----

| (   ) | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------------|------------------------------------------------------------------------------------------------|

| (X) | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2015 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (  ) | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------|------------------------------------------------------------------------------------------|

| (   ) | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------------|---------------------------------------------------------------------------------------------|

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|                                                                                       | Page                                                                  |
|--------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|
|                                                                                       |                                                                  |
| Glossary of Geologic and Mining Terms                                                      | 5                                                                     |
| Notes Concerning Terminology Related to Resources and Reserves                             | 12                                                                    |
| Cautionary Note to U.S. Investors Regarding Mineral Resource and Mineral Reserve Estimates | 15                                                                    |
| Cautionary Note Regarding Forward-Looking Statements                                       | 16                                                                    |
|                                                                                       |                                                                  |   |
|                                                                                       | PART I                                                                |   |
|                                                                                       |                                                                  |   |
| Item 1                                                                                     | Identity of Directors, Senior Management and Advisers                 | 17 |
|                                                                                       |                                                                  |   |
| Item 2                                                                                     | Offer Statistics and Expected Timetable                               | 17 |
|                                                                                       |                                                                  |   |
| Item 3                                                                                     | Key Information                                                       | 17 |
|                                                                                       |                                                                  |   |
| Item 4                                                                                     | Information on the Company                                            | 23 |
|                                                                                       |                                                                  |   |
| Item 5                                                                                     | Operating and Financial Review and Prospects                          | 38 |
|                                                                                       |                                                                  |   |
| Item 6                                                                                     | Directors, Senior Management and Employees                            | 45 |
|                                                                                       |                                                                  |   |
| Item 7                                                                                     | Major Shareholders and Related Party Transactions                     | 63 |
|                                                                                       |                                                                  |   |
| Item 8                                                                                     | Financial Information                                                 | 65 |
|                                                                                       |                                                                  |   |
| Item 9                                                                                     | The Offer and Listing                                                 | 66 |
|                                                                                       |                                                                  |   |
| Item 10                                                                                    | Additional Information                                                | 68 |
|                                                                                       |                                                                  |   |
| Item 11                                                                                    | Quantitative and Qualitative Disclosures About Market Risk            | 80 |
|                                                                                       |                                                                  |   |
| Item 12                                                                                    | Description of Securities Other than Equity Securities                | 80 |
|                                                                                       |                                                                  |   |
|                                                                                       | PART II                                                               |   |
|                                                                                       |                                                                  |   |
| Item 13                                                                                    | Defaults, Dividend Arrearages and Delinquencies                       | 80 |
|                                                                                       |                                                                  |   |
| Item 14                                                                                    | Material Modifications to the Rights of Security Holders and          |   |
|                                                                                       | Use of Proceeds                                                       | 80 |
|                                                                                       |                                                                  |   |
| Item 15                                                                                    | Controls and Procedures                                               | 80 |
|                                                                                       |                                                                  |   |
| Item 16A                                                                                   | Audit Committee Financial Expert                                      | 81 |
| Item 16B                                                                                   | Code of Ethics                                                        | 81 |
| Item 16C                                                                                   | Principal Accountant Fees and Services                                | 82 |
| Item 16D                                                                                   | Exemptions from the Listing Standards for Audit Committees            | 82 |
| Item 16E                                                                                   | Purchase of Equity Securities by the Issuer and Affiliated Purchasers | 82 |
| Item 16F                                                                                   | Change in Registrant's Certifying Accounts                            | 82 |
| Item 16G                                                                                   | Corporate Governance                                                  | 83 |
| Item 16H                                                                                   | Mine Safety Disclosure                                                | 83 |
|                                                                                       |                                                                  |   |
|                                                                                       | PART III                                                              |   |
|                                                                                       |                                                                  |   |
| Item 17                                                                                    | Financial Statements                                                  | 83 |
| Item 18                                                                                    | Financial Statements                                                  | 83 |
|                                                                                       |                                                                  |   |
| Item 19                                                                                    | Exhibits                                                              | 83 |
|                                                                                       |                                                                  |   |
| Signatures                                                                                 | 86                                                                    |

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|                                                                                                                                                                                                                                                                | Year                                                                          | Year                                                                           | Year                                                                           | Year                                                                            | Year                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------|---------------------------------------------------------------------------------|--------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                | Ended                                                                         | Ended                                                                          | Ended                                                                          | Ended                                                                           | Ended                                                                    |
|                                                                                                                                                                                                                                                                | 12/31/2015                                                                    | 12/31/2014                                                                     | 12/31/2013                                                                     | 12/31/2012                                                                      | 12/31/2011                                                               |
|  RevenuesNet (loss) incomeBasic net (loss) income per common shareDiluted net (loss) income per common shareWeighted average shares (000) Working capitalExploration and evaluation assetsNet assetsTotal assetsCapital stockDividends declared per share |  $303(1,145)(0.02)(0.02)73,249 5,80830,53835,98338,21583,758-  |  $254(14,983)(0.23)(0.23)66,331 9,17228,64539,63742,01987,084-  |  $220(6,357)(0.10)(0.10)62,055 12,67624,44747,89148,98881,151-  |  $299(10,238)(0.17)(0.17)59,350 19,47516,60948,07149,13275,238-  |  $2497,2950.130.1257,269 30,51310,47053,34053,90573,354-  |

----

|                         |   | Average |   |   | High   |   |   | Low    |   |   | Close |   |
|------------------------------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|-------|--------|
| Fiscal Year Ended 12/31/2015 |   | $       | 1.28   |   |   | $      | 1.40   |   |   | $      | 1.17  |   |   | $ | 1.38 |   |
| Fiscal Year Ended 12/31/2014 |   |    | 1.10   |   |   |   | 1.16   |   |   |   | 1.06  |   |   |   | 1.16 |   |
| Fiscal Year Ended 12/31/2013 |   |    | 1.03   |   |   |   | 1.07   |   |   |   | 0.98  |   |   |   | 1.06 |   |
| Fiscal Year Ended 12/31/2012 |   |    | 1.00   |   |   |   | 1.04   |   |   |   | 0.97  |   |   |   | 1.00 |   |
| Fiscal Year Ended 12/31/2011 |   |    | 0.99   |   |   |   | 1.06   |   |   |   | 0.94  |   |   |   | 1.02 |   |
|   |   | September2015 |   |   | October2015 |   |   | November2015 |   |   | December2015 |   |   | January2016 |   |   | February2016 |   |
|--------|--------|---------------|--------|--------|-------------|--------|--------|--------------|--------|--------|--------------|--------|--------|-------------|--------|--------|--------------|--------|
| High   |   | $             | 1.34   |   |        | $      | 1.32   |         |   | $      | 1.34         |   |   | $           | 1.40   |   |         | $      | 1.46 |   |   | $ | 1.40 |   |
| Low    |   |          | 1.31   |   |        |   | 1.29   |         |   |   | 1.31         |   |   |        | 1.34   |   |         |   | 1.40 |   |   |   | 1.35 |   |

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| Subsidiaries                 | Jurisdiction |   | Nature of operations |
|------------------------------|--------------|--------|----------------------|
| Puebla Holdings Inc.         | Canada       |   | holding company      |
| Minera Gorrion, S.A. de C.V. | Mexico       |   | exploration company  |
| Former Subsidiaries                  | Jurisdiction |   | Nature of operations |
|--------------------------------------|--------------|--------|----------------------|
| Almaden America Inc.                 | USA          |   | exploration company  |
| Republic Resources Ltd.              | Canada       |   | service company      |
| Ixtaca Precious Metals Inc.          | Canada       |   | holding company      |
| Pangeon Holdings Ltd.                | Canada       |   | holding company      |
| Almaden de Mexico, S.A. de C.V.      | Mexico       |   | exploration company  |
| Minera Gavilan, S.A. de C.V.         | Mexico       |   | exploration company  |
| Compania Minera Zapata, S.A. de C.V. | Mexico       |   | exploration company  |
| Minera Alondra, S.A. de C.V.         | Mexico       |   | holding company      |

----

|  | · | a 100% interest in the El Cobre copper-gold porphyry exploration project in Mexico and the Willow copper-gold porphyry exploration project in Nevada, in addition to a portfolio of 20 other exploration projects, many of which are located in eastern Mexico in geological environments similar to the Company's recent Ixtaca and Caballo Blanco discoveries; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | a 2% NSR on the Company's Tuligtic property in Mexico, which hosts the Company's Ixtaca gold-silver development project; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------|

|  | · | a 1.5% NSR on the Caballo Blanco gold deposit in Mexico, a development project operated by Timmins Gold Corp.; |
|--|--------|----------------------------------------------------------------------------------------------------------------|

|  | · | a 2% NSR on the Elk gold deposit in Canada, an advanced exploration project operated by Gold Mountain Mining Corp.; |
|--|--------|---------------------------------------------------------------------------------------------------------------------|

|  | · | a portfolio of 21 additional NSRs on exploration projects in Mexico, Canada and the United States identified through the Company's past prospect generator activities; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | equity holdings in several publicly-listed companies; |
|--|--------|-------------------------------------------------------|

|  | · | 1,597 ounces of gold bullion; and |
|--|--------|-----------------------------------|

|  | · | approximately $3 million in cash. |
|--|--------|-----------------------------------|

|  | · | Office space; |
|--|--------|---------------|

|  | · | Executive personnel and human resources; |
|--|--------|------------------------------------------|

|  | · | Geological technical support; and |
|--|--------|-----------------------------------|

|  | · | Accounting and financial services. |
|--|--------|------------------------------------|

----

----

----

| - | Maximum sample length of 2 m in unmineralized lithologies. |
|---|------------------------------------------------------------|

| - | Maximum sample length of 1 m in mineralized lithologies. |
|---|----------------------------------------------------------|

| - | Minimum sample length of 50 cm. Geological changes in the core such as major mineralization/alteration intensity and lithology changes were used as sample breaks. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | Core size changes and any zones of core loss were used as sample breaks. |
|---|--------------------------------------------------------------------------|

| - | Large discrete veins that might possibly be modeled or mined as separate structures were sampled separately. |
|---|--------------------------------------------------------------------------------------------------------------|

----

----

----

| Claim Name     | Claim Number | Valid Until Date  | Area (hectares) | Location                                        |
|----------------|--------------|-------------------|-----------------|-------------------------------------------------|
| Cerro Grande   | 219469       | March 5, 2059     | 11,201.55       | Tetela de Ocampo Ixtacamaxtitlan Aquixtla, Pue. |
| Cerro Grande 2 | 233434       | February 23, 2059 | 3,028.00        | Zautla, Puebla                                  |
| Total          |         |              | 14,229.55       |                                            |

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|  | · | The same resource model as the Historical PEA; |
|--|--------|------------------------------------------------|

|  | · | The Rock Creek Mill, which was optioned by the Company in October, 2015, with average throughput of 7,500 tonnes per day; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------|

|  | · | A smaller, near surface and payback focussed pit; |
|--|--------|---------------------------------------------------|

|  | · | A mine production schedule which targets higher grades earlier; |
|--|--------|-----------------------------------------------------------------|

|  | · | Optimised waste placement and tailings management facilities; |
|--|--------|---------------------------------------------------------------|

|  | · | A 2% NSR held by Almadex Minerals Limited. |
|--|--------|--------------------------------------------|

| · | Pre-tax Net Present Value ("NPV") of $266M at a 5% discount rate and internal rate of return of 39%; |
|--------|------------------------------------------------------------------------------------------------------|

| · | After-tax (including new Mexican Mining Duties) NPV(5%) of $166M and internal rate of return of 30%; |
|--------|------------------------------------------------------------------------------------------------------|

| · | Total mill feed of 35.5M tonnes and life of mine strip ratio of 5:1; |
|--------|----------------------------------------------------------------------|

| · | Mine life of 13 years with an average processing rate of 7,500 tonnes per day; |
|--------|--------------------------------------------------------------------------------|

| · | Average annual production of 55,660 ounces of gold and 3,754,000 ounces of silver; |
|--------|------------------------------------------------------------------------------------|

| · | Estimated pre-production capital of US$100M. Sustaining capital of US$24M; |
|--------|----------------------------------------------------------------------------|

| · | After-Tax Payback of initial capital of 2.6 years. |
|--------|----------------------------------------------------|

----

|                                   |   |
|----------------------------------------|--------|
| Total Mill Feed Material*              |   | 35.5 Million tonnes** |   |
| Processing Rate                        |   | 7,500 tonnes per day |   |
| Life of Mine (LOM) Strip Ratio         |   | 5 : 1*** |   |
|                                   |   | Gold |   |   | Silver |   |
| Average Mill Feed Grade                |   |   | 0.76 g/ | t |   |   | 47.5 g/ | t |
| Average Process Recoveries             |   |   | 90 | % |   |   | 84 | % |
| Average Annual Production LOM (ounces) |   |   | 55,660 |   |   |   | 3,754,000 |   |
| Total Production (ounces)              |   |   | 723,580 |   |   |   | 48,806,000 |   |
| Site Infrastructure                            |   | $ | 15.3  |   |
|------------------------------------------------|--------|---|-------|--------|
| TMF and Water Management                       |   | $ | 9.6   |   |
| Mining                                         |   | $ | 25.1  |   |
| Process Plant, Doré Plant and Conveyor    |   | $ | 28.0  |   |
| Indirects, EPCM, Contingency and Owner's Costs |   | $ | 22.2  |   |
| Total                                          |   | $ | 100.2 |   |
| Mining Costs                | $2.19  |   $/tonne mined  |
|-----------------------------|--------|-----------------------|
| Mining Costs                | $11.63 |   $/tonne milled |
| Processing                  | $13.73 |   $/tonne milled |
| G&A                     | $1.54  |   $/tonne milled |
| Life of Mine TMF management | $0.09  |   $/tonne milled |
| Total                       | $26.99 |   $/tonne milled |

----

|                        | Alternate Case | Base Case | 3 Yr trailing Average |
|-----------------------------|----------------|-----------|-----------------------|
|                        | Pre-Tax        | After-Tax | Pre-Tax               | After-Tax | Pre-Tax | After-Tax |
| Gold Price ($/oz)           | $1000          | $1150     | $1300                 |
| Silver Price ($/oz)         | $14            | $16       | $20                   |
| Net Cash Flow               | $235           | $149      | $435                  | $280 | $731 | $470 |
| NPV (5% discount rate)      | $132           | $78       | $266                  | $166 | $464 | $293 |
| Internal Rate of Return (%) | 24%            | 18%       | 39%                   | 30% | 57% | 44% |
| Payback (years)             | 3.3            | 3.9       | 2.3                   | 2.6 | 1.6 | 2.0 |

|  | · | Protect surface and ground water quality; |
|--|--------|-------------------------------------------|

|  | · | Incorporate environmental enhancement opportunities into the mine and final reclamation plans; |
|--|--------|------------------------------------------------------------------------------------------------|

|  | · | Minimize the project footprint. |
|--|--------|---------------------------------|

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|  | · | APEX Geoscience Ltd. (Exploration and Drill data QA/QC) |
|--|--------|---------------------------------------------------------|

|  | · | Giroux Consultants Ltd. (Mineral Resource Estimation) |
|--|--------|-------------------------------------------------------|

|  | · | Moose Mountain Technical Services (Overall Report Preparation, Mine Plan and Mineral Processing, Infrastructure and Financial Model) |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Knight Piésold Ltd. (Geotechnical, Environmental, Rock and Tailings Management). |
|--|--------|---------------------------------------------------------------------------------------|

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|                |   | Payments due by period |      |
|---------------------|--------|------------------------|-----------|
|                |   | Total                  |      |   | Less than1 year |   |   | 1 – 3years |   |   | 3 – 5years |   |   | More than 5 years |   |
| Operating lease     |   | $                      | 222,461   |   |   | $ | 13,112 |   |   | $ | 209,349 |   |   |   | - |   |   |   | - |   |
| Executive contracts |   | $                      | 2,235,000 |   |   | $ Nil |   |   | $ | 1,515,000 |   |   | $ | 480,000 |   |   | $ | 240,000 |   |

|  | o | The assessment that the Company has significant influence over the investment in Gold Mountain Mining Corporation ("Gold Mountain") (See Note 7 to the consolidated financial statements) which results in the use of  the equity accounting method for accounting for this investment.  In making their judgment, management considered the composition of the Board of Directors of its equity investment in Gold Mountain, the common directors and management between Gold Mountain and the Company and the intercompany transactions and relationship with Gold Mountain and concluded that significant influence exists. |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The analysis of the functional currency for each entity of the Company.  In concluding that the Canadian dollar is the functional currency of the parent and its subsidiary companies, management considered the currency that mainly influences the cost of providing goods and services in each jurisdiction in which the Company operates.  As no single currency was clearly dominant, the Company also considered secondary indicators including the currency in which funds from financing activities are denominated and the currency in which funds are retained. |
|--|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The determination that the carrying amount of the Tuligtic Project will be recovered through use rather than sale (Note 18). |
|--|---|------------------------------------------------------------------------------------------------------------------------------|

