Almaden Minerals is a Canadian junior mining exploration company that has ceased active operations and is now focused entirely on pursuing an international arbitration claim against the Government of Mexico. Almaden's core asset was the Ixtaca gold-silver project in Puebla, Mexico, discovered in 2010, in which the company invested over $60M before Mexico cancelled its mineral concessions in 2023. Rather than conducting required indigenous consultations, Mexico's mining authority retroactively alleged technical defects in Almaden's original concession applications, effectively cancelling them without compensation. Almaden argues this constitutes unlawful expropriation and filed a US$1.06B arbitration claim under the CPTPP through ICSID, with hearings scheduled for December 2026 in Washington, D.C. The arbitration is funded by a litigation finance agreement providing up to US$9.5M in non-recourse capital to cover legal and operating costs, with the funder entitled to its capital back plus a contingent share of any award. Almaden also earns a small amount of fee income providing management and administrative services to two related companies, Azucar and Almadex. Almaden's financial future is entirely dependent on the arbitration outcome.