ALMADEN MINERALS LTD. ANNOUNCES US$10.3 MILLION REGISTERED DIRECT OFFERING

AAU-03-16-21

VANCOUVER, British Columbia, March 16, 2021 — Almaden Minerals Ltd. (NYSE American: AAU; TSX: AMM) (“Almaden”, “AAU” or “the Company”), today announced that it has entered into definitive agreements with institutional investors for the purchase and sale of 15,846,154 shares of its common stock and common stock warrants to purchase up to 7,923,077 shares of common stock at a combined purchase price of US$0.65 per share for aggregate gross proceeds of US$10.3 million in a registered direct offering. The common stock warrants will be immediately
exercisable, have an exercise price of US$0.80 per share and will expire three years from the date of issuance. The closing of the offering is expected to occur on or about March 18, 2021, subject to the satisfaction of customary closing conditions.

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