----

|  | o | The recoverability of amounts receivable which are included in the consolidated statements of financial position; |
|--|---|-------------------------------------------------------------------------------------------------------------------|

|  | o | The carrying value of the marketable securities and the recoverability of the carrying value which are included in the consolidated statements of financial position; |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The carrying value of investments, and the estimated annual gains or losses recorded on investments from income and dilution, and the recoverability of the carrying value which are included in the consolidated statements of financial position; |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The estimated useful lives of property, plant and equipment which are included in the consolidated statements of financial position and the related depreciation included in the consolidated statements of comprehensive loss; |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The value of the exploration and development costs which is recorded in the consolidated statements of financial position (Note 4(h)); |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The Company uses the Black-Scholes option pricing model to determine the fair value of options and warrants in order to calculate share-based payments expense and the fair value of finders' warrants. Certain inputs into the model are estimates that involve considerable judgment and are or could be affected by significant factors that are out of the Company's control; |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The provision for income taxes which is included in the consolidation statements of comprehensive loss and composition of deferred income tax assets and liabilities included in the consolidated statements of financial position at December 31, 2015; |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The assessment of indications of impairment of each exploration and evaluation asset and related determination of the net realizable value and write-down of those assets where applicable; |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The estimated fair value of contingent share payments receivable in the event that Gold Mountain achieves some or all of the specified resource and production levels described in Note 9(a) of the consolidated financial statements; and |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The estimated fair value of contingent share payments receivable in the event that Goldgroup Mining Inc. achieves some or all of the specified resource and production levels described in Note 9(b) of the consolidated financial statements. |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                                                                                                                                                      |   | Age    |           | Date First Elected or Appointed |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------|---------------------------------|
| James Duane PoliquinJohn D. McCleary(2)(3)Joseph Montgomery(1)(2)(3)Morgan PoliquinGerald G. Carlson(1)(2)(3)Mark T. Brown (1)(3)William  J. Worrall |   |   | 75758844704783 |                            | February 1, 2002(4)February 1, 2002(4)February 1, 2002(4)February 1, 2002(4)February 1, 2002(4)May 30, 2011May 7, 2013 |

----

| Name                                                          | Position                                                                                                               |   | Age    |     | Date First Appointed |
|---------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|----------------------|
| James Duane PoliquinMorgan PoliquinKorm TrieuDouglas McDonald | Chairman of the BoardPresident and Chief Executive OfficerChief Financial OfficerVice-President, Corporate Development |   |   | 75445047 |                 | February 1, 2002 (4)March 1, 2007May 30, 2011September 22, 2014 |

----

|  | a. | Big Sky Petroleum Ltd., an oil and gas company listed on the TSX-V. |
|--|----|---------------------------------------------------------------------|

|  | b. | Galileo Petroleum Ltd., an oil and gas exploration company listed on the TSX-V. |
|--|----|---------------------------------------------------------------------------------|

|  | c. | Strategem Capital Corp., an investment issuer listed on the TSX-V. |
|--|----|--------------------------------------------------------------------|

|  | d. | Sutter Gold Mining Ltd., a gold exploration company listed on the TSX-V. |
|--|----|--------------------------------------------------------------------------|

|  | e. | Pager Minerals Ltd., an exploration company listed on the TSX-V. |
|--|----|------------------------------------------------------------------|

|  | f. | Almadex Minerals Limited, an exploration company listed on the TSX-V. |
|--|----|-----------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                      | Long-Term Compensation |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|
|                                          Annual Compensation |   Awards     |
|                                                                                                                                                                                                                                                                      |                   |   |   |   | Restricted | Options/ |   |   |
| Name and                                                                                                                                                                                                                                                                  | Fiscal                 |   |   | Other Annual | Stock | SARS | LTIP | All Other |
| Principle Position                                                                                                                                                                                                                                                        | Year                   | Salary | Bonus | Compensation | Awards | Granted | Payouts | Compensation |
|                                                                                                                                                                                                                                                                      |                   |   |   |   |   | (#) |   |   |
| Duane PoliquinChairman of the Board & Director                                                                                                                                                                                                                        | 201520142013           | NilNilNil | NilNilNil | NilNilNil | NilNilNil | 485,000NilNil | NilNilNil | $220,952(1)$240,000(1)$246,300(1) |
| Morgan PoliquinPresident,  Chief Executive Officer & Director                                                                                                                                                                                                    | 201520142013           | $265,000$265,000$265,000 | NilNilNil | NilNilNil | NilNilNil | 965,000400,000Nil | NilNilNil | NilNilNil |
| Jack McClearyDirector                                                                                                                                                                                                                                                | 201520142013           | NilNilNil | NilNilNil | NilNilNil | NilNilNil | 207,000NilNil | NilNilNil | $10,000(2)(4)$10,000(2)(4)$10,000(2)(4) |
| Joseph MontgomeryDirector                                                                                                                                                                                                                                                 | 201520142013           | NilNilNil | NilNilNil | NilNilNil | NilNilNil | 145,000NilNil | NilNilNil | $7,000(2)$10,000(2)(3)$7,000(2) |
| Gerald G. CarlsonDirector                                                                                                                                                                                                                                                 | 201520142013           | NilNilNil | NilNilNil | NilNilNil | NilNilNil | 237,00050,000Nil | NilNilNil | $7,000(2)$7,000(2)$7,000(2) |
| Barry W. SmeeFormer Director(8)                                                                                                                                                                                                                                           | 201520142013           | NilNilNil | NilNilNil | NilNilNil | NilNilNil | NilNilNil | NilNilNil | $7,000(2)$7,000(2)$8,500(2)(5) |
| Mark T. BrownDirector, former Chief Financial Officer                                                                                                                                                                                                                     | 201520142013           | NilNilNil | NilNilNil | NilNilNil | NilNilNil | 232,00025,000Nil | NilNilNil | $11,200(2)(3)(6)$7,000(2)$7,000(2) |
| William J. WorrallDirector                                                                                                                                                                                                                                           | 201520142013           | NilNilNil | NilNilNil | NilNilNil | NilNilNil | 145,000Nil250,000 | NilNilNil | $7,000(2)$4,550(2)Nil |
| James E. McInnesFormer Director                                                                                                                                                                                                                                      | 201520142013           | NilNilNil | NilNilNil | NilNilNil | NilNilNil | NilNilNil | NilNilNil | Nil$2,450(2)$10,000(2)(3) |
| Korm TrieuChief Financial Officer                                                                                                                                                                                                                                         | 201520142013           | $185,000$185,000$185,000 | NilNilNil | NilNilNil | NilNilNil | 145,00050,00075,000 | NilNilNil | NilNilNil |
| Dione BitzerController (9)                                                                                                                                                                                                                                                | 201520142013           | Nil$87,500$100,000 | NilNil$7,500 | NilNilNil | NilNilNil | NilNilNil | NilNilNil | NilNilNil |
| Douglas McDonaldVice President, Corporate Development                                                                                                                                                                                                                     | 201520142013           | $175,000$48,125(7)N/A | NilNilN/A | NilNilN/A | NilNilN/A | 130,000150,000N/A | NilNilN/A | NilNilN/A |

| (1) | For geological services provided to the Company and general and administrative services provided by Hawk Mountain Resources Ltd., a private company of which Duane Poliquin is a shareholder.  Effective December 31, 2015, the Hawk Mountain Resources Ltd. contract was terminated by mutual agreement. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Director's fees. |
|-----|------------------|

| (3) | Audit Committee Chairman's fees. |
|-----|----------------------------------|

| (4) | Compensation Committee Chairman's fees. |
|-----|-----------------------------------------|

| (5) | For consulting services provided by Smee & Associates Consulting Ltd., a company owned by Barry Smee and his wife. |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (6) | For administrative services provided by Pacific Opportunity Capital Ltd., a company controlled by Mark T. Brown and his family. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (7) | Commenced employment on September 22, 2014. |
|-----|---------------------------------------------|

| (8) | Barry Smee resigned as a Director of the Company effective January 31, 2015. |
|-----|------------------------------------------------------------------------------|

| (9) | Dione Bitzer was not nominated as an officer in Fiscal 2015 but remained as an employee for the year. |
|-----|-------------------------------------------------------------------------------------------------------|

----

| (a) | voluntary, upon at least three (3) months prior written notice of termination by the Executive to the Company; or |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (b) | without Cause, upon at least three (3) months prior written notice of termination by the Company to the Executive; or |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| (c) | by the Company for Cause; or |
|-----|------------------------------|

| (d) | upon the death or disability of the Executive; or |
|-----|---------------------------------------------------|

| (e) | upon retirement by the Executive. |
|-----|-----------------------------------|

| (a) | the repeated and demonstrated failure by the Executive to perform the Executive's material duties under the DP Agreement, after demand for substantial performance is delivered by the Company to the Executive that specifically identifies the manner in which the Company believes the Executive has not substantially performed by the Executive under the DP Agreement; or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the willful engagement by the Executive in misconduct which is materially injurious to the Company, monetarily or otherwise; or |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (c) | any other willful violation by the Executive of the provisions of the DP Agreement; or |
|-----|----------------------------------------------------------------------------------------|

| (d) | the Executive is convicted of a criminal offence involving fraud or dishonesty. |
|-----|---------------------------------------------------------------------------------|

----

|  | (i) |   any person or any person and such person's associates or affiliates, as such terms are defined in the Securities Act (British Columbia) (the "Act"), makes a tender, take-over or exchange offer, circulates a proxy to shareholders or takes other steps to effect a takeover of the control of the Company, whether by way of a reverse take-over, formal bid, causing the election or appointment of a majority of directors of the Company or otherwise in any manner whatsoever; or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) |   during any period of eighteen (18) consecutive months (not including any period prior to the Effective Date), individuals who at the beginning of such period constituted the Board of Directors and any new directors, whose appointment by the Board of Directors or nomination for election by the Company's shareholders was approved by a vote of at least three quarters (3/4) of the Board of Directors then still in office who either were directors at the beginning of the period or whose appointment or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors; or |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) |   the acquisition by any person or by any person and such person's affiliates or associates, as such terms are defined in the Act, and whether directly or indirectly, of common shares of the Company at the time held by such person and such person's affiliates and associates, totals for the first time, twenty percent (20%) or more of the outstanding common shares of the Company. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | the assignment to the Executive of any duties inconsistent with the status or authority of the Executive's office, or the Executive's removal from such position, or a substantial alteration in the nature or status of the Executive's authorities or responsibilities from those in effect immediately prior to the Change in Control; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | a reduction by the Company of the Executive's Base Salary as in effect on the date of the DP Agreement or as the same may have been increased from time to time, or a failure by the Company to increase the Executive's Base Salary as provided for in the DP Agreement or at a rate commensurate with that of other key executives of the Company; |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | the relocation of the office of the Company where the Executive is employed at the time of the Change in Control (the "CIC Location") to a location more than fifty (50) miles away from the CIC Location, or the Company's requiring the Executive to be based more than fifty (50) miles away from the CIC Location (except for requiring travel on the Company's business to an extent substantially consistent with the Executive's business travel obligations prior to the Change in Control); |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (iv) |   the failure by the Company to continue to provide the Executive with benefits at least as favourable as those enjoyed by the Executive prior to the Change in Control, the taking of any action by the Company which would directly or indirectly materially reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the Change in Control, or the failure by the Company to provide the Executive with the number of entitled vacation days to which the Executive has earned on the basis of years of services with the Company; or |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (v) | the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform the DP Agreement or, if the business of the Company for which the Executive's services are principally performed is sold within two (2) years after a Change in Control, the purchaser of such business shall fail to agree to provide the Executive with the same or a comparable position, duties, remuneration and benefits for the Executive as provided immediately prior to the Change in Control. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | voluntary, upon at least three (3) months prior written notice of termination by the Executive to the Company; or |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (b) | without Cause, upon at least three (3) months prior written notice of termination by the Company to the Executive; or |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| (c) | by the Company for Cause; or |
|-----|------------------------------|

| (d) | upon the death or disability of the Executive; or |
|-----|---------------------------------------------------|

| (e) | upon retirement by the Executive. |
|-----|-----------------------------------|

----

| (a) | the repeated and demonstrated failure by the Executive to perform the Executive's material duties under the MP Agreement, after demand for substantial performance is delivered by the Company to the Executive that specifically identifies the manner in which the Company believes the Executive has not substantially performed the Executive's duties under the MP Agreement; or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the willful engagement by the Executive in misconduct which is materially injurious to the Company, monetarily or otherwise; or |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (c) | any other willful violation by the Executive of the provisions of the MP Agreement; or |
|-----|----------------------------------------------------------------------------------------|

| (d) | the Executive is convicted of a criminal offence involving fraud or dishonesty. |
|-----|---------------------------------------------------------------------------------|

|  | (i) | any person or any person and such person's associates or affiliates, as such terms are defined in the Securities Act (British Columbia) (the "Act"), makes a tender, take-over or exchange offer, circulates a proxy to shareholders or takes other steps to effect a takeover of the control of the Company, whether by way of a reverse take-over, formal bid, causing the election or appointment of a majority of directors of the Company or otherwise in any manner whatsoever; or |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | during any period of eighteen (18) consecutive months (not including any period prior to the Effective Date), individuals who at the beginning of such period constituted the Board of Directors and any new directors, whose appointment by the Board of Directors or nomination for election by the Company's shareholders was approved by a vote of at least three quarters (3/4) of the Board of Directors then still in office who either were directors at the beginning of the period or whose appointment or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors; or |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | the acquisition by any person or by any person and such person's affiliates or associates, as such terms are defined in the Act, and whether directly or indirectly, of common shares of the Company at the time held by such person and such person's affiliates and associates, totals for the first time, twenty percent (20%) or more of the outstanding common shares of the Company. |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (i) | the assignment to the Executive of any duties inconsistent with the status or authority of the Executive's office, or the Executive's removal from such position, or a substantial alteration in the nature or status of the Executive's authorities or responsibilities from those in effect immediately prior to the Change in Control; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | a reduction by the Company in the Executive's Base Salary as in effect on the date of the MP Agreement or as the same may have been increased from time to time, or a failure by the Company to increase the Executive's Base Salary as provided for in the MP Agreement or at a rate commensurate with that of other key executives of the Company; |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | the relocation of the office of the Company where the Executive is employed at the time of the Change in Control (the "CIC Location") to a location more than fifty (50) miles away from the CIC Location, or the Company's requiring the Executive to be based more than fifty (50) miles away from the CIC Location (except for requiring travel on the Company's business to an extent substantially consistent with the Executive's business travel obligations prior to the Change in Control); |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | the failure by the Company to continue to provide the Executive with benefits at least as favourable as those enjoyed by the Executive prior to the Change in Control, the taking of any action by the Company which would directly or indirectly materially reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the Change in Control, or the failure by the Company to provide the Executive with the number of entitled vacation days to which the Executive has earned on the basis of years of service with the Company; or |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (v) | the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform the MP Agreement or, if the business of the Company for which the Executive's services are principally performed is sold within two (2) years after a Change in Control, the purchaser of such business shall fail to agree to provide the Executive with the same or a comparable position, duties, salary and benefits as provided to the Executive by the Company immediately prior to the Change in Control. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a) | voluntary, upon at least sixty (60) days prior written notice of termination by the Employee to the Company; or |
|-----|-----------------------------------------------------------------------------------------------------------------|

| (b) | by the Company for cause; or |
|-----|------------------------------|

|  | (a) | voluntary, upon at least sixty (60) days prior written notice of termination by the Employee to the Company; or |
|--|-----|-----------------------------------------------------------------------------------------------------------------|

----

----

|  Name                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Number of  Options Outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Exercise Price CDN$                                                                                                                                                                                                                               |  Expiry Date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Duane Poliquin,Chairman of the Board & Director     Morgan PoliquinPresident, Director &Chief Executive Officer     Jack McClearyDirector    Gerald G. CarlsonDirector      Joseph MontgomeryDirector   Mark T. BrownDirector      William J. WorrallDirector  Korm TrieuChief Financial Officer     Douglas McDonaldVice President, Corporate Development Total Directors/Officers (9 persons)Total Employees/Consultants (13 persons)Total Directors/Officers/Employees/Consultants | 500,00050,000100,000220,000165,000100,000 650,000350,000315,000500,000300,000250,000150,000 50,00050,00025,000115,00092,000 50,00050,00050,00025,000115,00072,00050,000 225,00025,000115,00030,000 25,00075,00025,000115,000100,00042,00025,000 115,000250,00030,000 150,00075,000115,00075,000          30,000          50,000 150,000100,00030,0006,366,000        1,395,000         7,761,000 | $2.892.571.910.980.740.72 2.890.980.742.310.721.041.32 2.892.571.910.740.72 2.892.570.981.910.740.721.04 2.891.910.740.72 2.890.981.910.742.220.721.04 0.741.460.72 2.891.980.741.740.721.04 1.230.740.72 | 06/08/201608/15/201605/04/201701/06/201708/26/201712/11/2018 06/08/201601/06/201708/26/201709/11/201712/11/201801/02/201907/02/2019 06/08/201608/15/201605/04/201708/26/201712/11/2018 06/08/201608/15/201601/06/201705/04/201708/26/201712/11/201801/02/2019 06/08/201605/04/201708/26/201712/11/2018 06/08/201601/06/201705/04/201708/26/201711/22/201712/11/201801/02/2019 08/26/201706/18/201812/11/2018 06/08/201606/08/201708/26/201704/04/201812/11/201801/02/2019 10/10/201608/26/201712/11/2018 |

