ALMADEN MINERALS LTD.
MANAGEMENT’S DISCUSSION & ANALYSIS
For the Year Ended December 31, 2009
Almaden Minerals Ltd. (“Almaden” or “the Company”) is an exploration stage company engaged in the
acquisition, exploration and development of mineral properties of merit with focus on Canada, the United States
and Mexico with the aim of developing them to a stage where they can be exploited at a profit or where joint
ventures may be arranged whereby other companies provide funding for development and exploitation. The
Company’s common stock is quoted on the NYSE AMEX under the trading symbol AAU and on the Toronto
Stock Exchange under the symbol AMM.
This management discussion and analysis of the consolidated operating results and financial condition of the
Company for the year ended December 31, 2009 is prepared as of March 30, 2010 and should be read in
conjunction with the audited consolidated financial statements for the year ended December 31, 2009 which have
been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”). All dollar
amounts referred to in this discussion and analysis are expressed in Canadian dollars except where indicated
otherwise. Additional information relating to Almaden is available on its website at www.almadenminerals.com,
on the Canadian Securities Administrator’s website at www.sedar.com, and on the EDGAR section of the
United States Securities and Exchange Commission’s website at www.sec.gov.
During the year ended December 31, 2009, Almaden continued to focus on identifying and acquiring mineral
exploration projects that the Company could upgrade by way of early stage exploration and then optioning to
other parties for further exploration and development. Exploration was carried out during the period on several
properties to prepare them for possible optioning out and the Company negotiated a new option agreement on
the Tuligtic project in Mexico with Antofagasta Minerals S.A., on the Nicoa