INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES
Almaden Minerals Ltd. and Almadex Minerals Ltd.
v.
United Mexican States
(ICSID Case No. ARB/24/23)
Members of the Tribunal
Prof. Luca G. Radicati di Brozolo, President of the Tribunal
Mr. Oscar M. Garibaldi, Arbitrator
Prof. Jorge E. Viñuales, Arbitrator
Secretary of the Tribunal
Ms. Anneliese Fleckenstein
Assistant to the Tribunal
Ms. Lucia Pontremoli
September 11, 2025
[Page 2]
1. On July 25, 2025, the Tribunal issued Procedural Order No. 3, rejecting Respondent's Request for Bifurcation (“PO3”).
2. In compliance with ¶ 49(ii) of PO3, on August 6, 2025, the Parties sent to the ICSID Secretariat a joint proposed procedural calendar for the phases of the proceedings following the Tribunal’s decision on Respondent’s Request for Bifurcation.
3. On August 12, 2025, the Tribunal informed the Parties that it would not be available on the dates proposed for the Hearing and would revert to the Parties with alternative dates, which it did on September 3, 2025.
4. On September 8-9, 2025, the Parties confirmed their availability on the dates proposed by the Tribunal for the Hearing.
5. The updated procedural calendar for the next phases of the arbitration, which replaces and supersedes the procedural calendar established in Annex B of PO1, is the following:
| Description | Party/Tribunal | Period | Dates |
|---|---|---|---|
| Procedural Order No. 3 | Tribunal | July 25, 2025 | |
| Counter-Memorial | Respondent | 120 Days from Procedural Order No. 3 | November 24, 2025 |
| Production of Documents Phase | |||
| Simultaneous exchange of document production requests | Parties | 21 Days from the Counter-Memorial | December 15, 2025 |
| Simultaneous production of requested documents and exchange of objections | Parties | 32 Days from filing requests for document production | January 16, 2026 |
| Response to objections to document production requests and application to tribunal on requests | Parties | 7 Days from production and objections | January 23, 2026 |
| Tribunal’s decisions on requests | Tribunal | 14 Days from the submission of the Redfern Schedules | February 6, 2026 |
| Production of documents ordered by the Tribunal | Parties | 14 Days from the Tribunal’s decision | February 20, 2026 |
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| Description | Party/Tribunal | Period | Dates |
|---|---|---|---|
| Reply | Claimants | 100 Days from the simultaneous production of requested documents and exchange of objections | April 27, 2026 |
| Rejoinder | Respondent | 100 Days from the Reply | August 5, 2026 |
| Requests to Tribunal to file amicus curiae briefs, if any | TBD | 14 Days from the Rejoinder | August 19, 2026 |
| Submissions under CPTPP Art. 9.23(2), if any | TBD | 14 Days from the Rejoinder | August 19, 2026 |
| Notification of witnesses and experts for examination at hearing | Parties | 28 Days from Rejoinder | September 2, 2026 |
| Comments on requests to file amicus curiae briefs, if any | Parties | 14 Days from the deadline to seek leave from the Tribunal to file amicus curiae briefs | September 2, 2026 |
| Comments on CPTPP Art. 9.23(2) submissions, if any | Parties | 14 Days from the deadline to file submissions under CPTPP Art. 9.23(2) | September 2, 2026 |
| Decision on requests for amicus curiae briefs | Tribunal | 14 Days from the comments on requests to file amicus curiae | September 16, 2026 |
| Submission of amicus curiae briefs, if any | TBD | 21 Days from the Tribunal’s Decision on requests to file amicus curiae briefs | October 7, 2026 |
| Comments on submitted amicus curiae briefs, if any | Parties | 14 Days from submission of amicus curiae briefs | October 21, 2026 |
| Pre-hearing organizational meeting | All | At least five weeks before the Hearing | |
| Hearing | All | December 14, 2026 – December 18, 2026 (December 19, 2026, in reserve) | |
| Post-hearing submissions | Parties | TBD | TBD |
| Costs submissions | Parties | TBD | TBD |
On behalf of the Tribunal,
Signature
Prof. Luca G. Radicati di Brozolo
President of the Tribunal
Date: September 11, 2025