----

|  | - | Leads the Board of Directors of the Company and also takes a hands-on role in the Company's day-to-day management. |
|--|---|--------------------------------------------------------------------------------------------------------------------|

|  | - | Helps the CEO to oversee all the operational aspects involved in running the Company, including project selection and planning. |
|--|---|---------------------------------------------------------------------------------------------------------------------------------|

|  | - | Takes overall responsibility for the Company's direction and growth, seeking to generate significant financial gains for the shareholders. |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | - | Oversees relationships with the communities and stakeholders in the areas where the Company operates, with the intent of ensuring the Company's activities are of benefit to all. |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a) | General Functions: |
|-----|--------------------|

|  | 1. | Provides effective leadership to the management and the employees of the Company and establishes an effective means of control and co-ordination for all operations and activities. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | Fosters a corporate culture that promotes ethical practices, integrity and a positive work climate enabling the Company to attract, retain and motivate a diverse group of quality employees. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | Keeps the Board fully informed on the Company`s operational and financial affairs. |
|--|----|------------------------------------------------------------------------------------|

|  | 4. | Develops and maintains a sound, effective organization structure and plans for capable management succession, progressive employee training and development programs and reports to the Board on these matters. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5. | Ensures that effective communications and appropriate relationships are maintained with the shareholders of the Company and other stakeholders. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6. | Develops capital expenditure plans for approval by the Board. |
|--|----|---------------------------------------------------------------|

|  | 7. | Turns any strategic plan as may be developed by the Board into a detailed operating plan. |
|--|----|-------------------------------------------------------------------------------------------|

| (b) | Strategy and Risks |
|-----|--------------------|

|  | 1. | Develops and recommends to the Board strategic plans to ensure the Company`s profitable growth and overall success.  This includes updating and making changes as required and involving the Board in the early stages of developing strategy. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | Identifies in conjunction with the other senior officers and appropriate directors of the Company the key risks with respect to the Company and its businesses and reviews such risks and strategies for managing them with the Board. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | Ensures that the assets of the Company are adequately safeguarded and maintained. |
|--|----|-----------------------------------------------------------------------------------|

| (c) | Exploration and Development |
|-----|-----------------------------|

|  | - | To direct and oversee all operational activities of the Company including exploration, development, mining and other such functions. |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------|

|  | - | To initiate solutions to the key business challenges of the Company. |
|--|---|----------------------------------------------------------------------|

|  | - | To participate in sourcing and negotiating financial arrangements for the further expansion and development of the Company including joint ventures, mergers, acquisitions, debt and equity financing. |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | - | Represent and speak for the Company with shareholders, potential investors and other members of the industry. |
|--|---|---------------------------------------------------------------------------------------------------------------|

----

|  | - | Developing, analyzing and reviewing financial data. |
|--|---|-----------------------------------------------------|

|  | - | Reporting on financial performance. |
|--|---|-------------------------------------|

|  | - | Monitoring expenditures and costs. |
|--|---|------------------------------------|

|  | - | Assisting the CEO in preparing budgets and in the communicating to the analyst and shareholder, community and securities regulators, the financial performance of the Company. |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | - | Fulfilling the reporting requirements of the securities regulators, stock exchanges and shareholders. |
|--|---|-------------------------------------------------------------------------------------------------------|

|  | - | Monitoring filing of tax returns and payment of taxes. |
|--|---|--------------------------------------------------------|

|  | - | Developing and managing relationships with current and prospective business partners, investment bankers, financial analysts and the media; |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------|

|  | - | Preparing and presenting comprehensive reviews and analysis of business opportunities to senior management and to the Board; |
|--|---|------------------------------------------------------------------------------------------------------------------------------|

|  | - | Managing and developing relationships with new and existing institutional investors; |
|--|---|--------------------------------------------------------------------------------------|

|  | - | Assisting the CEO in preparing and presenting to investors, the executive team and the Board; |
|--|---|-----------------------------------------------------------------------------------------------|

|  | - | Conducting technical and financial analysis to determine the impact of growth opportunities on various metrics and to establish an execution plan as needed. |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a) | adopting a strategic planning process and approving, on at least an annual basis, a strategic plan, taking into account the risk and opportunities of the Company's business; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | identifying the principal risks of the Company's business and implementing appropriate systems to manage such risks; |
|-----|----------------------------------------------------------------------------------------------------------------------|

| (c) | satisfying itself, to the extent reasonably feasible, of the integrity of the CEO and other executive officers (if any) and ensuring that all such officers create a culture of integrity throughout the Company and developing programs of succession planning (including appointing, training and monitoring senior management); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | creating the Company's internal control and management information systems and creating appropriate policies for matters including communications, securities trading, privacy, audit, whistleblowing and codes of ethical conduct; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | managing its affairs including selecting its Chair, nomination of candidates for election to the Board, constituting committees of the Board and determining director compensation; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | engaging any necessary internal and/or external advisors. |
|-----|-----------------------------------------------------------|

| Director           | Number |
|--------------------|--------|
| Duane Poliquin     | 6      |
| Morgan Poliquin    | 6      |
| Jack McCleary      | 5      |
| Joseph Montgomery  | 5      |
| Gerald G. Carlson  | 4      |
| Mark T. Brown      | 4      |
| William J. Worrall | 6      |

----

----

| (a) | Controls the communications between the Company and its external stakeholders; |
|-----|--------------------------------------------------------------------------------|

| (b) | Complies with its continuous and timely disclosure obligations; |
|-----|-----------------------------------------------------------------|

| (c) | Avoids selective disclosure of Company information; |
|-----|-----------------------------------------------------|

| (d) | Protects and prevents the improper use or disclosure of material information and  confidential information; |
|-----|------------------------------------------------------------------------------------------------------------------|

| (e) | Educates the Company's personnel on the appropriate use and disclosure of material information and confidential information; |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| (f) | Fosters and facilitates compliance with applicable laws; and |
|-----|--------------------------------------------------------------|

| (g) | Creates formal Disclosure Officers to help achieve the above objectives. |
|-----|--------------------------------------------------------------------------|

----

| Title of                                                     |                                                                                                                                                       | Amounts and Nature of                                                                                           | Percent of                                          |
|--------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
| Class                                                        | Name of Beneficial Owner                                                                                                                                   | Beneficial Ownership                                                                                            | Class*                                              |
| CommonCommonCommonCommonCommonCommonCommonCommonCommonCommon | Duane PoliquinMorgan PoliquinJack McClearyGerald G. CarlsonJoseph MontgomeryMark T. BrownWilliam J. WorrallKorm TrieuDoug McDonaldTotal Directors/Officers | 3,644,236(1)10)4,123,647(2)(10)622,550(3)492,000(4)495,000(5)487,000(6)407,500(7)502,500(8)314,500(9)11,088,933 | 4.58%5.12%0.79%0.63%0.63%0.62%0.52%0.64%0.40%13.94% |

| (1) | Of these shares 1,135,000 represent currently exercisable stock options, 290,000 represent currently exercisable warrants and 69,300 of these shares are held indirectly by Hawk Mountain Resources Ltd., a private company of which Duane Poliquin is a shareholder. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Of these shares 2,515,000 represent currently exercisable stock options.  83,600 of these shares are held indirectly through Kohima Pacific Gold Corp., a company owned by Mr. Poliquin. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Of these shares 332,000 represent currently exercisable stock options. 38,500 of these shares are held indirectly by Connemara Resource Ventures Ltd., a company owned by Mr. McCleary. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Of these shares 412,000 represent currently exercisable stock options and 16,000 represent currently exercisable warrants. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (5) | Of these shares 395,000 represent currently exercisable stock options. |
|-----|------------------------------------------------------------------------|

| (6) | Of these shares 407,000 represent currently exercisable stock options. 20,000 of these shares are held indirectly by Pacific Opportunity Capital Ltd. ("POC"), a company controlled by Mr. Brown and his family which also holds 20,000 currently exercisable warrants represented in these shares. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Of these shares 395,000 represent currently exercisable stock options. |
|-----|------------------------------------------------------------------------|

| (8) | Of these shares 495,000 represent currently exercisable stock options.  7,500 of these shares are held indirectly by Mr. Trieu's wife. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Of these shares, 280,000 represent currently exercisable stock options. 7,500 of those shares are held indirectly by Shari Investments, an entity controlled by Mr. McDonald. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Pursuant to a Voting Trust Agreement (Exhibit 3 to this 20-F Annual Report), Duane Poliquin and Morgan Poliquin jointly hold voting power over 5,682,009 of the Company's common shares otherwise legally and beneficially owned by Mr. Ernesto Echavarria. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Title of |                     | Amounts and Nature of | Percent of |
|----------|--------------------------|-----------------------|------------|
| Class    | Name of Beneficial Owner | Beneficial Ownership  | Class*     |
| Common   | Duane Poliquin           | 3,644,236(1)(3)       | 4.58%      |
| Common   | Morgan Poliquin          | 4,123,647(2)(3)       | 5.12%      |

| (1) | Of these shares 1,135,000 represent currently exercisable stock options, 290,000 represent currently exercisable warrants and 69,300 of these shares are held indirectly by Hawk Mountain Resources Ltd., a private company of which Duane Poliquin is a shareholder. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Of these shares 2,515,000 represent currently exercisable stock options.  83,600 of these shares are held indirectly through Kohima Pacific Gold Corp., a company owned by Mr. Poliquin. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Pursuant to a Voting Trust Agreement (Exhibit 3 to this 20-F Annual Report), Duane Poliquin and Morgan Poliquin jointly hold voting power over 5,682,009 of the Company's common shares otherwise legally and beneficially owned by Mr. Ernesto Echavarria, as well as over any common shares issued to Mr. Echavarria upon the exercise of his warrants to acquire an additional 2,800,000 of the Company's common shares. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | Compensation of key management personnel |
|-----|------------------------------------------|

|                        |   | February 29,2016 |    |   | December 31,2015 |   |      | December 31,2014 |   |   | December 31,2013 |      |
|-----------------------------|--------|------------------|---------|--------|------------------|--------|-----------|------------------|--------|--------|------------------|-----------|
| Salaries, fees and benefits |   | $                | 144,167 |   |             | $      | 845,952   | (i)         |   | $      | 738,125          | (i)  |   | $ | 690,700 | (i)  |
| Share-based payments        |   |             | -       |   |             |   | 725,165   |             |   |   | 469,500          |      |   |   | 340,250 |   |
| Directors' fees             |   |             | 48,000  |   |             |   | 48,000    |             |   |   | 48,000           |      |   |   | 48,000 |   |
|                        |   | $                | 192,167 |   |             | $      | 1,619,117 |             |   | $      | 1,255,625        |      |   | $ | 1,078,950 |   |

|  | (i) | For the year ended December 31, 2015, Hawk Mountain Resources Ltd. ("Hawk Mountain"), a private company of which the Chairman of the Company is a shareholder, was paid $220,952 (2014 - $240,000; 2013 – $240,000) for geological services provided to the Company and is recorded in general exploration expenses. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Almadex Minerals Limited ("Almadex") |
|-----|--------------------------------------|

----

| (c) | Other related party transactions |
|-----|----------------------------------|

|  | (a) | During the year ended December 31, 2015, the Company paid a company controlled by a Director of the Company $Nil (2014 - $Nil; 2013 - $1,500) for consulting services provided to the Company. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | During the year ended December 31, 2015, the Company paid a company controlled by a Director of the Company, $1,200 (2014 - $Nil; 2013 - $700) for administrative services provided to the Company. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | During the year ended December 31, 2015, no payments were paid to Hawk Mountain for marketing and general administration services provided by the spouse of the Chairman (2014 - $Nil; 2013 - $6,300). |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | During the year ended December 31, 2015, the Company employed the Chairman's daughter for a salary of $43,225 less statutory deductions (2014 - $34,050; 2013 - $34,000) for marketing and administrative services provided to the Company. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Year Ended                                         | High                  | Low                   |
|----------------------------------------------------|-----------------------|-----------------------|
| 12/31/201512/31/201412/31/201312/31/201212/31/2011 | $1.271.943.253.335.35 | $0.480.861.031.552.00 |
| Year Ended                                         | High                  | Low                   |
|----------------------------------------------------|-----------------------|-----------------------|
| 12/31/201512/31/201412/31/201312/31/201212/31/2011 | $1.572.113.193.315.17 | $0.651.021.081.562.08 |

----

| Quarter Ended                                                                                                            | High                                              | Low                                               |
|--------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|---------------------------------------------------|
| 12/31/201509/30/201506/30/201503/31/201512/31/201409/30/201406/30/201403/31/201412/31/201309/30/201306/30/201303/31/2013 | $0.730.850.951.271.351.641.521.941.442.082.013.25 | $0.500.510.750.820.861.271.271.171.031.321.181.85 |
| Quarter Ended | High  | Low   |
|---------------|-------|-------|
| 12/31/2015    | $1.10 | $0.67 |
| 09/30/2015    | 1.06  | 0.65  |
| 06/30/2015    | 1.16  | 0.92  |
| 03/31/2015    | 1.57  | 1.09  |
| 12/31/2014    | 1.48  | 1.02  |
| 09/30/2014    | 1.80  | 1.38  |
| 06/30/2014    | 1.64  | 1.37  |
| 03/31/2014    | 2.11  | 1.25  |
| 12/31/2013    | 1.49  | 1.08  |
| 09/30/2013    | 2.14  | 1.37  |
| 06/30/2013    | 2.05  | 1.22  |
| 03/31/2013    | 3.19  | 1.91  |
| Month Ended                                                  | High                      | Low                       |
|--------------------------------------------------------------|---------------------------|---------------------------|
| 02/29/201601/31/201612/31/201511/30/201510/31/201509/30/2015 | $0.820.680.730.580.620.60 | $0.580.500.510.500.520.48 |

----

| Month Ended                                                  | High                      | Low                       |
|--------------------------------------------------------------|---------------------------|---------------------------|
| 02/29/201601/31/201612/31/201511/30/201510/31/201509/30/2015 | $0.951.121.100.760.800.80 | $0.730.780.670.670.680.65 |
|                       | Number     |
|----------------------------|------------|
| Balance, December 31, 2015 | 78,062,984 |
| Balance, March 29, 2016    | 78,062,984 |

----

----

|  | · | Borrow money in a manner and amount, on any security, from any source and upon any terms and conditions; |
|--|--------|----------------------------------------------------------------------------------------------------------|

|  | · | Issue bonds, debentures, and other debt obligations either outright or as security for any liability or obligation of the Company or any other person; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Guarantee the repayment of money by any other person or the performance of any obligation of any other person; and |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | · | Mortgage, charge, or give other security, on the whole or any part of the property or assets of the Company, both present and future. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

----

----

----

|               |   |             |    |   |             |   |
|--------------------|--------|------------------|---------|--------|------------------|--------|
|               |   | December 31,2015 |    |   | December 31,2014 |   |
| Audit fees         |   | $                | 134,232 |   |             | $      | 53,500 |   |
| Audit-related fees |   |             | 20,686  |   |             |   | 43,715 |   |
| Tax fees           |   |             | 28,623  |   |             |   | 68,438 |   |
| Other fees         |   |             | -       |   |             |   | - |   |

----

----

|   |                                                                                                                                                                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.     | Certificate of Amalgamation                                                                                                                                                                                                                                                                                                                |
|   | Amalgamation Agreement                                                                                                                                                                                                                                                                                                                     |
|   | - Incorporated by reference to the Company's Form 20-F Annual Report for the year ended December 31,  2001, as filed with the Commission on May 17, 2002.                                                                                                                                                                        |
| 1.1    | Articles                                                                                                                                                                                                                                                                                                                                   |
|   | - Incorporated by reference to the Company's Form 20-F Annual Report for the year ended December 31,  2005, as filed with the Commission on March 30, 2006.                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                       |
| 2.     | Instruments defining the rights of holders of equity or debt securities being registered                                                                                                                                                                                                                                                   |
|   | - Refer to Exhibit No. 1.                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                       |
| 3.     | Voting trust agreements.  The Voting Trust Agreement dated December 17, 2009 between Ernesto Echavarria, as grantor, and Messrs Duane and Morgan Poliquin, as voting trustees.- Incorporated by reference to the Company's Form 20-F for the year ended December 31, 2013 and filed with  the Commission on March 31, 2014. |
|   |                                                                                                                                                                                                                                                                                                                                       |
| 4.     | Executive Compensation Contract dated January 29, 2013 with Hawk Mountain Resources Ltd.                                                                                                                                                                                                                                                   |
|   | - Incorporated by reference to the Company's Form 20-F for the year ended December 31, 2012 and filed with  the Commission on March 28, 2013.                                                                                                                                                                                    |
| 4.1    | Executive Compensation Contract dated January 29, 2013 with Morgan Poliquin                                                                                                                                                                                                                                                                |
|   | - Incorporated by reference to the Company's Form 20-F for the year ended December 31, 2012 and filed with  the Commission on March 28, 2013.                                                                                                                                                                                    |
| 4.2    | Assignment of Rights Agreement dated March 11, 2013 with Don David Gold Mexico, S.A. de C.V.- Incorporated by reference to the Company's Form 20-F for the year ended December 31, 2013 and filed with  the Commission on March 31, 2014.                                                                                        |
| 4.3    | Sale and Purchase Agreement dated June 20, 2013 with Tarsis Resources Ltd.- Incorporated by reference to the Form 6-K and filed with the Commission on June 20, 2013.                                                                                                                                                                      |
| 4.4    | Amendment Agreement dated November 26, 2013 with Candymin, S.A. de C.V. and Mr. Charlie Warren- Incorporated by reference to the Company's Form 20-F for the year ended December 31, 2013 and filed with  the Commission on March 31, 2014.                                                                                      |
| 4.5    | Arrangement Agreement dated May 11, 2015 in connection with the Company's statutory Plan of Arrangement with Almadex.                                                                                                                                                                                                                      |
| 4.6    | Administrative Services Agreement between the Company and Almadex Minerals Limited dated May 15, 2015.                                                                                                                                                                                                                                     |
| 4.7    | First Amending Agreement to the May 15, 2015 Administrative Services Agreement between the Company and Almadex Minerals Limited dated December 16, 2015.                                                                                                                                                                                   |
| 4.8    | Termination Agreement effective December 31, 2015 between the Company and Hawk Mountain Resources Ltd.                                                                                                                                                                                                                                     |
| 4.9    | Executive Employment Contract between the Company and Duane Poliquin dated effective January 1, 2016.                                                                                                                                                                                                                                      |
| 4.10   | Deloitte Letter to the Securities and Exchange Commission dated March 29, 2016                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                       |
| 5.     | List of foreign patents – N/A                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                       |
| 6.     | Calculation of earnings per share – N/A                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                       |
| 7.     | Explanation of calculation of ratios – N/A                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                       |
| 8.     | List of subsidiaries                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                       |
| 9.     | Statement pursuant to the instruction to Item 8.A.4, regarding the financial statement filed in registration                                                                                                                                                                                                                               |
|   | Statements for initial public offerings of securities – N/A                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                       |
| 10.    | Any notice required by Rule 104 of Regulation BTR – N/A                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                       |

