brien Lundin (12/28/12) "Almaden Minerals Ltd. was the poster child for the prospector-generator model for years. But Morgan and Dwayne Poliquin had the vision and the foresight to see that Ixtaca could be different. Their decision has paid off in spades. Almaden right now is one of my top recommendations and I think that deposit is going to get much bigger than the company's current market cap is indicating." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/22/12) "Almaden Minerals Ltd. is one of the best- run junior explorers. . .the company appears to have made the right decision to go it alone on exploration at Ixtaca. . .current drilling has already cut a few intriguing intersections outside the area that will be included in the upcoming resource estimate including 117m of 2.5 g/t Au and 30.7 g/t Ag and 134m of 3.76 g/t Au and 10.1 g/t Ag. . .make sure you have a position in the company moving into the new year. . .it has the potential to again be a strong performer when gold prices make its next serious upward move."

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