MGX Minerals Provides Update on Management Cease Trade Order

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VANCOUVER, January 17, 2022 – MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG) (CNSX:XMG.CN) (FKT:1MG) (OTC:MGXMF) announces the following updates to the Management cease trade order (“MCTO”) issued by the British Columbia Securities Commission (“BCSC”) as part of the filing of its annual audited financial statements and its management report for the year ended July 31, 2021.

The company’s new accounting firm, Westmark Tax, is working with the company’s auditor to complete the audited financial statements as soon as possible. The Company expects the audited financial statements to be completed in the first half of February.

In addition, the Society Remarks this:

1. the Society has been obligatory at to file his July 31, 2021 checked annual financial financial statements, management report and analysis and the CEO concerned and CFO certifications in respect for such Deposits (collectively the “Annual Deposits”) all in accordance with IFRS by November 29, 2021 (the “Deadline for filing“), like required under NI 51-102. The Company was unable to completed its annual Deposits to or before the Deposit Deadline.

2. The Company, along with its new corporate accountant and auditor, is working diligently to prepare and file annual filings. Due to recent delays, personnel changes and the Christmas holidays, the company now expects to complete its annual filing no later than February 15, 2022 and has sufficient resources to do so.

3. The Company confirms that this for at publish a status report to a bi-weekly as long as he remains in default of the Filing Deadline with respect to the Annual Deposits.

4. There is no other material information relating to the affairs of the Company that was not disclosed.

5. The Company currently has over $1,000,000 in cash, restricted and unrestricted securities; all restricted securities becoming marketable within six months or less.

The Company has imposed an insider trading ban pending the filing of the Annual Filings, and will comply with the alternative information guidelines outlined in National Politics 12-203 Termination of management To exchange Orders during Phone period.

About MGX Minerals

MGX Minerals is a diversified Canadian resource and technology company with interests in strategic metals, precious metals and advanced energy technologies.

Contact details:

www.mgxminerals.com

Andris Kikauka

Chief executive officer

[email protected]

604 373 8565

Forward-looking statements

This press release contains forward-looking information or statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forwardinformation search. Forward-looking information in this press release includes, but is not limited to, statements regarding the holding of the postponed meeting and the filing of an amended notice and record date for the postponed meeting. . Forward-looking information is usually, but not always, identified by the words “expects”, “plans”, “anticipates”, “if the event occurs”, “if”, “believes”, “affirms”, ” position”, “intends”, “intends”, “assumes”, “recommends”, “estimates”, “approximate”, “projects”, “potential”, “indicates” and similar expressions, or that events or conditions” will”, “would”, “may”, “could” or “should” occur.

The Company’s forward-looking information is based on applicable assumptions and factors that the Company believes to be reasonable as of the date hereof, based on information available to the Company at that time, including, without limitation, the ability to host the postponed Meeting at a later date and the ability to find a suitable venue that can accommodate an in-person meeting of shareholders. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in the forward-looking information due to various risk factors. These factors include, among others, uncertainties arising from the COVID-19 pandemic and general economic or financial market conditions. The reader is invited to consult the public documents filed by the Company for a more complete discussion of these risk factors and their potential effects, which can be consulted via the Company’s profile on SEDAR at www.sedar.com. Except as required by securities law, the Company does not intend and undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.


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