----

|   |                                                                                                                                                                                                                                                |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                |
| 11     | Audit Committee Charter                                                                                                                                                                                                                             |
|   | Nominating and Corporate Governance Committee-Duties and Responsibility                                                                                                                                                                             |
|   | Compensation Committee-Responsibilities and Duties                                                                                                                                                                                                  |
|   | Code of Business Ethics                                                                                                                                                                                                                             |
|   | Code of Business Conduct and Ethics for Directors                                                                                                                                                                                                   |
|   | Communications Policy                                                                                                                                                                                                                               |
|   | Securities Trading Policy                                                                                                                                                                                                                           |
|   | Whistleblower Policy                                                                                                                                                                                                                                |
|   | Privacy Policy                                                                                                                                                                                                                                      |
|   | - Incorporated by reference to the Company's Form 20-F Annual Report for the year ended December 31,  2005, as filed with the Commission on March 30, 2006.                                                                               |
|   | Shareholder Rights Plan dated April 13, 2011- Incorporated by reference to the Form 6-K filed with the Commission on April 15, 2011.                                                                                                                |
|   | Advance Notice Policy dated January 28, 2013- Incorporated by reference to the Company's Form 20-F for the year ended December 31, 2012 filed with  the Commission on March 28, 2013.                                                     |
|   | Multiple Voting Policy – adopted by the Board of Directors on May 7, 2013- Incorporated by reference to the Company's Form 20-F Annual Report for the year ended December 31,  2014 as filed with the Commission on March 30, 2015. |
|   |                                                                                                                                                                                                                                                |
| 12.1   | Certification of CEO Pursuant to Securities Exchange Act, Rules 13a-14 and 15d-14 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                              |
| 12.2   | Certification of CFO Pursuant to Securities Exchange Act, Rules 13a-14 and 15d-14 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                         |
| 13.1   | Certification of CEO Pursuant to the Sarbanes-Oxley Act, 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                               |
| 13.2   | Certification of CFO Pursuant to the Sarbanes-Oxley Act, 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                               |

----

----

| Independent Auditors' Report                   | 1-3    |
|------------------------------------------------|--------|
|                                           |   |
|                                           |   |
| Consolidated statements of financial position  | 4      |
|                                           |   |
|                                           |   |
| Consolidated statements of comprehensive loss  | 5      |
|                                           |   |
|                                           |   |
| Consolidated statements of cash flows          | 6      |
|                                           |   |
|                                           |   |
| Consolidated statements of changes in equity   | 7      |
|                                           |   |
|                                           |   |
| Notes to the consolidated financial statements | 8-42   |

----

----

| Vancouver, Canada | Chartered Professional Accountants |
|-------------------|------------------------------------|
|              |                               |
| March 29, 2016    |                               |

----

----

| Almaden Minerals Ltd.                                                                                        |   |             |        |   |         |   |
|--------------------------------------------------------------------------------------------------------------|--------|------------------|-------------|--------|--------------|--------|
| Consolidated statements of financial position                                                                |   |             |        |   |         |   |
| (Expressed in Canadian dollars)                                                                              |   |             |        |   |         |   |
|                                                                                                         |   | December 31,     |        |   | December 31, |   |
|                                                                                                         |   | 2015             |        |   | 2014         |   |
|                                                                                                         |   |             |        |   |         |   |
|                                                                                                         |   |                  | $           |   |         |        | $ |   |
| ASSETS                                                                                                       |   |             |        |   |         |   |   |   |
| Current assets                                                                                               |   |             |        |   |         |   |   |   |
| Cash and cash equivalents (Note 17)                                                                          |   |             | 6,222,778   |   |         |   | 8,172,598 |   |
| Accounts receivable and prepaid expenses (Note 5)                                                            |   |             | 383,464     |   |         |   | 413,880 |   |
| Marketable securities (Note 6)                                                                               |   |             | -           |   |         |   | 853,123 |   |
| Inventory (Note 7)                                                                                           |   |             | -           |   |         |   | 274,768 |   |
|                                                                                                         |   |             | 6,606,242   |   |         |   | 9,714,369 |   |
|                                                                                                         |   |             |        |   |         |   |   |   |
| Non-current assets                                                                                           |   |             |        |   |         |   |   |   |
| Investment in associate (Note 8)                                                                             |   |             | -           |   |         |   | 2,675,000 |   |
| Reclamation deposit (Note 4(m))                                                                              |   |             | -           |   |         |   | 34,548 |   |
| Contingent shares receivable (Note 9)                                                                        |   |             | -           |   |         |   | 69,600 |   |
| Deposit on mill equipment (Note 10)                                                                          |   |             | 965,358     |   |         |   | - |   |
| Property, plant and equipment (Note 11)                                                                      |   |             | 105,738     |   |         |   | 880,371 |   |
| Exploration and evaluation assets (Note 12)                                                                  |   |             | 30,538,010  |   |         |   | 28,644,758 |   |
|                                                                                                         |   |             | 31,609,106  |   |         |   | 32,304,277 |   |
| TOTAL ASSETS                                                                                                 |   |             | 38,215,348  |   |         |   | 42,018,646 |   |
|                                                                                                         |   |             |        |   |         |   |   |   |
| LIABILITIES                                                                                                  |   |             |        |   |         |   |   |   |
| Current liabilities                                                                                          |   |             |        |   |         |   |   |   |
| Trade and other payables                                                                                     |   |             | 797,769     |   |         |   | 542,578 |   |
|                                                                                                         |   |             |        |   |         |   |   |   |
| Non-current liabilities                                                                                      |   |             |        |   |         |   |   |   |
| Deferred income tax liability (Note 18)                                                                      |   |             | 1,434,882   |   |         |   | 1,839,482 |   |
| Total Liabilities                                                                                            |   |             | 2,232,651   |   |         |   | 2,382,060 |   |
|                                                                                                         |   |             |        |   |         |   |   |   |
| EQUITY                                                                                                       |   |             |        |   |         |   |   |   |
| Share capital (Note 13)                                                                                      |   |             | 83,757,687  |   |         |   | 87,083,931 |   |
| Reserves (Note 13)                                                                                           |   |             | 11,822,637  |   |         |   | 11,005,757 |   |
| Deficit                                                                                                      |   |             | (59,597,627 | )      |         |   | (58,453,102 | ) |
| Total Equity                                                                                                 |   |             | 35,982,697  |   |         |   | 39,636,586 |   |
| TOTAL EQUITY AND LIABILITIES                                                                                 |   |             | 38,215,348  |   |         |   | 42,018,646 |   |
| Commitments (Note 19)                                                                                        |   |             |        |   |         |   |   |   |
|                                                                                                         |   |             |        |   |         |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements.                      |   |             |        |   |         |
|                                                                                                         |   |             |        |   |         |   |   |   |
| These consolidated financial statements are authorized for issue by the Board of Directors on March 29, 2016 |   |
| They are signed on the Company's behalf by:                                                                  |   |             |        |   |         |   |   |   |
|                                                                                                         |   |             |        |   |         |   |   |   |
|                                                                                                         |   |             |        |   |         |   |   |   |
| /s/Duane Poliquin                                                                                            |   | /s/Mark T. Brown |        |
| Director                                                                                                     |   | Director         |        |   |         |   |   |

----

| Almaden Minerals Ltd.                                                                                                        |   |                     |       |   |   |   |        |   |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|------------|--------|--------|--------|-------------|--------|--------|
| Consolidated statements of comprehensive loss                                                                                |   |                     |       |   |   |   |        |   |   |
| (Expressed in Canadian dollars)                                                                                              |   |                     |       |   |   |   |        |   |   |
|                                                                                                                         |   | Years Ended December 31, |       |
|                                                                                                                         |   | 2015                     |       |   | 2014   |   |        | 2013   |   |
|                                                                                                                         |   |                     |       |   |   |   |        |   |   |
|                                                                                                                         |   |                     | $          |   |   |        | $           |   |   |  | $ |   |
| Revenue                                                                                                                      |   |                     |       |   |   |   |        |   |   |   |   |   |
| Interest income                                                                                                              |   |                     | 73,279     |   |   |   | 175,955     |   |   |   | 165,474 |   |
| Other income (Note 14)                                                                                                       |   |                     | 230,124    |   |   |   | 78,036      |   |   |   | 54,958 |   |
|                                                                                                                         |   |                     | 303,403    |   |   |   | 253,991     |   |   |   | 220,432 |   |
| Expenses (income)                                                                                                            |   |                     |       |   |   |   |        |   |   |   |   |   |
| Impairment of exploration and evaluation assets (Note 12)                                                                    |   |                     | 97,044     |   |   |   | 2,570,664   |   |   |   | 371,038 |   |
| General and administrative expenses (Note 23)                                                                                |   |                     | 2,876,209  |   |   |   | 2,489,108   |   |   |   | 2,154,278 |   |
| (Income) loss on exploration and evaluation assets (Note 15)                                                                 |   |                     | (32,920    | )      |   |   | (55,111     | )      |   |   | 716,006 |   |
| General exploration expenses                                                                                                 |   |                     | 432,764    |   |   |   | 592,105     |   |   |   | 707,542 |   |
| Share-based payments                                                                                                         |   |                     | 950,740    |   |   |   | 565,800     |   |   |   | 381,950 |   |
|                                                                                                                         |   |                     | 4,323,837  |   |   |   | 6,162,566   |   |   |   | 4,330,814 |   |
| Operating loss                                                                                                               |   |                     | (4,020,434 | )      |   |   | (5,908,575  | )      |   |   | (4,110,382 | ) |
|                                                                                                                         |   |                     |       |   |   |   |        |   |   |   |   |   |
| Other (loss) income                                                                                                          |   |                     |       |   |   |   |        |   |   |   |   |   |
| Loss from investment in associate (Note 8)                                                                                   |   |                     | (95,892    | )      |   |   | (135,209    | )      |   |   | (818,889 | ) |
| Impairment of marketable securities (Note 6)                                                                                 |   |                     | (162,000   | )      |   |   | (405,903    | )      |   |   | (1,274,743 | ) |
| Impairment of investment in associate (Note 8)                                                                               |   |                     | (470,700   | )      |   |   | (6,637,288  | )      |   |   | - |   |
| Gain on transfer of spin-out assets (Note 2)                                                                                 |   |                     | 3,115,422  |   |   |   | -           |   |   |   | - |   |
| (Loss) gain on fair value of contingent shares receivable (Note 9)                                                           |   |                     | (22,500    | )      |   |   | 24,900      |   |   |   | (193,500 | ) |
| (Loss) gain on sale of marketable securities                                                                                 |   |                     | -          |   |   |   | (42,220     | )      |   |   | 19,509 |   |
| Loss on sale of property, plant and equipment                                                                                |   |                     | (22,692    | )      |   |   | -           |   |   |   | - |   |
| Foreign exchange gain (loss)                                                                                                 |   |                     | 129,671    |   |   |   | (38,890     | )      |   |   | 21,396 |   |
| Loss before income taxes                                                                                                     |   |                     | (1,549,125 | )      |   |   | (13,143,185 | )      |   |   | (6,356,609 | ) |
| Deferred income tax recovery (expense) (Note 18)                                                                             |   |                     | 404,600    |   |   |   | (1,839,482  | )      |   |   | - |   |
| Net loss for the year                                                                                                        |   |                     | (1,144,525 | )      |   |   | (14,982,667 | )      |   |   | (6,356,609 | ) |
|                                                                                                                         |   |                     |       |   |   |   |        |   |   |   |   |   |
| Other comprehensive income (loss)                                                                                            |   |                     |       |   |   |   |        |   |   |   |   |   |
| Items that may be reclassified subsequently to profit or loss                                                                |   |                     |       |   |   |   |        |   |   |   |   |   |
| Net change in fair value of available for sale financial assets, net of tax of nil                                           |   |                     | (170,640   | )      |   |   | 239,515     |   |   |   | (84,585 | ) |
| Reclassification adjustment relating to available for sale financial assets included in net income (loss), net of tax of nil |   |                     | (162,812   | )      |   |   | 42,413      |   |   |   | (5,763 | ) |
| Other comprehensive income (loss) for the year                                                                               |   |                     | (333,452   | )      |   |   | 281,928     |   |   |   | (90,348 | ) |
|                                                                                                                         |   |                     |       |   |   |   |        |   |   |   |   |   |
| Total comprehensive loss for the year                                                                                        |   |                     | (1,477,977 | )      |   |   | (14,700,739 | )      |   |   | (6,446,957 | ) |
|                                                                                                                         |   |                     |       |   |   |   |        |   |   |   |   |   |
| Basic and diluted net loss per share (Note 16)                                                                               |   |                     | (0.02      | )      |   |   | (0.23       | )      |   |   | (0.10 | ) |
|                                                                                                                         |   |                     |       |   |   |   |        |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements.                                      |   |                     |       |   |   |
|                                                                                                                         |   |                     |       |   |   |   |        |   |   |   |   |   |

----

| Almaden Minerals Ltd.                                                                   |   |                     |       |   |   |   |        |   |   |
|-----------------------------------------------------------------------------------------|--------|--------------------------|------------|--------|--------|--------|-------------|--------|--------|
| Consolidated statements of cash flows                                                   |   |                     |       |   |   |   |        |   |   |
| (Expressed in Canadian dollars)                                                         |   |                     |       |   |   |   |        |   |   |
|                                                                                    |   | Years ended December 31, |       |
|                                                                                    |   | 2015                     |       |   | 2014   |   |        | 2013   |   |
|                                                                                    |   |                     |       |   |   |   |        |   |   |
|                                                                                    |   |                          | $          |   |   |        | $           |   |   |  | $ |   |
| Operating activities                                                                    |   |                     |       |   |   |   |        |   |   |   |   |   |
| Net loss for the year                                                                   |   |                     | (1,144,525 | )      |   |   | (14,982,667 | )      |   |   | (6,356,609 | ) |
| Items not affecting cash                                                                |   |                     |       |   |   |   |        |   |   |   |   |   |
| Deferred income tax (recovery) expense                                                  |   |                     | (404,600   | )      |   |   | 1,839,482   |   |   |   | - |   |
| Loss on investment in associate                                                         |   |                     | 95,892     |   |   |   | 135,209     |   |   |   | 818,889 |   |
| Depreciation                                                                            |   |                     | 131,486    |   |   |   | 245,639     |   |   |   | 303,390 |   |
| Loss (gain) on sale of marketable securities                                            |   |                     | -          |   |   |   | 42,220      |   |   |   | (19,509 | ) |
| Unrealized foreign exchange on reclamation deposit                                      |   |                     | (1,370     | )      |   |   | -           |   |   |   | - |   |
| (Gain) loss on fair value of contingent shares receivable                               |   |                     | 22,500     |   |   |   | (24,900     | )      |   |   | 193,500 |   |
| Loss on sale of property, plant and equipment                                           |   |                     | 22,692     |   |   |   | -           |   |   |   | - |   |
| Impairment of marketable securities                                                     |   |                     | 162,000    |   |   |   | 405,903     |   |   |   | 1,274,743 |   |
| Loss on exploration and evaluation assets                                               |   |                     | -          |   |   |   | -           |   |   |   | 716,006 |   |
| Impairment of exploration and evaluation assets                                         |   |                     | 97,044     |   |   |   | 2,570,664   |   |   |   | 371,038 |   |
| Impairment of investment in associate                                                   |   |                     | 470,700    |   |   |   | 6,637,288   |   |   |   | - |   |
| Share-based payments                                                                    |   |                     | 950,740    |   |   |   | 565,800     |   |   |   | 381,950 |   |
| Gain on transfer of spin-out assets                                                     |   |                     | (3,115,422 | )      |   |   | -           |   |   |   | - |   |
| Changes in non-cash working capital components                                          |   |                     |       |   |   |   |        |   |   |   |   |   |
| Accounts receivable and prepaid expenses                                                |   |                     | (342,649   | )      |   |   | 31,242      |   |   |   | 651,833 |   |
| Trade and other payables                                                                |   |                     | 39,546     |   |   |   | (554,580    | )      |   |   | 36,329 |   |
| Net cash used in operating activities                                                   |   |                     | (3,015,966 | )      |   |   | (3,088,700  | )      |   |   | (1,628,440 | ) |
| Investing activities                                                                    |   |                     |       |   |   |   |        |   |   |   |   |   |
| Exploration and evaluation assets deposit                                               |   |                     | -          |   |   |   | 138,929     |   |   |   | - |   |
| Reclamation deposit                                                                     |   |                     | 683        |   |   |   | (1,284      | )      |   |   | - |   |
| Net proceeds from sale of marketable securities                                         |   |                     | -          |   |   |   | 39,343      |   |   |   | 22,565 |   |
| Deposit on mill equipment                                                               |   |                     | (692,000   | )      |   |   | -           |   |   |   | - |   |
| Property, plant and equipment - purchases                                               |   |                     | (2,516     | )      |   |   | (22,940     | )      |   |   | (95,986 | ) |
| Exploration and evaluation assets                                                       |   |                     |       |   |   |   |        |   |   |   |   |   |
| Costs                                                                                   |   |                     | (3,668,974 | )      |   |   | (6,768,273  | )      |   |   | (8,253,489 | ) |
| Proceeds on disposal                                                                    |   |                     | -          |   |   |   | -           |   |   |   | 127,420 |   |
| Net cash used in investing activities                                                   |   |                     | (4,362,807 | )      |   |   | (6,614,225  | )      |   |   | (8,199,490 | ) |
| Financing activities                                                                    |   |                     |       |   |   |   |        |   |   |   |   |   |
| Cash paid to Almadex pursuant to the plan of arrangement                                |   |                     | (3,000,000 | )      |   |   | -           |   |   |   | - |   |
| Issuance of shares, net of share issue costs                                            |   |                     | 8,428,953  |   |   |   | 5,880,750   |   |   |   | 5,335,295 |   |
| Net cash from financing activities                                                      |   |                     | 5,428,953  |   |   |   | 5,880,750   |   |   |   | 5,335,295 |   |
|                                                                                    |   |                     |       |   |   |   |        |   |   |   |   |   |
| Net cash outflows                                                                       |   |                     | (1,949,820 | )      |   |   | (3,822,175  | )      |   |   | (4,492,635 | ) |
| Cash and cash equivalents, beginning of year                                            |   |                     | 8,172,598  |   |   |   | 11,994,773  |   |   |   | 16,487,408 |   |
| Cash and cash equivalents, end of year                                                  |   |                     | 6,222,778  |   |   |   | 8,172,598   |   |   |   | 11,994,773 |   |
| Supplemental cash flow information - Note 17                                            |   |                     |       |   |   |   |        |   |   |   |   |   |
|                                                                                    |   |                     |       |   |   |   |        |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |   |                     |       |   |   |

