ALMADEN MINERALS LTD.
MANAGEMENT’S DISCUSSION & ANALYSIS
For the Six Months Ended June 30, 2010
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 six months ended June 30, 2010 is prepared as of August 12, 2010 in accordance with
International Financial Reporting Standards (“IFRS”) 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 six months ended June 30, 2010, Almaden continued to focus on identifying and acquiring mineral
exploration projects that the Company could upgrade by way of early stage exploration and then option 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.
Exploration work was also carried out by others on p