----

| Almaden Minerals Ltd.                                                                   |
|-----------------------------------------------------------------------------------------|
| Consolidated statements of changes in equity                                            |
| (Expressed in Canadian dollars)                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   | Share capital |   |   | Reserves |   |   |   |   |   |   |   |
|                                                                                    |   | Number of shares |   |   | Amount |   |   | Equity settled employee compensation |   |   | Warrants |   |   | Available-for-sale financial assets |   |   | Total reserves |   |   | Deficit |   |   | Total |   |
|                                                                                    |   |   |   |   |   | $ |   |   |   |   |   |  | $ |   |   |   |   |   |  | $ |   |   |  | $ |   |   |  | $ |   |
| Balance, January 1, 2013                                                                |   |   | 59,722,321 |   |   |   | 75,237,977 |   |   |   | 9,628,723 |   |   |   | 176,741 |   |   |   | 141,872 |   |   |   | 9,947,336 |   |   |   | (37,113,826 | ) |   |   | 48,071,487 |   |
| Shares issued for cash on exercise of stock options                                     |   |   | 220,000 |   |   |   | 223,550 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 223,550 |   |
| Fair value of share options transferred to share capital on exercise of options         |   |   | - |   |   |   | 136,650 |   |   |   | (136,650 | ) |   |   | - |   |   |   | - |   |   |   | (136,650 | ) |   |   | - |   |   |   | - |   |
| Share-based payments                                                                    |   |   | - |   |   |   | - |   |   |   | 381,950 |   |   |   | - |   |   |   | - |   |   |   | 381,950 |   |   |   | - |   |   |   | 381,950 |   |
| Private placements and other                                                            |   |   | 4,386,000 |   |   |   | 5,015,365 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,015,365 |   |
| Finders' warrants issued pursuant to private placement                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 107,880 |   |   |   | - |   |   |   | 107,880 |   |   |   | - |   |   |   | 107,880 |   |
| Shares issued pursuant to property acquisition agreement                                |   |   | 250,000 |   |   |   | 537,500 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 537,500 |   |
| Total comprehensive loss for the year                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (90,348 | ) |   |   | (90,348 | ) |   |   | (6,356,609 | ) |   |   | (6,446,957 | ) |
| Balance, December 31, 2013                                                              |   |   | 64,578,321 |   |   |   | 81,151,042 |   |   |   | 9,874,023 |   |   |   | 284,621 |   |   |   | 51,524 |   |   |   | 10,210,168 |   |   |   | (43,470,435 | ) |   |   | 47,890,775 |   |
| Shares issued for cash on exercise of stock options                                     |   |   | 150,000 |   |   |   | 121,500 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 121,500 |   |
| Fair value of share options transferred to share capital on exercise of options         |   |   | - |   |   |   | 67,500 |   |   |   | (67,500 | ) |   |   | - |   |   |   | - |   |   |   | (67,500 | ) |   |   | - |   |   |   | - |   |
| Shares issued pursuant to private placement                                             |   |   | 4,000,000 |   |   |   | 5,743,889 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,743,889 |   |
| Finders' warrants issued pursuant to private placement                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 15,361 |   |   |   | - |   |   |   | 15,361 |   |   |   | - |   |   |   | 15,361 |   |
| Share-based payments                                                                    |   |   | - |   |   |   | - |   |   |   | 565,800 |   |   |   | - |   |   |   | - |   |   |   | 565,800 |   |   |   | - |   |   |   | 565,800 |   |
| Total comprehensive loss for the year                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 281,928 |   |   |   | 281,928 |   |   |   | (14,982,667 | ) |   |   | (14,700,739 | ) |
| Balance, December 31, 2014                                                              |   |   | 68,728,321 |   |   |   | 87,083,931 |   |   |   | 10,372,323 |   |   |   | 299,982 |   |   |   | 333,452 |   |   |   | 11,005,757 |   |   |   | (58,453,102 | ) |   |   | 39,636,586 |   |
| Share-based payments                                                                    |   |   | - |   |   |   | - |   |   |   | 950,740 |   |   |   | - |   |   |   | - |   |   |   | 950,740 |   |   |   | - |   |   |   | 950,740 |   |
| Private placements and other                                                            |   |   | 8,926,666 |   |   |   | 8,229,361 |   |   |   | - |   |   |   | 180,267 |   |   |   | - |   |   |   | 180,267 |   |   |   | - |   |   |   | 8,409,628 |   |
| Transfer of net assets pursuant to spin-out (Note 2)                                    |   |   | - |   |   |   | (11,828,963 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (11,828,963 | ) |
| Finders' warrants issued pursuant to private placement                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 19,325 |   |   |   | - |   |   |   | 19,325 |   |   |   | - |   |   |   | 19,325 |   |
| Shares issued pursuant to mill option agreement                                         |   |   | 407,997 |   |   |   | 273,358 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 273,358 |   |
| Total comprehensive loss for the year                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (333,452 | ) |   |   | (333,452 | ) |   |   | (1,144,525 | ) |   |   | (1,477,977 | ) |
| Balance, December 31, 2015                                                              |   |   | 78,062,984 |   |   |   | 83,757,687 |   |   |   | 11,323,063 |   |   |   | 499,574 |   |   |   | - |   |   |   | 11,822,637 |   |   |   | (59,597,627 | ) |   |   | 35,982,697 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| Assets:                                  |   |   |      |
|------------------------------------------|--------|--------|-----------|
| Accounts receivable and prepaid expenses |   | $      | 142,731   |   |
| Marketable securities(1)                 |   |   | 357,672   |   |
| Inventory                                |   |   | 274,768   |   |
| Investment in associate                  |   |   | 2,108,408 |   |
| Reclamation deposit                      |   |   | 30,235    |   |
| Contingent share receivable              |   |   | 47,100    |   |
| Property, plant and equipment            |   |   | 622,971   |   |
| Exploration and evaluation assets        |   |   | 2,128,240 |   |
| Total assets                             |   |   | 5,712,125 |   |
| Liabilities:                             |   |   |      |   |
| Trade and other payables                 |   |   | (49,748   | ) |
| Carrying value of net assets             |   |   | 5,662,377 |   |
| Fair value of net assets distributed     |   |   | 8,777,799 |   |
| Gain on transfer of spin-out assets      |   | $      | 3,115,422 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | o | The assessment that the Company has significant influence over the investment in Gold Mountain Mining Corporation ("Gold Mountain") (Note 8) which results in the use of the equity method for accounting for this investment. In making their judgement, management considered its percentage ownership, the composition of the Board of Directors of Gold Mountain, the common directors and management between Gold Mountain and the Company and the intercompany transactions and relationship with Gold Mountain and concluded that significant influence exists. |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The analysis of the functional currency for each entity of the Company. In concluding that the Canadian dollar is the functional currency of the parent and its subsidiary companies, management considered the currency that mainly influences the cost of providing goods and services in each jurisdiction in which the Company operates. As no single currency was clearly dominant, the Company also considered secondary indicators including the currency in which funds from financing activities are denominated and the currency in which funds are retained. |
|--|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The determination that the carrying amount of the Tuligtic Project will be recovered through use rather than sale (Notes 12 and 18). |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The recoverability of accounts receivable which is included in the consolidated statements of financial position; |
|--|---|-------------------------------------------------------------------------------------------------------------------|

|  | o | The carrying value of the marketable securities and the recoverability of the carrying value which are included in the consolidated statements of financial position; |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The carrying value of investment in associate, and the estimated annual gains or losses from income and dilution, and the recoverability of the carrying value which is included in the consolidated statements of financial position; |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The estimated useful lives of property, plant and equipment which are included in the consolidated statements of financial position and the related depreciation included in the consolidated statements of comprehensive loss; |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The value of the exploration and development costs which is recorded in the consolidated statements of financial position (Note 4(h)); |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The Company uses the Black-Scholes option pricing model to determine the fair value of options and warrants in order to calculate share-based payments expense and the fair value of finders' warrants. Certain inputs into the model are estimates that involve considerable judgment and are or could be affected by significant factors that are out of the Company's control; |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | o | The provision for income taxes which is included in the consolidated statements of comprehensive loss and composition of deferred income tax assets and liabilities included in the consolidated statement of financial position. |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The assessment of indications of impairment of each exploration and evaluation asset and related determination of the net realizable value and write-down of those assets where applicable; |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The estimated fair value of contingent share payments receivable in the event that Gold Mountain achieves some or all of the specified resource and production levels described in Note 9(a); |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | The estimated fair value of contingent share payments receivable in the event that Goldgroup Mining Inc. achieves some or all of the specified resource and production levels described in Note 9(b). |
|--|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                 | Jurisdiction |   | Nature of operations |
|--------|--------------------------------------|--------------|--------|----------------------|
|   |                                 |         |   |                 |
|   | Puebla Holdings Inc.                 | Canada       |   | holding company      |
|   | Minera Gorrion, S.A. de C.V.         | Mexico       |   | exploration company  |
| (i)    | Almaden America Inc.                 | USA          |   | exploration company  |
| (i)    | Republic Resources Ltd.              | Canada       |   | service company      |
| (i)    | Ixtaca Precious Metals Inc.          | Canada       |   | holding company      |
| (i)    | Pangeon Holdings Ltd.                | Canada       |   | holding company      |
| (i)    | Almaden de Mexico, S.A. de C.V.      | Mexico       |   | exploration company  |
| (i)    | Minera Gavilan, S.A. de C.V.         | Mexico       |   | exploration company  |
| (i)    | Compania Minera Zapata, S.A. de C.V. | Mexico       |   | exploration company  |
| (i)    | Minera Alondra, S.A. de C.V.         | Mexico       |   | holding company      |

|  | (i) | Included in consolidation until July 31, 2015 due to Plan of Arrangement (Note 2). |
|--|-----|------------------------------------------------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | (e) | Inventory |
|--|-----|-----------|

|  | (f) | Property, plant and equipment |
|--|-----|-------------------------------|

| Automotive equipment           |   |   | 30 | % |
|--------------------------------|--------|--------|----|---|
| Furniture, fixtures and other  |   |   | 20 | % |
| Computer hardware and software |   |   | 30 | % |
| Geological library             |   |   | 20 | % |
| Field equipment                |   |   | 20 | % |
| Drill equipment                |   |   | 20 | % |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | (i) | the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation assets is unlikely to be recovered in full from successful development or by sale. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | (i) | Impairment of property, plant and equipment |
|--|-----|---------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | (m) | Reclamation and closure cost obligations |
|--|-----|------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|                            |   | December 31, |    |   | December 31, |   |
|---------------------------------|--------|--------------|---------|--------|--------------|--------|
|                            |   | 2015         |    |   | 2014         |   |
| Accounts receivable             |   | $            | 235,983 |   |         | $      | 342,270 |   |
| Allowance for doubtful accounts |   |         | -       |   |         |   | (79,485 | ) |
| Prepaid expenses                |   |         | 147,481 |   |         |   | 151,095 |   |
|                            |   | $            | 383,464 |   |         | $      | 413,880 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|                        |   | 2015   |       |   | 2014   |   |       | 2013   |   |
|-----------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Balance, beginning of year  |   | $      | 2,675,000  |   |   | $      | 9,447,497  |   |   | $ | 10,266,386 |   |
| Company's share of net loss |   |   | (95,892    | )      |   |   | (135,209   | )      |   |   | (818,889 | ) |
| Impairment                  |   |   | (470,700   | )      |   |   | (6,637,288 | )      |   |   | - |   |
| Transfer to Almadex         |   |   | (2,108,408 | )      |   |   | -          |   |   |   | - |   |
| Balance, end of year        |   | $      | -          |   |   | $      | 2,675,000  |   |   | $ | 9,447,497 |   |

|                    |   | 2015 |   |   | 2014   |   |
|-------------------------|--------|------|--------|--------|--------|--------|
| Current assets          |   | $    | -      |   |   | $      | 3,085,070 |   |
| Non-current assets      |   | $    | -      |   |   | $      | 27,661,031 |   |
| Current liabilities     |   | $    | -      |   |   | $      | 40,827 |   |
| Non-current liabilities |   | $    | -      |   |   | $      | 1,664,608 |   |
| Revenue                 |   | $    | -      |   |   | $      | 9,953 |   |
| Loss                    |   | $    | -      |   |   | $      | 379,047 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | i. | 1,000,000 common shares upon the establishment of one million ounces of measured or indicated reserves of gold on the property; and |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------|

|  | ii. | 1,000,000 common shares upon the establishment of an additional one million ounces of measured and indicated reserves of gold on the property. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | i. | 1,000,000 common shares upon commencement of commercial production on the Caballo Blanco project, |
|--|----|---------------------------------------------------------------------------------------------------|

|  | ii. | 2,000,000 common shares upon measured and indicated resources including cumulative production reaching 2,000,000 ounces of gold, |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------|

|  | iii. | 2,000,000 common shares upon measured, indicated and inferred resources including cumulative production reaching 5,000,000 ounces of gold, and |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | iv. | 2,000,000 common shares upon measured, indicated and inferred resources including cumulative production reaching 10,000,000 ounces of gold. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| On execution of agreement:      |   | US$250,000 (Paid October 21, 2015)  |
|---------------------------------|--------|-------------------------------------|
| On or before December 31, 2015: |   | US$250,000 (Paid December 29, 2015) |
| On or before March 31, 2016:    |   | US$250,000 (Paid March 17, 2016)    |
| On or before June 15, 2017:     |   | US$2,000,000                        |
| On or before June 15, 2018:     |   | US$3,750,000                        |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 11. | Property, Plant and Equipment |
|-----|-------------------------------|

|                                                    |   | Automotiveequipment |    |   | Furniture, fixtures and other |   |    | Computer hardware |   |   | Computer software |   |   | Geological library |    |   | Field equipment |   |   | Drill equipment |   |   | Total   |   |
|---------------------------------------------------------|--------|---------------------|---------|--------|-------------------------------|--------|---------|-------------------|--------|--------|-------------------|--------|--------|--------------------|---------|--------|-----------------|--------|--------|-----------------|--------|--------|---------|--------|
|                                                    |   |                     | $       |   |                          |   | $       |              |   |   | $                 |   |   |               | $       |   |            |   | $      |            |   |   | $       |   |   |   | $ |   |   |   | $ |   |
| Cost                                                    |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |
| December 31, 2014                                       |   |                | 541,260 |   |                          |   | 166,376 |              |   |   | 343,129           |   |   |               | 215,325 |   |            |   | 65,106 |            |   |   | 461,498 |   |   |   | 1,534,988 |   |   |   | 3,327,682 |   |
| Additions                                               |   |                | -       |   |                          |   | 1,329   |              |   |   | 1,187             |   |   |               | -       |   |            |   | -      |            |   |   | -       |   |   |   | - |   |   |   | 2,516 |   |
| Disposal                                                |   |                | -       |   |                          |   | (32,642 | )                 |   |   | (126,150          | )      |   |               | (39,315 | )      |            |   | -      |            |   |   | (59,479 | )      |   |   | - |   |   |   | (257,586 | ) |
| December 31,2015                                        |   |                | 541,260 |   |                          |   | 135,063 |              |   |   | 218,166           |   |   |               | 176,010 |   |            |   | 65,106 |            |   |   | 402,019 |   |   |   | 1,534,988 |   |   |   | 3,072,612 |   |
|                                                    |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |
| Accumulated depreciation                                |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |
| December 31, 2014                                       |   |                | 455,039 |   |                          |   | 157,273 |              |   |   | 302,583           |   |   |               | 167,320 |   |            |   | 60,202 |            |   |   | 339,880 |   |   |   | 965,014 |   |   |   | 2,447,311 |   |
| Disposal                                                |   |                | -       |   |                          |   | (28,532 | )                 |   |   | (116,703          | )      |   |               | (36,778 | )      |            |   | -      |            |   |   | (52,881 | )      |   |   | - |   |   |   | (234,894 | ) |
| Depreciation                                            |   |                | 16,314  |   |                          |   | 1,953   |              |   |   | 12,341            |   |   |               | 14,401  |   |            |   | 962    |            |   |   | 19,018  |   |   |   | 66,497 |   |   |   | 131,486 |   |
| December 31,2015                                        |   |                | 471,353 |   |                          |   | 130,694 |              |   |   | 198,221           |   |   |               | 144,943 |   |            |   | 61,164 |            |   |   | 306,017 |   |   |   | 1,031,511 |   |   |   | 2,343,903 |   |
|                                                    |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |
| Transfer to Almadex as per plan of arrangement (Note 2) |   |                | (63,049 | )      |                          |   |    |              |   |   |              |   |   |               |    |   |            |   | (200   | )               |   |   | (56,245 | )      |   |   | (503,477 | ) |   |   | (622,971 | ) |
|                                                    |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |
|                                                    |   |
| Carrying amounts                                        |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |
| December 31, 2014                                       |   |                | 86,221  |   |                          |   | 9,103   |              |   |   | 40,546            |   |   |               | 48,005  |   |            |   | 4,904  |            |   |   | 121,618 |   |   |   | 569,974 |   |   |   | 880,371 |   |
| December 31,2015                                        |   |                | 6,858   |   |                          |   | 4,369   |              |   |   | 19,945            |   |   |               | 31,067  |   |            |   | 3,742  |            |   |   | 39,757  |   |   |   | - |   |   |   | 105,738 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 11. | Property, Plant and Equipment (Continued) |
|-----|------------------------------------------------|

|                     |   | Automotiveequipment |    |   | Furniture, fixtures and other |   |    | Computer hardware |   |   | Computer software |   |   | Geological library |    |   | Field equipment |   |   | Drill equipment |   |   | Total   |   |
|--------------------------|--------|---------------------|---------|--------|-------------------------------|--------|---------|-------------------|--------|--------|-------------------|--------|--------|--------------------|---------|--------|-----------------|--------|--------|-----------------|--------|--------|---------|--------|
|                          |        |                | $       |   |                          |   | $       |              |   |   | $                 |   |   |               | $       |   |            |   | $      |            |   |   | $       |   |   |   | $ |   |   |   | $ |   |
| Cost                     |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |
| December 31, 2013        |   |                | 541,260 |   |                          |   | 166,376 |              |   |   | 330,090           |   |   |               | 214,812 |   |            |   | 65,106 |            |   |   | 452,110 |   |   |   | 1,534,988 |   |   |   | 3,304,742 |   |
| Additions                |   |                | -       |   |                          |   | -       |              |   |   | 13,039            |   |   |               | 513     |   |            |   | -      |            |   |   | 9,388   |   |   |   | - |   |   |   | 22,940 |   |
| Disposals                |   |                | -       |   |                          |   | -       |              |   |   | -                 |   |   |               | -       |   |            |   | -      |            |   |   | -       |   |   |   | - |   |   |   | - |   |
| December 31,2014         |   |                | 541,260 |   |                          |   | 166,376 |              |   |   | 343,129           |   |   |               | 215,325 |   |            |   | 65,106 |            |   |   | 461,498 |   |   |   | 1,534,988 |   |   |   | 3,327,682 |   |
|                     |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |
| Accumulated depreciation |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |
| December 31, 2013        |   |                | 418,088 |   |                          |   | 154,997 |              |   |   | 288,001           |   |   |               | 146,856 |   |            |   | 58,976 |            |   |   | 312,233 |   |   |   | 822,521 |   |   |   | 2,201,672 |   |
| Disposals                |   |                | -       |   |                          |   | -       |              |   |   | -                 |   |   |               | -       |   |            |   | -      |            |   |   | -       |   |   |   | - |   |   |   | - |   |
| Depreciation             |   |                | 36,951  |   |                          |   | 2,276   |              |   |   | 14,582            |   |   |               | 20,464  |   |            |   | 1,226  |            |   |   | 27,647  |   |   |   | 142,493 |   |   |   | 245,639 |   |
| December 31,2014         |   |                | 455,039 |   |                          |   | 157,273 |              |   |   | 302,583           |   |   |               | 167,320 |   |            |   | 60,202 |            |   |   | 339,880 |   |   |   | 965,014 |   |   |   | 2,447,311 |   |
|                     |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |
| Carrying amounts         |   |                |    |   |                          |   |    |              |   |   |              |   |   |               |    |   |            |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |
| December 31, 2013        |   |                | 123,172 |   |                          |   | 11,379  |              |   |   | 42,089            |   |   |               | 67,956  |   |            |   | 6,130  |            |   |   | 139,877 |   |   |   | 712,467 |   |   |   | 1,103,070 |   |
| December 31,2014         |   |                | 86,221  |   |                          |   | 9,103   |              |   |   | 40,546            |   |   |               | 48,005  |   |            |   | 4,904  |            |   |   | 121,618 |   |   |   | 569,974 |   |   |   | 880,371 |   |

----

| 12. | Exploration and Evaluation Assets |
|-----|-----------------------------------|

|                                                                               |   | Tuligtic |       |   | ElCobre |   |       | ATW    |   |   | Willow |   |   | Other Properties |   |   | Total  |   |
|------------------------------------------------------------------------------------|--------|----------|------------|--------|---------|--------|------------|--------|--------|--------|--------|--------|--------|------------------|--------|--------|--------|--------|
| Exploration and evaluation assets                                                  |   |     | $          |   |    |   | $          |   |   |   | $      |   |   |             | $      |   |   |   | $ |   |   |   | $ |   |
|  Acquisition costsOpening balance(December 31, 2014)                          |   |     | 2,370,679  |   |    |   | 47,261     |   |   |   | 1      |   |   |             | 1      |   |   |   | 13,044 |   |   |   | 2,430,986 |   |
|  Additions                                                                    |   |     | 831,455    |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | 119 |   |   |   | 831,574 |   |
| Impairment of deferred acquisition costs                                           |   |     | -          |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | - |   |   |   | - |   |
| Closing balance(December 31, 2015)                                                 |   |     | 3,202,134  |   |    |   | 47,261     |   |   |   | 1      |   |   |             | 1      |   |   |   | 13,163 |   |   |   | 3,262,560 |   |
|  Deferred exploration costs                                                   |   |     |       |   |    |   |       |   |   |   |   |   |   |             |   |   |   |   |   |   |   |   |   |   |
| Opening balance(December 31, 2014)                                                 |   |     | 24,287,724 |   |    |   | 1,456,727  |   |   |   | -      |   |   |             | -      |   |   |   | 469,321 |   |   |   | 26,213,772 |   |
| Costs incurred during the year:                                                    |   |     |       |   |    |   |       |   |   |   |   |   |   |             |   |   |   |   |   |   |   |   |   |   |
| Drilling and related costs                                                         |   |     | 327,084    |   |    |   | 29,121     |   |   |   | -      |   |   |             | -      |   |   |   | 6,145 |   |   |   | 362,350 |   |
| Professional/technical fees                                                        |   |     | 249,614    |   |    |   | 13,111     |   |   |   | -      |   |   |             | -      |   |   |   | 17,352 |   |   |   | 280,077 |   |
| Claim maintenance/lease cost                                                       |   |     | 206,441    |   |    |   | 78,316     |   |   |   | -      |   |   |             | -      |   |   |   | 98,738 |   |   |   | 383,495 |   |
| Geochemical, metallurgy                                                            |   |     | 604,653    |   |    |   | 19,882     |   |   |   | -      |   |   |             | -      |   |   |   | - |   |   |   | 624,535 |   |
| Technical studies                                                                  |   |     | 487,288    |   |    |   | 4,016      |   |   |   | -      |   |   |             | -      |   |   |   | - |   |   |   | 491,304 |   |
| Travel and accommodation                                                           |   |     | 254,072    |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | - |   |   |   | 254,072 |   |
| Geology, geophysics, exploration                                                   |   |     | 405,352    |   |    |   | 5,418      |   |   |   | -      |   |   |             | -      |   |   |   | 170 |   |   |   | 410,940 |   |
| Supplies and misc.                                                                 |   |     | 19,608     |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | - |   |   |   | 19,608 |   |
| Reclamation, environmental                                                         |   |     | 119,673    |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | - |   |   |   | 119,673 |   |
| Value-added tax                                                                    |   |     | 190,197    |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | (30,508 | ) |   |   | 159,689 |   |
| Recovery of exploration cost                                                       |   |     | -          |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | (2,950 | ) |   |   | (2,950 | ) |
| Contribution from spin out assets (1)                                              |   |     | 184,169    |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | - |   |   |   | 184,169 |   |
| Impairment of deferred exploration costs                                           |   |     | -          |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | (97,044 | ) |   |   | (97,044 | ) |
|                                                                               |   |     | 3,048,151  |   |    |   | 149,864    |   |   |   | -      |   |   |             | -      |   |   |   | (8,097 | ) |   |   | 3,189,918 |   |
| Closing balance(December 31, 2015)                                                 |   |     | 27,335,875 |   |    |   | 1,606,591  |   |   |   | -      |   |   |             | -      |   |   |   | 461,224 |   |   |   | 29,403,690 |   |
| Less amount transferred to Almadexas per Plan of Arrangement July 31,2015 (Note 2) |   |     |       |   |    |   | (1,653,852 | )      |   |   | (1     | )      |   |             | (1     | )      |   |   | (474,386 | ) |   |   | (2,128,240 | ) |
| Total exploration andevaluation assets                                             |   |     | 30,538,009 |   |    |   | -          |   |   |   | -      |   |   |             | -      |   |   |   | 1 |   |   |   | 30,538,010 |   |

|  |  |
|--|--|

|  | (1) | Contribution from spin-out assets relates to historical equipment rental fees paid by the Company that were previously eliminated due to an intercompany relationship which is now a third party relationship. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 12. | Exploration and Evaluation Assets (Continued) |
|-----|-----------------------------------------------|

|                                                      |   | Tuligtic |       |   | ElCobre |   |      | ATW    |   |   | Willow     |   |   | Other Properties |     |   | Total  |   |
|-----------------------------------------------------------|--------|----------|------------|--------|---------|--------|-----------|--------|--------|--------|------------|--------|--------|------------------|----------|--------|--------|--------|
| Exploration and evaluationassets                          |   |     | $          |   |    |   | $         |   |   |   | $          |   |   |             | $        |   |   |   | $ |   |   |   | $ |   |
|  Acquisition costsOpening balance(December 31, 2013) |   |     | 1,232,765  |   |    |   | 47,261    |   |   |   | 46,451     |   |   |             | 148,254  |   |   |   | 13,045 |   |   |   | 1,487,776 |   |
|  Additions                                           |   |     | 1,137,914  |   |    |   | -         |   |   |   | -          |   |   |             | -        |   |   |   | 1,015 |   |   |   | 1,138,929 |   |
| Impairment of deferred acquisition costs                  |   |     | -          |   |    |   | -         |   |   |   | (46,450    | )      |   |             | (148,253 | )      |   |   | (1,016 | ) |   |   | (195,719 | ) |
| Closing balance(December 31, 2014)                        |   |     | 2,370,679  |   |    |   | 47,261    |   |   |   | 1          |   |   |             | 1        |   |   |   | 13,044 |   |   |   | 2,430,986 |   |
|  Deferred exploration costs                          |   |     |       |   |    |   |      |   |   |   |       |   |   |             |     |   |   |   |   |   |   |   |   |   |
| Opening balance(December 31, 2013)                        |   |     | 19,131,734 |   |    |   | 1,315,226 |   |   |   | 1,423,530  |   |   |             | 700,688  |   |   |   | 388,195 |   |   |   | 22,959,373 |   |
| Costs incurred during the year:                           |   |     |       |   |    |   |      |   |   |   |       |   |   |             |     |   |   |   |   |   |   |   |   |   |
| Drilling and related costs                                |   |     | 1,448,003  |   |    |   | -         |   |   |   | -          |   |   |             | -        |   |   |   | - |   |   |   | 1,448,003 |   |
| Professional/technical fees                               |   |     | 267,219    |   |    |   | 43,628    |   |   |   | -          |   |   |             | -        |   |   |   | 19,186 |   |   |   | 330,033 |   |
| Claim maintenance/lease cost                              |   |     | 248,142    |   |    |   | 58,321    |   |   |   | 23,712     |   |   |             | 25,956   |   |   |   | 117,640 |   |   |   | 473,771 |   |
| Geochemical, metallurgy                                   |   |     | 387,705    |   |    |   | 735       |   |   |   | -          |   |   |             | -        |   |   |   | 19,056 |   |   |   | 407,496 |   |
| Technical studies                                         |   |     | 1,112,037  |   |    |   | -         |   |   |   | -          |   |   |             | -        |   |   |   | - |   |   |   | 1,112,037 |   |
| Travel and accommodation                                  |   |     | 377,900    |   |    |   | 6,260     |   |   |   | -          |   |   |             | -        |   |   |   | 7,255 |   |   |   | 391,415 |   |
| Geology, geophysics, exploration                          |   |     | 812,043    |   |    |   | 27,272    |   |   |   | -          |   |   |             | -        |   |   |   | 89,054 |   |   |   | 928,369 |   |
| Supplies and misc.                                        |   |     | 14,236     |   |    |   | 5,285     |   |   |   | 72         |   |   |             | -        |   |   |   | 6,545 |   |   |   | 26,138 |   |
| Reclamation, environmental                                |   |     | 129,108    |   |    |   | -         |   |   |   | -          |   |   |             | -        |   |   |   | - |   |   |   | 129,108 |   |
| Water exploration                                         |   |     | 4,155      |   |    |   | -         |   |   |   | -          |   |   |             | -        |   |   |   | - |   |   |   | 4,155 |   |
| Value-added tax                                           |   |     | 355,442    |   |    |   | -         |   |   |   | -          |   |   |             | -        |   |   |   | 23,377 |   |   |   | 378,819 |   |
| Impairment of deferred exploration costs                  |   |     | -          |   |    |   | -         |   |   |   | (1,447,314 | )      |   |             | (726,644 | )      |   |   | (200,987 | ) |   |   | (2,374,945 | ) |
|                                                      |   |     | 5,155,990  |   |    |   | 141,501   |   |   |   | (1,423,530 | )      |   |             | (700,688 | )      |   |   | 81,126 |   |   |   | 3,254,399 |   |
| Closing balance(December 31, 2014)                        |   |     | 24,287,724 |   |    |   | 1,456,727 |   |   |   | -          |   |   |             | -        |   |   |   | 469,321 |   |   |   | 26,213,772 |   |
| Total exploration andevaluation assets                    |   |     | 26,658,403 |   |    |   | 1,503,988 |   |   |   | 1          |   |   |             | 1        |   |   |   | 482,365 |   |   |   | 28,644,758 |   |

|  |  |
|--|--|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | (a) | Tuligtic |
|--|-----|----------|

| 13. | Share Capital and Reserves |
|-----|----------------------------|

|  | (a) | Authorized share capital |
|--|-----|--------------------------|

|  | (b) | Details of private placement and other issues of common shares in 2015 and 2014 |
|--|-----|---------------------------------------------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 13. | Share Capital and Reserves (Continued) |
|-----|----------------------------------------|

|  | (c) | Warrants |
|--|-----|----------|

|  Expiry date |   | ExercisePrice |   |   | December 31,2014 |   |      | Granted |   |   | Exercised |   |   | Expired/cancelled |   |   | December 31,2015 |   |
|-------------------|--------|---------------|--------|--------|------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|-------------------|--------|--------|------------------|--------|
| August 1, 2015    |   | $             | 1.50   |   |             |   | 48,000    |    |   |   | -         |   |   |              | -      |   |             |   | (48,000 | ) |   |   | - |   |
| August 1, 2015    |   | $             | 2.00   |   |             |   | 2,000,000 |    |   |   | -         |   |   |              | -      |   |             |   | (2,000,000 | ) |   |   | - |   |
| July 17, 2016     |   | $             | * 1.58 |   |             |   | 4,376,000 |    |   |   | -         |   |   |              | -      |   |             |   | - |   |   |   | 4,376,000 |   |
| July 17, 2016     |   | $             | * 1.32 |   |             |   | 186,000   |    |   |   | -         |   |   |              | -      |   |             |   | - |   |   |   | 186,000 |   |
| February 11, 2016 |   | $             | * 1.76 |   |             |   | -         |    |   |   | 2,210,000 |   |   |              | -      |   |             |   | - |   |   |   | 2,210,000 |   |
| February 11, 2016 |   | $             | * 1.12 |   |             |   | -         |    |   |   | 49,410    |   |   |              | -      |   |             |   | - |   |   |   | 49,410 |   |
| November 17, 2017 |   | $             | 1.00   |   |             |   | -         |    |   |   | 2,253,334 |   |   |              | -      |   |             |   | - |   |   |   | 2,253,334 |   |
| November 17, 2017 |   | $             | 0.77   |   |             |   | -         |    |   |   | 35,200    |   |   |              | -      |   |             |   | - |   |   |   | 35,200 |   |
|              |   |          |   |   |             |   | 6,610,000 |    |   |   | 4,547,944 |   |   |              | -      |   |             |   | (2,048,000 | ) |   |   | 9,109,944 |   |
| Weighted average  |   |          |   |   |             |   |      |    |   |   |      |   |   |              |   |   |             |   |   |   |   |   |   |   |
| exercise price    |   |          |   |   |             | $      | 1.70      |    |   | $      | 1.37      |   |   |              | -      |   |             | $      | 1.99 |   |   | $ | 1.47 |   |

|  | * | On August 28, 2015, the Company adjusted the exercise price on outstanding warrants proportionately to reflect the value transferred to Almadex. The weighted average exercise price as at December 31, 2014 changed, from $1.65 to $1.70. |
|--|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 13. | Share Capital and Reserves (Continued) |
|-----|----------------------------------------|

|  | (c) | Warrants (Continued) |
|--|-----|----------------------|

|  Expiry date |   | ExercisePrice |   |   | December 31,2013 |   |      | Granted |   |   | Exercised |   |   | Expired/cancelled |   |   | December 31,2014 |   |
|-------------------|--------|---------------|--------|--------|------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|-------------------|--------|--------|------------------|--------|
| July 17, 2016*    |   | $             | 1.50   |   |             |   | 4,376,000 |    |   |   |      |   |   | -                 |   |   |             | -      |   |   |   | 4,376,000 |   |
| July 17, 2016     |   | $             | 1.50   |   |             |   | 186,000   |    |   |   |      |   |   |              |   |   |             |   |   |   |   | 186,000 |   |
| August 1, 2015    |   | $             | 1.50   |   |             |   |      |    |   |   | 48,000    |   |   |              |   |   |             |   |   |   |   |   | 48,000 |   |
| August 1, 2015    |   | $             | 2.00   |   |             |   |      |    |   |   | 2,000,000 |   |   |              |   |   |             |   |   |   |   |   | 2,000,000 |   |
|              |   |          |   |   |             |   | 4,562,000 |    |   |   | 2,048,000 |   |   |              | -      |   |             |   | - |   |   |   | 6,610,000 |   |
| Weighted average  |   |          |   |   |             |   |      |    |   |   |      |   |   |              |   |   |             |   |   |   |   |   |   |   |
| exercise price    |   |          |   |   |             | $      | 1.50      |    |   | $      | 1.99      |   |   |              | -      |   |             |   | - |   |   | $ | 1.65 |   |

|  | * | Exercise price is increased to $1.80 per share if the warrants are not exercised by January 17, 2015. Since these warrants were not exercised by January 17, 2015, the exercise price has increased to $1.80 per share. |
|--|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  Expiry date |   | ExercisePrice |   |   | December 31,2012 |   |   | Granted |   |   | Exercised |   |   | Expired/cancelled |   |   | December 31,2013 |   |
|-------------------|--------|---------------|--------|--------|------------------|--------|--------|---------|--------|--------|-----------|--------|--------|-------------------|--------|--------|------------------|--------|
| July 17, 2016*    |   | $             | 1.50   |   |             |   | -      |    |   |   | 4,376,000 |   |   |              | -      |   |             |   | - |   |   |   | 4,376,000 |   |
| July 17, 2016     |   | $             | 1.50   |   |             |   | -      |    |   |   | 186,000   |   |   |              | -      |   |             |   | - |   |   |   | 186,000 |   |
|              |   |          |   |   |             |   |   |    |   |   | 4,562,000 |   |   |              |   |   |             |   | - |   |   |   | 4,562,000 |   |
| Weighted average  |   |          |   |   |             |   |   |    |   |   |      |   |   |              |   |   |             |   |   |   |   |   |   |   |
| exercise price    |   |          |   |   |             |   |   |    |   | $      | 1.50      |   |   |              |   |   |             |   | - |   |   | $ | 1.50 |   |

| Number of warrants |    | Date of issue |              | Fair value per share |   |   | Risk free interest rate |   |   | Expected life(in years) |   |   | Expected volatility |   | Expected dividends |
|--------------------|---------|---------------|-------------------|----------------------|--------|--------|-------------------------|--------|--------|-------------------------|--------|--------|---------------------|--------|--------------------|
|               | 35,200  |          | November 17, 2015 |                 | $      | 0.17   |                    |   |   | 0.38                    | %      |   |                | 2      |               |   |   | 47.77 | % | $Nil |
|               | 49,410  |          | February 11, 2015 |                 | $      | 0.27   |                    |   |   | 0.56                    | %      |   |                | 1      |               |   |   | 40.83 | % | $Nil |
|               | 48,000  |          | August 1, 2014    |                 | $      | 0.32   |                    |   |   | 1.00                    | %      |   |                | 1      |               |   |   | 49.30 | % | $Nil |
|               | 186,000 |          | July 17, 2013     |                 | $      | 0.58   |                    |   |   | 1.39                    | %      |   |                | 3      |               |   |   | 55.95 | % | $Nil |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 13. | Share Capital and Reserves (Continued) |
|-----|----------------------------------------|

|  Expiry date                  |   | Exercise price |    |   | December 31, 2014 |   |      | Granted |   |   | Exercised |   |   | Expired / cancelled |   |   | December 31, 2015 |   |
|------------------------------------|--------|----------------|---------|--------|-------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------|--------|--------|-------------------|--------|
| January 4, 2015                    |   | $              | 1.14    |   |              |   | 970,000   |    |   |   | -         |   |   |                | -      |   |              |   | (970,000 | ) |   |   | - |   |
| February 22, 2015                  |   | $              | 2.26    |   |              |   | 20,000    |    |   |   | -         |   |   |                | -      |   |              |   | (20,000 | ) |   |   | - |   |
| April 25, 2015                     |   | $              | 1.67    |   |              |   | 25,000    |    |   |   | -         |   |   |                | -      |   |              |   | (25,000 | ) |   |   | - |   |
| June 21, 2015                      |   | $              | 1.00    |   |              |   | 140,000   |    |   |   | -         |   |   |                | -      |   |              |   | (140,000 | ) |   |   | - |   |
| July 16, 2015                      |   | $              | 0.92    |   |              |   | 200,000   |    |   |   | -         |   |   |                | -      |   |              |   | (200,000 | ) |   |   | - |   |
| August 27, 2015                    |   | $              | 2.22    |   |              |   | 205,000   |    |   |   | -         |   |   |                | -      |   |              |   | (205,000 | ) |   |   | - |   |
| September 20, 2015                 |   | $              | * 2.34  |   |              |   | 100,000   |    |   |   | -         |   |   |                | -      |   |              |   | (100,000 | ) |   |   | - |   |
| November 22, 2015                  |   | $              | * 2.40  |   |              |   | 75,000    |    |   |   | -         |   |   |                | -      |   |              |   | (75,000 | ) |   |   | - |   |
| May 6, 2016                        |   | $              | * 1.33  |   |              |   | 65,000    |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 65,000 |   |
| June 8, 2016                       |   | $              | * 2.89  |   |              |   | 2,270,000 |    |   |   | -         |   |   |                | -      |   |              |   | (125,000 | ) |   |   | 2,145,000 |   |
| July 14, 2016                      |   | $              | * 1.37  |   |              |   | 150,000   |    |   |   | -         |   |   |                | -      |   |              |   | (20,000 | ) |   |   | 130,000 |   |
| August 15, 2016                    |   | $              | * 2.57  |   |              |   | 150,000   |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 150,000 |   |
| October 10, 2016                   |   | $              | * 1.23  |   |              |   | 150,000   |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 150,000 |   |
| January 6, 2017                    |   | $              | * 0.98  |   |              |   | -         |    |   |   | 1,180,000 |   |   |                | -      |   |              |   | - |   |   |   | 1,180,000 |   |
| May 4, 2017                        |   | $              | * 1.91  |   |              |   | 225,000   |    |   |   | -         |   |   |                | -      |   |              |   | (25,000 | ) |   |   | 200,000 |   |
| June 8, 2017                       |   | $              | * 1.98  |   |              |   | 75,000    |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 75,000 |   |
| August 26, 2017                    |   | $              | * .0.74 |   |              |   | -         |    |   |   | 1,445,000 |   |   |                | -      |   |              |   | - |   |   |   | 1,445,000 |   |
| September 11, 2017                 |   | $              | * 2.31  |   |              |   | 500,000   |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 500,000 |   |
| November 22, 2017                  |   | $              | * 2.22  |   |              |   | 100,000   |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 100,000 |   |
| April 4, 2018                      |   | $              | * 1.74  |   |              |   | 90,000    |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 90,000 |   |
| June 18, 2018                      |   | $              | * 1.46  |   |              |   | 250,000   |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 250,000 |   |
| December 11, 2018                  |   | $              | 0.72    |   |              |   | -         |    |   |   | 756,000   |   |   |                | -      |   |              |   | - |   |   |   | 756,000 |   |
| January 2, 2019                    |   | $              | * 1.04  |   |              |   | 375,000   |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 375,000 |   |
| July 2, 2019                       |   | $              | * 1.32  |   |              |   | 150,000   |    |   |   | -         |   |   |                | -      |   |              |   | - |   |   |   | 150,000 |   |
| Options outstandingand exercisable |   |           |    |   |              |   | 6,285,000 |    |   |   | 3,381,000 |   |   |                | -      |   |              |   | (1,905,000 | ) |   |   | 7,761,000 |   |
| Weighted average                   |   |           |    |   |              |   |      |    |   |   |      |   |   |                |   |   |              |   |   |   |   |   |   |   |
| exercise price                     |   |           |    |   |              | $      | 2.05      |    |   | $      | 0.82      |   |   |                | -      |   |              | $      | 1.48 |   |   | $ | 1.65 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 13. | Share Capital and Reserves (Continued) |
|-----|----------------------------------------|

|  Expiry date                   |   | Exercise price |   |   | December 31, 2013 |   |      | Granted |   |   | Exercised |   |   | Expired / cancelled |     |   | December 31, 2014 |   |
|-------------------------------------|--------|----------------|--------|--------|-------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------|----------|--------|-------------------|--------|
| May 4, 2014                         |   | $              | 2.18   |   |              |   | 65,000    |    |   |   | -         |   |   |                | -        |   |              |   | (65,000 | ) |   |   | - |   |
| July 13, 2014                       |   | $              | 1.96   |   |              |   | 170,000   |    |   |   | -         |   |   |                | -        |   |              |   | (170,000 | ) |   |   | - |   |
| November 22, 2014                   |   | $              | 2.53   |   |              |   | 60,000    |    |   |   | -         |   |   |                | -        |   |              |   | (60,000 | ) |   |   | - |   |
| November 25, 2014                   |   | $              | 0.81   |   |              |   | 150,000   |    |   |   | -         |   |   |                | (150,000 | )      |              |   | - |   |   |   | - |   |
| January 4, 2015                     |   | $              | 1.14   |   |              |   | 970,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 970,000 |   |
| February 22, 2015                   |   | $              | 2.26   |   |              |   | 20,000    |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 20,000 |   |
| April 25, 2015                      |   | $              | 1.67   |   |              |   | 25,000    |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 25,000 |   |
| June 21, 2015                       |   | $              | 1.00   |   |              |   | 140,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 140,000 |   |
| July 16, 2015                       |   | $              | 0.92   |   |              |   | 200,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 200,000 |   |
| August 27, 2015                     |   | $              | 2.22   |   |              |   | 205,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 205,000 |   |
| September 20, 2015                  |   | $              | 2.67   |   |              |   | 100,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 100,000 |   |
| November 22, 2015                   |   | $              | 2.73   |   |              |   | 75,000    |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 75,000 |   |
| May 6, 2016                         |   | $              | 1.51   |   |              |   | -         |    |   |   | 65,000    |   |   |                | -        |   |              |   | - |   |   |   | 65,000 |   |
| June 8, 2016                        |   | $              | 3.29   |   |              |   | 2,270,000 |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 2,270,000 |   |
| July 14, 2016                       |   | $              | 1.56   |   |              |   | -         |    |   |   | 150,000   |   |   |                | -        |   |              |   | - |   |   |   | 150,000 |   |
| August 15, 2016                     |   | $              | 2.93   |   |              |   | 150,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 150,000 |   |
| October 10, 2016                    |   | $              | 1.40   |   |              |   | -         |    |   |   | 150,000   |   |   |                | -        |   |              |   | - |   |   |   | 150,000 |   |
| May 4, 2017                         |   | $              | 2.18   |   |              |   | 225,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 225,000 |   |
| June 8, 2017                        |   | $              | 2.25   |   |              |   | 75,000    |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 75,000 |   |
| September 11, 2017                  |   | $              | 2.63   |   |              |   | 500,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 500,000 |   |
| November 22, 2017                   |   | $              | 2.53   |   |              |   | 100,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 100,000 |   |
| April 4, 2018                       |   | $              | 1.98   |   |              |   | 90,000    |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 90,000 |   |
| June 18, 2018                       |   | $              | 1.66   |   |              |   | 250,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 250,000 |   |
| January 2, 2019                     |   | $              | 1.19   |   |              |   | -         |    |   |   | 375,000   |   |   |                | -        |   |              |   | - |   |   |   | 375,000 |   |
| July 2, 2019                        |   | $              | 1.50   |   |              |   | -         |    |   |   | 150,000   |   |   |                | -        |   |              |   | - |   |   |   | 150,000 |   |
| Options outstanding and exercisable |   |           |   |   |              |   | 5,840,000 |    |   |   | 890,000   |   |   |                | (150,000 | )      |              |   | (295,000 | ) |   |   | 6,285,000 |   |
| Weighted average                    |   |           |   |   |              |   |      |    |   |   |      |   |   |                |     |   |              |   |   |   |   |   |   |   |
| exercise price                      |   |           |   |   |              | $      | 2.38      |    |   | $      | 1.36      |   |   | $                   | 0.81     |   |              | $      | 2.12 |   |   | $ | 2.29 |   |

|  |  |
|--|--|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 13. | Share Capital and Reserves (Continued) |
|-----|----------------------------------------|

|  Expiry date                   |   | Exercise price |   |   | December 31, 2012 |   |      | Granted |   |   | Exercised |   |   | Expired / cancelled |     |   | December 31, 2013 |   |
|-------------------------------------|--------|----------------|--------|--------|-------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------|----------|--------|-------------------|--------|
| March 17, 2013                      |   | $              | 2.35   |   |              |   | 40,000    |    |   |   | -         |   |   |                | (25,000  | )      |              |   | (15,000 | ) |   |   | - |   |
| April 12, 2013                      |   | $              | 2.36   |   |              |   | 25,000    |    |   |   | -         |   |   |                | -        |   |              |   | (25,000 | ) |   |   | - |   |
| December 29, 2013                   |   | $              | 0.68   |   |              |   | 125,000   |    |   |   | -         |   |   |                | (125,000 | )      |              |   | - |   |   |   | - |   |
| May 4, 2014                         |   | $              | 2.18   |   |              |   | 65,000    |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 65,000 |   |
| July 13, 2014                       |   | $              | 1.96   |   |              |   | 170,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 170,000 |   |
| November 22, 2014                   |   | $              | 2.53   |   |              |   | 60,000    |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 60,000 |   |
| November 25, 2014                   |   | $              | 0.81   |   |              |   | 150,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 150,000 |   |
| January 4, 2015                     |   | $              | 1.14   |   |              |   | 1,040,000 |    |   |   | -         |   |   |                | (70,000  | )      |              |   | - |   |   |   | 970,000 |   |
| February 22, 2015                   |   | $              | 2.26   |   |              |   | -         |    |   |   | 20,000    |   |   |                | -        |   |              |   | - |   |   |   | 20,000 |   |
| April 25, 2015                      |   | $              | 1.67   |   |              |   | -         |    |   |   | 25,000    |   |   |                | -        |   |              |   | - |   |   |   | 25,000 |   |
| June 21, 2015                       |   | $              | 1.00   |   |              |   | 140,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 140,000 |   |
| July 16, 2015                       |   | $              | 0.92   |   |              |   | 200,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 200,000 |   |
| August 27, 2015                     |   | $              | 2.22   |   |              |   | 205,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 205,000 |   |
| September 20, 2015                  |   | $              | 2.67   |   |              |   | 100,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 100,000 |   |
| November 22, 2015                   |   | $              | 2.73   |   |              |   | 125,000   |    |   |   | -         |   |   |                | -        |   |              |   | (50,000 | ) |   |   | 75,000 |   |
| June 8, 2016                        |   | $              | 3.29   |   |              |   | 2,320,000 |    |   |   | -         |   |   |                | -        |   |              |   | (50,000 | ) |   |   | 2,270,000 |   |
| August 15, 2016                     |   | $              | 2.93   |   |              |   | 200,000   |    |   |   | -         |   |   |                | -        |   |              |   | (50,000 | ) |   |   | 150,000 |   |
| May 4, 2017                         |   | $              | 2.18   |   |              |   | 250,000   |    |   |   | -         |   |   |                | -        |   |              |   | (25,000 | ) |   |   | 225,000 |   |
| June 8, 2017                        |   | $              | 2.25   |   |              |   | 75,000    |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 75,000 |   |
| September 11, 2017                  |   | $              | 2.63   |   |              |   | 500,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 500,000 |   |
| November 22, 2017                   |   | $              | 2.53   |   |              |   | 100,000   |    |   |   | -         |   |   |                | -        |   |              |   | - |   |   |   | 100,000 |   |
| April 4, 2018                       |   | $              | 1.98   |   |              |   | -         |    |   |   | 90,000    |   |   |                | -        |   |              |   | - |   |   |   | 90,000 |   |
| June 18, 2018                       |   | $              | 1.66   |   |              |   | -         |    |   |   | 250,000   |   |   |                | -        |   |              |   | - |   |   |   | 250,000 |   |
| Options outstanding and exercisable |   |           |   |   |              |   | 5,890,000 |    |   |   | 385,000   |   |   |                | (220,000 | )      |              |   | (215,000 | ) |   |   | 5,840,000 |   |
| Weighted average                    |   |           |   |   |              |   |      |    |   |   |      |   |   |                |     |   |              |   |   |   |   |   |   |   |
| exercise price                      |   |           |   |   |              | $      | 2.39      |    |   | $      | 1.77      |   |   | $                   | 1.02     |   |              | $      | 2.77 |   |   | $ | 2.38 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 13. | Share Capital and Reserves (Continued) |
|-----|----------------------------------------|

| Number of options |      | Date of grant |              | Fair value per share |   |   | Risk free interest rate |   |   | Expected life(in years) |   |   | Expected volatility |   | Expected dividends |
|-------------------|-----------|---------------|-------------------|----------------------|--------|--------|-------------------------|--------|--------|-------------------------|--------|--------|---------------------|--------|--------------------|
|              | 756,000   |          | December 11, 2015 |                 | $      | 0.29   |                    |   |   | 0.40                    | %      |   |                | 3      |               |   |   | 55.79 | % | $Nil |
|              | 1,445,000 |          | August 26, 2015   |                 | $      | 0.20   |                    |   |   | 0.53                    | %      |   |                | 2      |               |   |   | 58.76 | % | $Nil |
|              | 1,180,000 |          | January 6, 2015   |                 | $      | 0.37   |                    |   |   | 0.56                    | %      |   |                | 2      |               |   |   | 52.37 | % | $Nil |
|              | 150,000   |          | October 10, 2014  |                 | $      | 0.40   |                    |   |   | 0.99                    | %      |   |                | 2      |               |   |   | 51.09 | % | $Nil |
|              | 150,000   |          | July 14, 2014     |                 | $      | 0.46   |                    |   |   | 1.08                    | %      |   |                | 2      |               |   |   | 52.55 | % | $Nil |
|              | 150,000   |          | July 2, 2014      |                 | $      | 0.83   |                    |   |   | 1.47                    | %      |   |                | 5      |               |   |   | 66.05 | % | $Nil |
|              | 65,000    |          | May 6, 2014       |                 | $      | 0.42   |                    |   |   | 1.08                    | %      |   |                | 2      |               |   |   | 52.61 | % | $Nil |
|              | 375,000   |          | January 2, 2014   |                 | $      | 0.76   |                    |   |   | 1.43                    | %      |   |                | 5      |               |   |   | 68.01 | % | $Nil |
|              | 250,000   |          | June 18, 213      |                 | $      | 1.01   |                    |   |   | 1.62                    | %      |   |                | 5      |               |   |   | 78.71 | % | $Nil |
|              | 25,000    |          | April 25, 2013    |                 | $      | 0.51   |                    |   |   | 1.19                    | %      |   |                | 2      |               |   |   | 48.19 | % | $Nil |
|              | 90,000    |          | April 4, 2013     |                 | $      | 1.17   |                    |   |   | 1.62                    | %      |   |                | 5      |               |   |   | 78.27 | % | $Nil |
|              | 20,000    |          | February 22, 2013 |                 | $      | 0.57   |                    |   |   | 0.99                    | %      |   |                | 2      |               |   |   | 50.12 | % | $Nil |
|              |      |          |              |                 |   |   |                    |   |   |                    |   |   |                |   |               |   |   |   |   |   |

|  | (a) | Compensation of key management personnel |
|--|-----|------------------------------------------|

|                        |   | December 31,2015 |      |   |   | December 31,2014 |   |      |   | December 31,2013 |   |   |
|-----------------------------|--------|------------------|-----------|--------|--------|------------------|--------|-----------|--------|------------------|--------|--------|
|                        |   |             |      |   |   |             |   |      |   |             |   |   |
| Salaries, fees and benefits |   | $                | 845,952   |   | (i)    |             | $      | 738,125   |   | (i)              |   | $      | 690,700 |   | (i) |
| Share-based payments        |   |             | 725,165   |   |   |             |   | 469,500   |   |             |   |   | 340,250 |   |   |
| Director's fees             |   |             | 48,000    |   |   |             |   | 48,000    |   |             |   |   | 48,000 |   |   |
|                        |   | $                | 1,619,117 |   |   |             | $      | 1,255,625 |   |             |   | $      | 1,078,950 |   |   |

|  | (i) | For the year ended December 31, 2015, Hawk Mountain Resources Ltd. ("Hawk Mountain"), a private company of which the Chairman of the Company is a shareholder, was paid $220,952 (2014 - $240,000; 2013 – $240,000) for geological services provided to the Company and is recorded in general exploration expenses. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| 14. | Related Party Transactions and Balances (Continued) |
|-----|-----------------------------------------------------|

|  | (b) | Almadex Minerals Limited ("Almadex") |
|--|-----|--------------------------------------|

|  | (c) | Other related party transactions |
|--|-----|----------------------------------|

|  | (a) | During the year ended December 31, 2015, the Company paid a company controlled by a Director of the Company $Nil (2014 - $Nil; 2013 - $1,500) for consulting services provided to the Company. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | During the year ended December 31, 2015, the Company paid a company controlled by a Director of the Company, $1,200 (2014 - $Nil; 2013 - $700) for administrative services provided to the Company. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | During the year ended December 31, 2015, no payments were paid to Hawk Mountain for marketing and general administration services provided by the spouse of the Chairman (2014 - $Nil; 2013 - $6,300). |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | During the year ended December 31, 2015, the Company employed the Chairman's daughter for a salary of $43,225 less statutory deductions (2014 - $34,050; 2013 - $34,000) for marketing and administrative services provided to the Company. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|                                                                                 |   | Year ended December 31, |   |
|--------------------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                                 |   | 2015                    |   |   | 2014 |   |   | 2013 |   |
| Sale of Yago, Mezquites, Llano Grande,San Pedo, BP and Black Jack Springs properties |   | $                       | -      |   |   | $ | - |   |   | $ | (218,532 | ) |
| Sale of Caballo Blanco                                                               |   |                    | -      |   |   |   | - |   |   |   | (469,045 | ) |
| Other                                                                                |   |                    | 32,920 |   |   |   | 55,111 |   |   |   | (28,429 | ) |
|                                                                                 |   | $                       | 32,920 |   |   | $ | 55,111 |   |   | $ | (716,006 | ) |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | 17. | Supplemental Cash Flow Information |
|--|-----|------------------------------------|

|  Investing and financing activities                                                                                |   | December 31,2015 |    |   | December 31,2014 |   |   | December 31,2013 |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|------------------|--------|--------|------------------|--------|
|                                                                                                                    |   |             |    |   |             |   |   |             |   |
| Exploration and evaluation assets expenditures included in trade and other payables                                     |   | $                | 265,393 |   |             | $      | -      |             |   | $ | - |   |
|  Contribution from spin-out assets; recognition of Exploration and evaluation cost reclassified from share capital |   |             | 184,169 |   |             |   | -      |             |   |   | - |   |
|  Residual value of warrants classified to reserves from share capital                                              |   |             | 180,267 |   |             |   | -      |             |   |   | - |   |
|  Fair value of finders' warrants                                                                                   |   |             | 19,325  |   |             |   | 15,361 |             |   |   | 107,880 |   |
|  Fair value of shares issued pursuant to mill option agreement                                                     |   |             | 273,358 |   |             |   | -      |             |   |   | - |   |
|  Fair value of share options transferred to share capital on exercise of options                                   |   |             | -       |   |             |   | 67,500 |             |   |   | 136,650 |   |
|  Shares received on sale of Dill property                                                                          |   |             | -       |   |             |   | -      |             |   |   | 5,000 |   |
|  Shares received on sale of Yago, Mezquites, Llano Grande, San Pedro,BP and Black Jack Springs properties          |   |             | -       |   |             |   | -      |             |   |   | 220,000 |   |

|          |   | December 31,2015 |      |   | December 31,2014 |   |
|---------------|--------|------------------|-----------|--------|------------------|--------|
|          |   |             |      |   |             |   |
| Cash          |   | $                | 1,722,728 |   |             | $      | 1,372,548 |   |
| Term Deposits |   |             | 4,500,050 |   |             |   | 6,800,050 |   |
|          |   | $                | 6,222,778 |   |             | $      | 8,172,598 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | (a) | The provision for income taxes differs from the amounts computed by applying the Canadian statutory rates to the net loss before income taxes due to the following: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                   |   | December 31, 2015 |       |   | December 31, 2014 |   |
|--------------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|
| Income(loss) before income taxes                       |   | $                 | (1,549,125 | )      |              | $      | (13,143,185 | ) |
| Statutory rate                                         |   |              | 26.00      | %      |              |   | 26.00 | % |
|                                                   |   |              |       |   |              |   |   |   |
| Expected income tax                                    |   |              | (402,773   | )      |              |   | (3,417,228 | ) |
| Effect of different tax rates in foreign jurisdictions |   |              | (8,855     | )      |              |   | (79,333 | ) |
| Non-deductible share-based payments                    |   |              | 247,192    |   |              |   | 147,108 |   |
| Other permanent items                                  |   |              | 213,166    |   |              |   | 251,520 |   |
| Change in deferred tax assets not recognized           |   |              | (574,942   | )      |              |   | 3,832,705 |   |
| Impact of change in expected manner of recovery        |   |              | (306,411   | )      |              |   | 1,128,469 |   |
| Share issuance costs                                   |   |              | (21,723    | )      |              |   | (99,089 | ) |
| True-ups and other                                     |   |              | 449,746    |   |              |   | 75,330 |   |
|                                                   |   | $                 | (404,600   | )      |              | $      | 1,839,482 |   |

|  | (b) | The Company's deferred income tax (recovery) expense and deferred income tax liability relates to the Mexican income tax and Special Mining Duty ("SMD") associated with the Tuligtic project. As a consequence of the Company's spin-out (Note 2), management has determined that the Company will most likely recover the carrying amount of the Tuligtic property through use rather than through sale. Before the spin-out was planned, it was management's expectation that the carrying amount of the Tuligtic property would be recovered through sale rather than through use. Given this change in expected manner of recovery, the Company has reflected the tax impacts in the 2015 financial statements as follows: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                              |   | December 31, 2015 |       |   | December 31, 2014 |   |
|-----------------------------------|--------|-------------------|------------|--------|-------------------|--------|
|                              |   |              |       |   |              |   |
| Deferred tax assets               |   |              |       |   |              |   |
| Non-capital losses                |   | $                 | -          |   |              | $      | 3,807,495 |   |
|                              |   |              | -          |   |              |   | 3,807,495 |   |
| Deferred tax liabilities          |   |              |       |   |              |   |   |   |
| Exploration and evaluation assets |   |              | (1,434,882 | )      |              |   | (5,630,725 | ) |
| Contingent shares receivable      |   |              | -          |   |              |   | (11,622 | ) |
| Property, plant and equipment     |   |              | -          |   |              |   | (4,630 | ) |
|                              |   |              | (1,434,882 | )      |              |   | (5,646,977 | ) |
|                              |   |              |       |   |              |   |   |   |
| Net deferred tax liabilities      |   | $                 | (1,434,882 | )      |              | $      | (1,839,482 | ) |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | (c) | Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |   | December 31, 2015 |       |   | December 31, 2014 |   |
|---------------------------------------|--------|-------------------|------------|--------|-------------------|--------|
|                                  |   |              |       |   |              |   |
| Non-capital loss carry forwards       |   | $                 | 29,084,111 |   |              | $      | 21,802,140 |   |
| Capital loss carry forwards           |   |              | 214,238    |   |              |   | - |   |
| Exploration and evaluation assets     |   |              | 3,687,607  |   |              |   | 16,434,468 |   |
| Share issue costs                     |   |              | 657,206    |   |              |   | 584,139 |   |
| Property, plant and equipment         |   |              | 54,897     |   |              |   | 409,474 |   |
| Cumulative eligible capital deduction |   |              | 586,691    |   |              |   | 271,352 |   |
| Marketable securities                 |   |              | -          |   |              |   | 5,401,681 |   |
| Donations                             |   |              | -          |   |              |   | 12,960 |   |
| Investment tax credit                 |   |              | 201,354    |   |              |   | 201,354 |   |
|                                  |   | $                 | 34,486,104 |   |              | $      | 45,117,568 |   |

|                |   | 2016   |    |   | 2017   |   |    | 2018   |   |   | 2019    |   |   | 2020   |    |   | Total  |   |
|---------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|
|                |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |
| Office lease        |   | $      | 134,314 |   |   | $      | 88,147  |   |   | $      | -       |   |   | $      | -       |   |   | $      | - |   |   | $ | 222,461 |   |
| Executive contracts |   |   | 505,000 |   |   |   | 505,000 |   |   |   | 505,000 |   |   |   | 240,000 |   |   |   | 240,000 |   |   |   | 1,995,000 |   |
|                |   | $      | 639,314 |   |   | $      | 593,147 |   |   | $      | 505,000 |   |   | $      | 240,000 |   |   | $      | 240,000 |   |   | $ | 2,217,461 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

| All amounts in Canadian dollars          |   | US dollar |      |   | Mexican peso |   |
|------------------------------------------|--------|-----------|-----------|--------|--------------|--------|
| Cash and cash equivalents                |   | $         | 1,020,887 |   |         | $      | 25,067 |   |
| Accounts receivable and prepaid expenses |   |      | -         |   |         |   | 146,649 |   |
| Total assets                             |   | $         | 1,020,887 |   |         | $      | 171,716 |   |
|                                     |   |      |      |   |         |   |   |   |
| Trade and other payables                 |   | $         | 77,894    |   |         | $      | 90,040 |   |
| Total liabilities                        |   | $         | 77,894    |   |         | $      | 90,040 |   |
|                                     |   |      |      |   |         |   |   |   |
| Net assets                               |   | $         | 942,993   |   |         | $      | 81,676 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|  | (d) | Interest rate risk |
|--|-----|--------------------|

|  | (f) | Classification of Financial instruments |
|--|-----|-----------------------------------------|

| 2015                  |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|-----------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Assets:               |   |    |   |   |    |   |   |    |   |   |   |   |
| Marketable securities |   | $       | -      |   |    | $      | -      |    |   | $      | -      |   |   | $ | - |   |

| 2014                  |   | Level 1 |    |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|-----------------------|--------|---------|---------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Assets:               |   |    |    |   |    |   |   |    |   |   |   |   |
| Marketable securities |   | $       | 853,123 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 853,123 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|          |   | Year ended December 31, |       |
|---------------|--------|-------------------------|------------|
|          |   | 2015                    |       |   | 2014 |   |
| Canada        |   | $                       | 1,061,968  |   |   | $ | 1,086,763 |   |
| United States |   |                    | -          |   |   |   | 4 |   |
| Mexico        |   |                    | 30,547,138 |   |   |   | 28,438,362 |   |
|          |   | $                       | 31,609,106 |   |   | $ | 29,525,129 |   |

----

| Almaden Minerals Ltd.                          |
|------------------------------------------------|
| Notes to the consolidated financial statements |
| For the years ended December 31, 2015 and 2014 |
| Presented in Canadian dollars                  |

|                     |   | Year ended December 31, |      |
|--------------------------|--------|-------------------------|-----------|
|                     |   | 2015                    |      |   | 2014 |   |   | 2013 |   |
|                     |   |                    |      |   |   |   |   |   |   |
| Professional fees        |   | $                       | 1,089,276 |   |   | $ | 772,670 |   |   | $ | 378,705 |   |
| Salaries and benefits(1) |   |                    | 799,566   |   |   |   | 573,900 |   |   |   | 537,837 |   |
| Travel and promotion     |   |                    | 264,128   |   |   |   | 320,752 |   |   |   | 305,203 |   |
| Depreciation             |   |                    | 131,486   |   |   |   | 245,639 |   |   |   | 303,390 |   |
| Office and license(1)    |   |                    | 150,844   |   |   |   | 157,275 |   |   |   | 200,252 |   |
| Rent(1)                  |   |                    | 175,583   |   |   |   | 176,960 |   |   |   | 169,498 |   |
| Stock exchange fees      |   |                    | 115,294   |   |   |   | 88,287 |   |   |   | 87,070 |   |
| Insurance                |   |                    | 70,202    |   |   |   | 81,429 |   |   |   | 100,783 |   |
| Transfer agent fees      |   |                    | 31,830    |   |   |   | 24,196 |   |   |   | 23,540 |   |
| Directors' fees          |   |                    | 48,000    |   |   |   | 48,000 |   |   |   | 48,000 |   |
|                     |   | $                       | 2,876,209 |   |   | $ | 2,489,108 |   |   | $ | 2,154,278 |   |

|  | (1) | Effective August 1, 2015, approximately 30% of administrative expenses is recovered from Almadex pursuant to the Administrative Service Agreement (Note 14(b)). |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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